So, you’re thinking about opening a little shop around the corner where your friends can always find the bauble of their dreams or, perhaps, a charming little bed and breakfast to be your own vacation paradise.
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Maybe you’ve got the TV ideals in mind, like the bar in “Cheers” — “Where everybody knows your name” — or the little Vermont inn that Bob Newhart called home for years.
But running a business is much more than sugar plums and fairies. Your most important consideration: The business of the business.
While it’s good to have lots of ideas and a passion for creating a business you enjoy, you don’t want to skip the mundane-but-essential practicalities. The danger: Instead of getting the business of your dreams, you may end up with an efficient mechanism for draining your savings.
5 Basic Questions To Help You Get The Numbers And Sense
So, while you enjoy the romantic ideal, ask yourself the practical questions so you can determine if this 'dream business' endeavor is really for you.
Do you mind getting to work at 5:30 a.m.?
Because when it comes to that little B&B or a coffee shop, that’s when business hours begin. Or maybe even earlier. When it comes to the hospitality business, if the customer has a problem, the buck stops with you - day or night.
Will your marketing generate sufficient earnings?
You may think you have the perfect concept to attract folks who didn’t know they needed what you have to offer. And maybe you do. But you’ll need to know how to generate buzz. Then keep them coming for more.
Have you figured out how much sales you need to cover your costs?
While you need to be prepared with sufficient capital to run your business until you can earn a profit, if the romance — high-end design, fancy Italian espresso machine — in your shop costs more than your earnings will ever cover, you will have a problem.
Will the local labor pool support your needs?
Hiring and retaining a good staff is critical. Can you find the workers you need in your area? Are you prepared to manage a staff to promote conscientious reliability?
Are you prepared to work 50-plus hours per week to start?
Many businesses require a lot of heavy lifting at the beginning. New business owners need to take into account a demanding work load, at least to start.
These questions can be difficult for those new to business, which is why we suggest you consult an entrepreneurial coach, one who brings years of first-hand experience with multiple categories of companies to help you choose a business in which to invest yourself and your money for maximal success.
So, go for the gold — but make sure you’ve done the preparation!
This post was originally published at an earlier date.
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About the author
Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at email@example.com or at (484) 278-5489.
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