Friday, June 12, 2015

Three Keys to Business Ownership

    Many working individuals dream of owning a business rather than working for corporate America or a retail chain. The thought of setting his or her own schedule, spending time with the family, and being his or her own boss sounds wonderful.   Consequently, choosing the correct type of business to own is important in fulfilling this non-corporate dream.  While it may sound wonderful, there are a few vital factors to consider before quitting a day job.  Business ownership requires, time, money, and good products for success.

photo credit: Igor Ovsyannykov
Addressing the first of these factors - time, the most commonly over looked; however, it is the life blood of a new business.  The first year will require much time in establishing a business brand and product line than most business owners anticipate.  Additionally, the store build out and set up will require many long days, nights, and weekend to complete.  If the business has no employees, the business owner will be required to work all the store’s operating hours.  A new business owner must be prepared to spend many long hours to accomplish his or her dream of business ownership.

    On the other hand, there is the issue of money, or lack of it.  Many new business owners think, “build it” and “they” (the buying public) will come.  Sadly, this is most often not the case; in fact, it is many times the opposite. On average the first few years a new business does not make a profit.  The amount of money needed to start, sustain, and market a new business is many times grossly underestimated.  Consequently, a new business owner should be prepared for the “cost” of business ownership and the “lack of revenue” the first few years.
Open sign of a retail store

    Under these circumstances, a line of good products to sell to the shopping public is vital for new business success.  The influence of search engines, and social media have created a more shopping savvy consumer.   Monitoring the latest shopping trends, and anticipating future trends is critical for a business to stay fresh and current.  A continuous line of good products will secure business success in the constant changing shopping world.  Therefore, a new business owner must constantly monitor the demand for the line of products his or her business sells.

   Admittedly, there is nothing that makes working people dream more than owning a new business.  A new business owner must anticipate working long, long hours for several years.  Plan to spend much more money on setup, general cost and marketing than originally planned.  Become obsessed with the current line of products the business carries, thus making it better.  After doing all of this, the dream of business ownership will no longer be a dream, it will be a successful reality.

For help with store locations.

Sharp Realty
400 Union Hill, Suite 300
Birmingham, Al 35809