There are thousands of different businesses to choose from. When starting up, it’s important to choose a field/sector that interests you. Choose something you are passionate about. You must have knowledge of the sector you’re going into. For example, if you want to open a bakery, you’ll need to know about baking. Starting a business from scratch, with no knowledge of the business you’re going into, is not a smart move.
Do the research!
Before you look for funding or potential properties, do your research! Look at your local area, will your business fit in? If there are five coffee shops in the same area, it wouldn’t be wise to start up your own coffee business. With five other shops to compete against, it will be hard going. However, there will always be competition, whether it’s from other local businesses, or big corporate ones. Check out your competition, see what they’re doing well and what they aren’t. Make it so your business does what they do, only better.
Every business start up needs money to fund it. You may already be well off, or have money saved and that’s fine. There are other ways to try and get small business grants, for your company. Another unique way to get funding for your business idea is Kickstarter. This is a site that lets you start a campaign and get others to donate money for your business/idea. It’s already been used to fund new ideas/businesses as well as some films! You need to make your campaign good and persuasive to make people donate. For a local start-up, you’d need to market this campaign for the locals in your area. You also need the money to buy supplies for your business. So securing the proper funding is a must!
Market your company!
Know the target group for your business. Don’t go to a local gym and hand out flyers for your new bakery or fast food business, it wouldn’t make sense! You’d waste your time as this isn’t your target demographic. You can market your company in numerous ways, both traditional and modern. Traditional ways involve things like flyers, billboards, posters, word of mouth. These techniques can be some of the best ways to reach a local audience. Modern ways mainly involve the internet. Get on Twitter/Facebook to try and get your business more well known.
Create a website!
Every business needs its website, even small ones. It’s a place for customers to get information such as; opening hours, directions, etc. It’s also a way for potential customers to find you online. Make sure your website design is good and looks professional. There’s nothing more off-putting than a poor website. If you can’t do it yourself, then hire a web designer to help out. The benefits outway the costs.
Location, location, location!
The key to a good local business is location. If you can find a property in the centre of a busy street/town, then that’s great! Having your business in a busy area means more people are likely to stop by each day. Properties in quieter locations are often cheaper, but, they could bring less business.
The purpose of these tips is to help you when starting a new local business. Not all local businesses are guaranteed success. But if you’re passionate and prepare well, you will succeed. Preparation is important. It will be hard work, but if you have confidence in your business then it’ll be worth it!