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There are many types of entrepreneurs. Some entrepreneurs are drawn to the business due to an inherent enthusiasm and others are born to it. For those who want to establish an enterprise in small-town communities -- how can you ensure that you are doing the right thing?
Create your list
It is easy to find a gap in a small community by simply doing an Google search, and then going for a walk.
If you live in town, simply stroll around. Visit the local businesses to see what they have to offer. Take a look around and be aware of the things you don't see.
If you don't live in the city, but are thinking of, spend an entire weekend there. Spend time there and start asking yourself the similar questions: What is my ideal view be?
There are stores for hardware, restaurants and a beauty salon, but what other business would you be interested in having there? What kind of business is most likely to draw people to that town, if it has a direct connection to major cities? Are you in close proximity to natural resources that have yet to be explored to serve business needs?
For example Is there a trail for hiking or mountain, river or lake? What could be a potential business if you had an intermodal train line between the city and hiking trails? There may be many urbanites who want to hike but don't have the time or motivation to transport their gear on trains. You might be able to rent equipment and even create a guide service.
Make the names of those you want to contact.
You've got your list, but it's only one perspective. The next step is to inquire of the community about what they need. Ask the residents what they need from the town. Or what items they'd like to see. Do they have the ability to travel a long distance to get to a dry cleaner, to enjoy certain entertainment or go to the gym? You should ask as many people as you can, not only a handful of people.
Spend time looking around the town for areas that are prone to traffic and write down their answers. Ask people who work for the town, or ask groups around town, inquire with business owners, or anyone you want, keep asking questions and you'll begin to hear the same ideas repeat.
The Chamber of Commerce in your region is an excellent resource. The Chamber of Commerce in your area is likely to keep an open mind about business ideas. Alongside keeping a running tab of businesses, they will be an amazing connection as time passes during this process of businessand that brings us to a bonus point.
Bonus: Just by asking a lot of people questions and you'll begin making connections that could come in handy. This can aid in speeding up your process if you choose to launching your business.
After the gap is re-fined, you'll have an outline to present to people, as well as an inventory of your own business. It is now possible to compare the two.
Step Identifying the most suitable gap to fill
Are there businesses on that list that you think would be an ideal match? Are there any gaps that made you realize that "Wow, that's all I've ever needed"?
For instance: Have you been in a bakery? What about a bakery shop? In both production and retail. Are you a baker? Have you ever created your own recipes. Have you ever distributed baked goods to other people? Have you formed an organization for baking.
Is it the right time for a bakery to be opened? It might be, it may not be- the question then becomes is that something you want to do.
You can decide to not open a bakery if you don't feel passionate about baking. It is important to identify something that meets these 3 requirements.
What do you think the town needs?
What are I good at?
What do you want to do?
The 3 points above will be aligned and you'll be on your way.
Secure your gains and hedge your bets
These questions have allowed us to build a foundation, and help us identify a company we wish to establish. Next step is to address the questions about structure to verify the concept.
Use these questions to find the best way to address the problems before you launch a company.
Will this business not work because there wouldn't be enough clients to generate an ROI?
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This business may not succeed if you don't have the proper information.
Is your product or service not enough to make this business work?
Analyzing questions like this can help you solve a gap in the market with the most effective method -- giving us the best chance of success.
Are you able to make use of the resources gradually to fill in the gap? This ensures that your business grows correctly and doesn't just fill it up and then fail.
It is possible to begin by focusing on a smaller area. What if you lease a few square feet in a commercial area instead of leasing the entire space? Are you able to get clients to sign up before the time? Do you have the ability to setup the system in your home in the absence of any customers? What about filling in a smaller gap?
You can choose to accept more challenges than your comfort level. Either it's time to start making a new solution, or go back to the list of challenges to discover another gap. You're ready to move forward when you've identified the problem and analyzed the reasons why it didn't succeed.
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- Business Plan and beyond
You have decided to move forward with your business idea, which means it's time to create a complete business plan. It's feasible if you follow all of the work you've already done.
Make sure you have the business plan in writing and remember it is an evolving document. As it is meant to be a reference it is not necessary to adhere to it precisely. It is possible that the knowledge gained from this course have helped you find an improved solution or opened up new possibilities - these are all options entrepreneurs can explore.
Locate the holes, fix them, determine what's most effective, and manage the negative risk, and plan to do it.