After years of working for others, many people think about what it would be like to open your own business and work for yourself instead of others. Some think it’s very easy to do, although there are some very important things you must consider prior to opening your own brick and mortar business.
As a small business owner, there is a lot for you to know, understand, and even solve. However, as you are in control, there are many benefits also. Even though the internet is evolving and ecommerce is growing all the time, brick and mortar businesses are still reaching record breaking success numbers. The secret is in taking the time to plan and get every element of your business perfect.
If you are thinking of setting up your own business, make sure you don’t forget these three essentials to get you going.
Back up Money
It often takes years to build a business, get your name out there, and a good reputation. If you’re just starting out, it’s a good idea to have back up money and an extra savings for unexpected expenses or rent.
Should sales be sluggish when you first start your business, you’ll also need the money to support your business and ensure that you have some cash flow to help the operation of your company. If you can demonstrate that your business plan is a strong one with a good chance of success, then seeking out private equity investment or a bank loan – especially one that offers a payment holiday when you first take it out – might be an option.
Today it is essential to have a website. Ten years ago, most people relied on advertising in the local yellow pages or newspapers and direct mail to get their business name out.
Today most people ask you if you have a website as this is the most common and easy way to not only communicate but also take advantage of social media to expand and get your name out in the public.
Perhaps surprisingly, research from Statistic Brain indicates that as many as 75% of businesses do not have websites. This is simply a ridiculous number, and proves the size of the opportunity that is being missed.
How Will Your Customers Checkout?
Depending on the type of business you are conducting, it is important to have an invoicing and payment system that is easy to process. It is most likely that you will need a point of sale software. With the amount of softwares available, it can be difficult choosing one that fits the needs of your business.
However, if you manage inventory, consider purchasing one that has all around features, such an inventory management, and easy to use checkout system. If you can find a multi-channel platform that allows you to integrate a bricks and mortar store with ecommerce, then you’ll find it easy to grow your business later.
The first few years are often the hardest for new business owners, but once you build your name and reputation, it’s all smooth sailing and possibly looking into expansion.
When not managing his own business; Bough SEO, Robert consults other small brick and mortar businesses on how to boost their traffic as well as getting the most out of their website. In his spare time, he loves surfing and hiking.