Business plan and beyond
There are many types of entrepreneurs. There are many different kinds of entrepreneurs. If you are looking to establish an enterprise in small towns -- how can you make sure you do it right?
Create your list
It is easy to find a gap in a small community by conducting a Google search and then taking a walk.
It is easy to walk around if you live in the town. Visit the local businesses to check out their offerings. Take the time to look at the surroundings and see the things you like.
Spend a weekend away from home if you aren't local, but would like to go. Ask you the same questions each time you visit: What would I love to see?
While there may be some restaurants and a hardware/beauty shop, what other businesses could you be interested in? If you're considering the town with a direct transit connection to a major city What business would be able to draw people from that city? Are there any natural resources nearby that people haven’t considered using to conduct business?
Are there rivers, mountains or lakes? Or hiking trails? What is a business opportunity if there's a train link between cities and the hiking trails? Maybe there are many urbanites who want to go hiking, but they do not wish to travel or carry their equipment on a train. Perhaps an equipment rental shop could supply the hikers with all their equipment, or maybe even a guide service could be a great business idea to set up.
Make the names of those you want to contact.
You've got your list. However, that is just one perspective. The next step is to ask the community what it needs. Ask the residents what they need from the town. or what they'd like to see. They will need to leave the area to go to a dry cleaner, go to the cinema or go to the gym. Ask as many people you can, not just a handful of people.
Take time to look around the town for high traffic areas and record their answers. Ask the people in the town, business owners, the officials from the government, etc. Continue asking questions until you receive the same answers.
One of the best places to inquire is your local Chamber of Commerce. The chamber is likely to keep an eye on business ideas. They won't just keep a close eye on businesses but they will also be able to communicate with your business as the process progresses. This is an added aspect.
Bonus: By simply asking a lot of people you'll begin to build connections and relationships that might come in handy and help accelerate your process should you choose to start your own business.
After the gap is re-fined, you'll have a list to show people, as well as an inventory of your own business. You can now look at both.
Identifying which gap is best for you
Is there anything on that list that you believe is reasonable? Have you noticed an area that you thought, "Wow, I already have everything I need for that?"
Example: Have yo worked in the bakery industry. Did you work in a bakery? In terms of both the production process and sales? Do you bake on weekends or in large quantities? Are you able to share your recipes? Have you sold baked goods? Are you the founding member of a baking club?
Do you think it's an ideal idea to start an establishment for baking? Perhaps, but maybe it's not. The question now is "Is this something you want?"
If you're not sure whether you'd like to start a bakery, even though your passion for baking is evident, it's fine. The aim should be to find something that fulfills the three requirements listed below.
What kind of city do we require?
What am I skilled at?
What am I looking for?
These are the elements you must align, and you're well on your path.
Step 4 - Guard your downside and hedge you bets
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Now we've asked a lot questions to help us build a foundation and pinpoint a business that we want to start. Now, it is time to start asking the structural questions to confirm the idea.
These questions can help you identify the challenges you face before you start a business.
Does this company have a chance to fail because it does not have enough customers to generate an income?
Do you think that this venture will fail because you don’t have the knowledge necessary?
Will this business not work due to the fact that your product or service isn't good enough?
This kind of analysis will enable you to fill the gap in the most effective way possible, giving you the best chances of success.
Is it possible to gradually fill in the gap using your resources? This is a way to ensure your business does not fail to grow and you don't fill in the gap too quickly.
You might be able to begin by focusing on an area that is smaller. You could sublet some space within a commercial area, rather than taking over the entire area. Can you convince customers to sign up in advance? Are you able to open it from your own home if you don't live in the region? You can also fill in a smaller portion of the gap.
If you find that there many more problems than you're comfortable with taking on, that means either one or the other. Find a solution that works or go back and search for a opportunity. Once you've identified the gap and outlined the reasons why it didn't work then you're ready to move to the next step.
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You've decided to go ahead with your business plan. It's now that it's time to create a complete business plan. It's easy to complete, thanks to all the hard work you've already done.
You should make the effort to revise your business plan. As it is intended to be a guide, you don't have to adhere to it precisely. It is possible that the knowledge you developed in this course lead to a better solution, or that you could explore other areas of need There are many kinds of possibilities we travel down as entrepreneurs.
Fill in the gaps in, determine what is most suitable for you, control your downside risk Plan, then execute.