You are finally ready to open your own business. Congratulations! However, some pitfalls and risks are to be avoided when first opening a business. Here are the main pitfalls you may encounter and how to overcome them.
Don’t Fall into the trap of…
1. Not Defining the DNA of your Company
The identity of your business is the foundation of everything you do. Whether it is products, services or the layout of your business, each element must be consistent with clearly defined principles. Without this critical thinking, you risk going in many directions and limiting the impact on your customers when opening a business.
In order to define the DNA of your company, we recommend that you first identify the problem you are solving. Then you can ask yourself, who are the people who have the problem you are responding to, in what context do these people come into (or come into contact with) your business and what do these people expect from you? By taking into account the trends of your sector, you will be able to give a real personality to your company as well as to your business and to refer to it for every decision that you will have to make.
2. Not Elaborating the Concept of your Store
Your store is more than simply filling up the empty space : it is an experience that you build from the ground up. It is therefore logical to seriously consider developing a concept for your business.
3. Not Doing Market Research
Before introducing a new product or service on the market, market research is an essential preliminary step that must not be neglected. To succeed in business, you must understand the customer behaviors you are targeting, and this requires a measurement and analysis exercise.
Specialized firms can do this study for you to identify the needs and expectations of your future consumers, the size and nature of your target pool and other relevant information to consider in your business decisions.
4. Not Choosing the Right Location
You’ve probably heard the marketing adage “Location, location, location”. That’s right, the location of your business will have a huge impact on its success. Not only do you need to consider the urban zoning and environmental regulations of your storefront, but it is also important to pay close attention to the neighborhood, its attractiveness, the flow of pedestrians, etc. Also consider the accessibility of your business, surface, showcases and any other details that may impact the performance of your business. Your market research will prove useful in confirming the relevance of a marked location.
5. Not Making a Business Plan
Although the idea of making a business plan is not the most exciting for many entrepreneurs, you have to resist the temptation to postpone this exercise. To start a successful business, it is essential to take the time and invest the effort to build a well-thought-out business plan based on reliable data.
If this document is done properly, it will become the reference tool for understanding the direction of your business and the financing you need to get your project off to a good start. It will also help you make long-term operational decisions related to your infrastructure, your people, your marketing efforts, and so on.
6. Not Choosing the Right Legal Form
As the legal form of your business has a direct impact on the operation and management of your business, it is important to define it precisely. We recommend that you find out about the different types of legal forms in order to make wise choices that take into account your reality and your future plans for your company.
7. Not Budgeting
In order to launch and maintain your business afloat, keeping a tight budget is a must. This way you will be able to keep a global view of your company’s financial situation at all times while managing your daily activities closely.
Good budget planning and rigorous monitoring will also allow you to constantly improve your business while anticipating problems in order to proactively manage your business.
8. Not Having a Web Presence
Today it is essential for any business to be present – and active – online. To do this, a well thought out and well-done website is the foundation, although some companies prefer to focus on social media networks.
When opening a business, remember your business is a living entity, you have established its personality (its DNA). Make it live on the Web through social media networks, relevant content, promotions, events, and more.
9. Not Using Professionals
We can not always do everything ourselves, and that’s normal! Surround yourself with professionals to support you and accompany you. For example, a specialist in commercial design, visual presentation and merchandising can help you design your commercial space and determine your needs for furniture, displays, models and more. Trust an experienced store supplier with specialized equipment for the layout of your business.
Finally, when opening a business be aware that several factors can influence the success and popularity of a retail business. We recommend that you put all the luck you can on your side by following these tips. In addition, know that the Elite team puts its expertise at your at your disposal to create efficient commercial spaces and remain faithful to your corporate vision. Our goal is to support every client as an involved partner and always exceed your expectations.
Ready to make your business a success? Contact us!
