If you’re looking to start your own business, chances are you’re feeling a little overwhelmed, confused, and inundated with questions. Business start up advice is rampant throughout the internet, but determining who’s right and who’s ill-informed is virtually impossible. Fortunately there are a few basic guidelines you can rely on to give your business a competitive edge. What’s more, they’re fool-proof. Take these things into consideration before you launch your business, and you’ll give yourself an advantage in a difficult dog-eat-dog market.
When planning your business and where your base of operations should be located, bear demographics in mind. Lifestyle data should also be taken into consideration using location analysis tools. It might sound complicated, but all you really have to do is get an overview of basic income levels and the status of the local housing market.
In order to get a clear idea of who is populating your area of interest, be sure to factor in things which might attract visitors or cater to a certain demographic. Proximity to industrial areas, offices, schools, colleges, libraries and hospitals could potentially impact your business.
The best way to get a feel for the local demographic is to have a deeper look at local businesses that are succeeding in comparison to those that have fallen by the wayside. This should give you a general idea of what the community wants.
Keep your friends close
Close examination of would-be competitors is important for a number of other reasons, too. As a small business owner, it’s profitable for you to be as close to your competitors as possible. Not only will you draw foot traffic away from your competitors, you may actually benefit from proximity to rival companies.
Chief executive officer of Kahn Research Group, Greg Kahn, said: "Foot traffic is obviously important, but landing the ‘perfect’ customer is far more crucial. By being in close proximity to your competitors, you can benefit from their marketing efforts.” Chances are, your adversaries have invested time and money in drawing in a certain demographic.
“Why spend the money when they’ve already [spent it] for you,” Mr Kahn said. “It’s that easy.”
Negotiating a lease
Finally, negotiating a lease that fits your budget is just as important as demographics and proximity to competing companies. A costly lease can negate foot traffic and increased revenue, but compromising on building condition and location isn’t ideal, either. A building in disrepair could destroy your business’ reputation and actually discourage traffic. It’s like free advertising for your competitors. In order to maintain customers and your market share, you’ll need the help of a lawyer to get the best leasing deal possible on an attractive, high-spec property.
To ensure you’re well-prepared to make the move, consult trusted accountants in Welling to get your accounts in order. The experts at Bradleys Accountants will be able to offer financial advice for small businesses looking to compete in a cut-throat market, where accuracy and attention to detail are