Location is everything when it comes to business. One of the most important decisions you’ll make as an enterpriser is to choose the location of your business. Even if you are running a home office, location can make a difference when it comes to operating expenses and even taxes and regulations. Location can improve your business and set the stage for growing potential, or it can doom a business from the start.
Choosing a location
When you are choosing a
location you need to consider some factors. First of all, your
your business is difficult to find, is most likely that your
customers will prefer to go somewhere else. A
city center might be a great opportunity to put yourself out there
and attract possible customers, but it will face you with competitors
that may have a better establishment. Quite neighborhoods may offer
fewer customers but its probable that you offer something unique that
attracts all that customers, and that it may loose among the
competition on bigger scale. You have to find balance in these
scenarios, and the answer may be on the
second factor to consider: suppliers and expenses. Your suppliers are
your source material and most of them will charge extra the further
the transportation so keeping your suppliers near will be a good way
to reduce some expenses. Location is linked to rent, taxes and
services, these operating expenses will vary according to the demand
of the neighborhood where you’ll place your business. Some places
are smaller but much more expensive because they are located on a
high demand area like Wall Street; on the other hand you can find a
bigger place for maybe half of the price but on a smaller
neighborhood. Other factor to consider is your employees. If you are
located on a place where no public transportation is available or
where there are no coffee
shop of parking spaces near by, then the job offer may
not be favorable to your future employees. Keep
in mind their necessities in order to establish your business
Location is also something that is evolving with technology. Your brand will not only be seen on the physical location but also on social networks. Promoting your business is very important to stand out from the rest. The place you hold at Google search will determinate how easy possible customers can find you; if you are on the second page or third page, you wont probably be seen.
Let me tell you a story about the most delicious brownies I’ve ever eaten. There was this new small store in my city owned by the nicest lady, Ms Tanya. She has the kindest heart, she is sweet and always greets all their clients with a big smile on her face. She was selling brownies, an old family recipe that was absolutely delightful. However Tanya’s business closed in less than 3 months. Why? You must be wondering. All the ingredients for success were there: high quality product and great customer service. The problem was the lack of marketing
Marketing is a great tool that allows you to reach your audience, grow your business and share a strong brand identity to people connect with. There is no business without marketing, specially in times where social media and digital presence is key to survive in market. Tanya was very old school and believed that it was enough with her customers recommendations to others, but that didn’t take her very far because her competition had the capacity to reach a bigger audience faster than she ever could. She had the best product, but people didnt have the chance to know it.
Hiring a marketing team is the smartest decision a business owner can make, specially in small business. Engaging with your customers is the goal of every business. Marketing makes this possible through sharing information with the audience and creating brand awareness. It allows businesses to build long term relationships with their client base. It’s a cost effective decision since it can increase your sales while effectively using digital channels as social media and email subscriptions. These are powerful tools that allow you to stand up from your competition and reach out your brand and services to a larger audience.
A way of communication
At the end of the day marketing is a way of communication. If you can spread your message and people can engage to it, then you are creating connections. Your audience needs to know what you are offering and how does it work, it’s all about spreading the message that you want them to know. Marketing can do this for you, a strong communication creates strong relationships and builts trust among customers. Engaging with old and new customers will secure your business future. So if you feel that your business is kind of stuck ot you are losing to your competitors, maybe the answer you are looking for is investing in marketing.
You know the feeling, sitting at your desk on your day job, feeling stocked, unsatisfied and mostly frustrated. You wish to quit but that’s your main income so it’s not a possibility. What if I tell you that you can change your situation? It’s time you take the leap and start your own small business. Despite common believe you don’t necessary need big savings in the bank to launch your business, you don’t even need a college degree or actual business experiences. Those things do help, I’m not going to lie, but it is NOT a necessity and it doesn’t define whether or not you’ll succeed. What you’ll need is a strong idea turned into action. This mean that you’ll need to be able to set a goal and have a strong plan and motivation behind it to make it a reality.
The business idea
First of all you need to set what your business will be about. This is “the business idea”, this idea will be the answer to one of the following questions: what product/service can I offer that is not in the market right now? Can my product/service solve a common problem? Other people have done this thing, can I do it on a new way that makes it faster, cheaper or better? Does this product/service matches with the lifestyle that I have or want? Once you have answer this questions you will have a better gasp on what is your idea. Here comes the researching part. Now that you have establish what you’ll do, it’s time to do some research on the subject. Try to learn everything you can about the topic and assess similar business, market needs, growing potential, permits and legislation, and more! The more you know, the better you can establish a strong business plan.
Wheel have start moving
Now that you have clearly set your idea into motion, you’ll have to plan your finances. While it is true that you don’t need to have money to start a business, you’ll need a small investment. You need to cover initial expenses such as permits, inventory, advertising, legal fees and more. Before you quit your day job you’ll have to had establish how you are going to sustain your business in the early stage. This can mean to ask for a loan, reduce expenses, get an alternative income or even get a partner. Now that the wheel have start moving, remember what is your goal and what motivates you out of it, you need to have a strong will in order to keep moving the wheel.