Do you want to create the next great retail dynasty? Do you want to be Abe Froman, the Sausage King of Chicago? Or are you just looking for a simple local lifestyle business? Are you hoping to create a franchise model? Or do you see your local business as a testing ground for an ecommerce business? Your end goal will clearly inform your decisions, so it’s worth considering what it is early on.
Luckily, recent times have seen a revolution in small business technology. The advent of cloud-based technology has made it possible for a small startup company to build a product and have it used (and paid for) by retailers and restaurateurs all over the world. As a result, the number of companies targeting their innovations directly at you and your small business has exploded, leaving you with more choice and at a better prices, than ever before. For those just starting a small business, this is great! Here’s what else you should know.
Since the summer of 2013, first time visitors to New York City restaurants have been greeted by window signs boasting a large, capitalized A, B or C. These letters reflect the rating given to each restaurant by the New York City Department of Health and Mental Hygiene (NYCDOHMH). Does the need for government oversight of this industry create an additional administrative and financial burden for the businesses in question? Yes it does. Does the rating system also inform consumers and encourage higher food safety standards across the board? Undoubtedly.
Luckily, recent times have seen a revolution in small business technology. The advent of cloud-based technology has made it possible for a small startup company to build a product and have it used (and paid for) by retailers and restaurateurs all over the world. As a result, the number of companies targeting their innovations directly at you and your small business has exploded, leaving you with more choice and at a better prices, than ever before. For those just starting a small business, this is great! Here’s what else you should know.
One practical note: Lots of retailers and restaurateurs are now engaging in event marketing in their business locations. Lululemon does in-store yoga on Sunday mornings, Barnes and Noble hosts author readings, and your local Italian restaurant may offer cooking classes. Think about all the potential use cases for your store and ensure that it is fit for purpose.
To simplify this process, hire professionals with experience helping business owners by assessing their needs, developing their budget, and negotiating their commercial lease. Managed by Q is a company that not only assists with pre-lease planning, but also provides help with renovation project management, space planning, and even administrative support. Managed by Q offers an array of services that can help save you time and money. Click here to set up a free account and get started.
You’ve probably considered what goods and services you’ll be offering, but have you researched the cost of sourcing your raw materials? How about the cost of turning those raw materials into your finished product? Do you understand how much you’ll need to charge for your products/services in order to cover the expenses of renting a space, paying employees, leasing equipment, and paying for permits and regulations? Moreover, have you considered if the answers to these questions will provide the kind of operating margin you’ll need to pay yourself a salary?
When starting a small business, many store owners underestimate the value of a persuasive shop design. What they don’t realize is that people are visual creatures. In fact, 90% of the information transmitted in the human brain is visual. Clear, consistent store design will ensure that you attract your ideal customers into your business by delivering a subconscious uniform message.
Cut the 6-1/2-in. x 3-in. lid from the leftover board, and slice the remaining piece into 1/4-in.-thick pieces for the sides and end of the box. Glue them around the plywood floor. Cut a rabbet on three sides of the lid so it fits snugly on the box and drill a 5/8-in. hole for a finger pull. Then just add a finish and you’ve got a beautiful, useful gift. If you don’t have time to make a gift this year, consider offering to do something for the person. You could offer to sharpen their knives! Here’s how.
They say nobody ever started a small business out of a love for numbers, but if you really want to stay the course, you’re going to want to fall in love fast. It’s only by keeping detailed accounts and tracking your business’ numbers over time, (net sales, cost of goods sold, and average transaction size) that you’ll start to gather the actionable insights you need to make intelligent business decisions.
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