A consequence of COVID-19 has been people across the country losing their job, found it necessary to quit or determined this is a sign for a career change. As a result, many individuals have turned to their lifetime inner passion and create their own business.
The reasons for the change in thinking has ranged from simple to complex. From a longing passion to work on something personally loved, to needing to make a steady income and take control of their life and financial future.
Whatever the reason, the action can offer the ability for one to experience their inner strength and sense of accomplishment. Trading mental anguish to hard work can be healthy.
For those with a willingness and wherewithal to begin a new chapter in their life and desire to be self reliant, this is a great period in history to act and start a positive career path.
Starting a business requires many steps and understanding the importance in completing each one thoroughly and effectively is key. Knowing how to avoid finiancial struggle from the minute the doors open is important, planning on ample cash to allow the business to become self-supporting is paramount.
If this is a first time endeavor for you, having insight into business “do’s and don’ts” is critically important. Proceeding by simply “gut feeling” or “learn as you go” is very common and costly, many times resulting in spending 50% more on re-work and/or insufficiant equipment.
Don’t believe that hiring a industry consultant is a waste of money. The reality is the knowledge base transfer is as a time and money saver.
15 items where mistakes are commonly made.
Not knowing can become a costly approach to start your retail ice cream, dessert, coffee or pastry shop. Sequence in tasks and methodology is critical.
- Creating a capital expense and operating cost budget
- Knowing factors to find the optimum location
- Understanding infrastructure requirements depending on business category
- Required sf of store based on revenue and non-revenue allocation
- Are lease terms lopsided or equally beneficial for each party
- How to address non-business related amenity expense
- Is creating a flow design best conducted prior or post lease signing
- Phase plan on category and number of products to sell
- Timing of website & social media launch
- Proper calculation to determine amount of staff
- Tasks and responsibilities of owner(s) and when established
- Understanding product selection representing customer base
- Is a operator concept or franchise best for success
- When to secure a contractor & order equipment
- How to utilize a free-rent period & was one offered
There are numerous next steps post-lease signing to know Getting on the other side of signed lease with a clear laid out plan, becomes the difference from creating a non-starter business or one that has a promising future.
Don’t get left out in the cold, schedule time with Darryl and tap into his vast industry experience and knowledge base to start a successful business.
You won’t be disappointed.
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