Photo by @amyhirschi
Owning a business and being your own boss is a common dream for a lot of people and if you are interested in starting your own business, then it is important to set yourself up for success from the beginning. Today, we are going to look at a few pieces of advice that will help get your local business started on the right foot:
Have A Clear & Achievable Business Plan
Before signing anything, it is so important to have a business plan that is both clear and achievable for you to reach optimum success. What makes your business different from all of the rest and how are you going to use that to not only cover all of your bills but make a profit too? Not to mention pay your future employees! If you cannot give a definite answer, then your business idea still needs a bit of work-shopping.
Understand Your Loan Options
While possible, it is unlikely for a business to fall in your lap, so you will need to have a firm understanding of your different loan options. Whether you need capital to kick start your project or make unexpected repairs, you will want to make sure that you find a loan with the lowest interest rates as well as only borrowing an amount that you're confident can get paid back. You can go through your bank for a commercial loan but it might not be as flexible or as quick of a process as applying through an alternative lender in your area like Idea Financial. These different lenders can help get you approved in as little as one day if you are really in a bind.
Create A Strong Presence
Making yourself and your business well known and accessible throughout the community will help your storefront thrive. Therefore, it is important to create a buzz around your business well before your grand opening to introduce your potential customers to and get them excited about your products, skills, or art. Do interviews with local news programs and papers, offer free samples and consultations, and create conversation over various forms of social media prior to your first day open to help spark maximum interest. Offer incentives for people to visit your store within the first few months of opening through discounts, buy one get one free promotions, or entries into a raffle.
Another way to help build a strong presence for your business is by starting out with an online store to help develop a customer base. That way, you know you will already have consumers ready to make a purchase when your storefront opens.
Encourage Repeat Customers
Repeat customers help pay the bills, yes, but they also have the potential to become dear friends when you run a local business. Encourage customers to return through a free product or consultation after so many visits, different weekly deals, and strong customer service. You could even provide in store customers with a discount code for online services and vice versa. Customers that come back mean that they are highly satisfied with your business and are much more likely to recommend you both online and through word of mouth, helping grow your business even more.
Before you make the jump to take out a commercial loan to start your business, it is so important to do everything you can to ensure your success. Creating a fool proof plan to make a profit, giving your business the buzz in the community it needs to flourish, and having a system to encourage customers to come back will only help you in both the short and long term. Good luck!