A successful startup enterprise begins with a successful and unique idea explains Peter Decaprio. While you might think your business is the first of its kind to hit the market, on closer examination you will find that others have already identified opportunities in your proposed industry.
As you begin to build your organization, consider these seven simple steps which are likely to make an impact on your future success.
Step 1 – Create an Executive Summary
While this step may seem obvious to any entrepreneur looking for outside investment capital, it is very important none-the-less. Doing so gives investors a quick glimpse into who you are, what makes your company special, and why their money would be well spent if they invest. Investors want to know that there is a good return on their investment and the executive summary is your first chance to show them that.
Step 2 – Build a Business Plan
An integral part of the startup process is the business plan, which in most cases must be approved by an investor before you can proceed with starting your enterprise. Keep in mind that while creating a business plan takes time and effort, it is also necessary if you want to succeed as an entrepreneur. There are several different types of business plans including: retail or product specific, service based, or hybrid plans. The best way to get started is by asking you questions such as: what type of store will I be opening? What need am I looking to fill? How much money do I expect this venture to make? What is my exit plan? Once you have a grasp on these issues, develop a business plan which answers the questions and provides an outline for your future operations says Peter Decaprio.
Step 3 – Choose Your Business Location
There are several factors to think about when choosing a location for your enterprise. For instance, will you be selling products or services? Are there similar businesses nearby that can serve as competition? Is this an upscale or downscale area in need of new opportunities? How much foot traffic will the building get each day? Will there be adequate parking available once your doors open? All of these considerations should factor into your decision making process so do not rush it! Take the time to choose a good location before signing any lease agreements or hiring employees.
Step 4 – Build Your Brand
Successful brands all have one thing in common: they stand out from the competition. Consumers will become loyal to your brand if you give them a reason to do so and once that happens, it is likely that you will be successful in business. Keep in mind that every element of your company impacts how customers perceive your business and should therefore be carefully modeled according to goals and objectives contained within your business plan.
Step 5 – Raise the Capital You Need
Business owners looking for startup capital can get started by visiting their local SBA office or website to get information related to available loans and other funding opportunities. It is important to remember however, that while this source of funding may be helpful during the early stages of development, it is important to understand that no bank is going to give you millions of dollars without expecting something in return explains Peter Decaprio.
That “something” will come in the form of equity and if your business does not provide positive returns for investors. They may decide that there are more lucrative investments out there and pull out. As a result, most SBA resulting transactions involve an infusion of cash along with a degree of ownership on behalf of the lender/investor. While this can be beneficial when working towards mutual objectives, it must also be considered. So as not venture goes off course or fails completely.
Step 6 – Know Your Competition
Business owners often found themselves asking: who will my competition be? This question assumes that there will only be one company out there providing the same services or selling similar products. However, this is not always the case. And in some cases can be more than one company offering different variants of what you are trying to sell. For instance, let’s assume that you have a mobile phone business with plans beginning at $29.99/month for unlimited data while your competition offers a plan that costs only $9.99/month for 1000 texts and 100 minutes of talk time. While it might seem like a great deal, savvy consumers will compare both companies on features. Such as customer service, new product offerings, quality of network coverage, flexibility. When it comes to upgrading their phones and so on before making their decision which provider they prefer to use
Step 7 – Find Your Store’s Ideal Customer
Once the business plan is in place, it’s time to decide who your target customers are. Get specific by asking yourself questions such as. Which age groups are most likely to use what I have to offer? What are their interests? How much money do they typically make per year? Do they prefer online shopping or in-store transactions? Answering these questions will help you hone in on your location choices and marketing efforts later on.
Choosing the right location for your business is an important decision. But it should not be treated as an afterthought says Peter Decaprio. By following these seven steps you will ensure that the retail space you rent meets all of your business’ needs. And provides a solid foundation upon which to grow. If you need advice or guidance assessing and selecting your commercial real estate in Baltimore. Feel free to contact us we would love to help!