Starting up a business is a very exciting time in anyone’s life. It offers a new and unique experience, as well as a career full of growth and hard work. But how do you choose what type of business to open? There are a few things you should consider before deciding on what type of business you’re going to run.
First of all, you should be knowledgeable about the area you are getting into. For example, if you are someone who has spent a huge amount of time watching and following sport, you may have difficulties opening a restaurant with no experience with food. In that instance, opening a sports equipment store is perhaps the right choice. You should also be passionate about the area of work you do. This will help you to keep motivated and inspired to keep working hard. Finally, you should look at location and competitors. Is the area you are hoping to set up in needing this kind of business? What kind of other businesses are in the area, are they competitors?
It’s also worth remembering that no two businesses are the same. This means that each different business will have its own unique set of challenges and needs. It can often be difficult to identify these for new business owners. So, depending on which business you are opening, here are some tips for your new business.
Opening a fashion store will likely lead to a very fast-paced workplace. The world of fashion is constantly changing and adapting, just like your store will have to. Trends come and go, and if you aren’t able to keep up chances are you won’t sell too much stock. Some elements you should remember when opening a fashion store are:
Importance of HR – Human resources departments are very important for clothing companies. There are likely to be lots of issues that need sorting in HR, as well as the fact clothing stores tend to have a high staff turnover, which means their recruitment skills are often called into order. It is a good option for smaller businesses to go with an outsourced HR company.
Stock management – Stock in a clothing store is different to any other retailer. It doesn’t expire, but it does go out of style. Getting in new stock weekly is essential. In regard to your older stock, it could be a good idea to keep it for sale periods.
Outgoing staff members – A key element to having a successful clothing store is having very chatty floor staff. Clothes tend to be a bigger commitment to buy as opposed to food or drink, meaning people want to be comfortable before purchasing. Having someone who can make them feel comfortable in store ends up having massive benefits on your business. Being able to provide information on the quality and sizing is also beneficial.
Gyms are a really unique business to take ownership over. You aren’t receiving frequent payments, people usually don’t require assistance, and the main role of the floor staff is just supervision. So, what do you need to know about opening a gym?
Know your niche – You should know what kind of audience you want to attract to your gym. Everyone loves working out, but not everyone does it the same way. If you’re aiming for an older niche with a more family friendly vibe there are some things to consider. Your equipment is going to be more machine-based as opposed to free weights. The music you play should be slightly more relaxed, and the decor should be brighter. If you are trying to attract the likes of bodybuilders and powerlifters, you are going to essentially want to do the opposite.
Accessibility – Don’t have your gym somewhere people can’t easily access. If you’re in a remote area, have plenty of space for parking. The chances are people won’t be walking to your business. Many people will also go to the gym to help improve mobility, so try to include ramps and wide door frames to accommodate everyone.
Include classes in membership fees – Many people don’t exactly know what they are doing when they join the gym. This means they want help from the professionals. Many people don’t want to work with a personal trainer and would rather do so in a class as there is less attention on them. People may be deterred from buying a gym membership if they are only going to be able to work out on their own. This is why including gym classes could be beneficial.
Everyone loves a nice meal out in a restaurant, but why should they choose yours? Opening a restaurant can be tricky if you are new to it. But if you can hit the ground running, you could be in for a successful stint as a restaurant owner. So, here are some tips to get off to a great start.
What kind of restaurant are you? – Understanding your niche before you open is essential. This way, you’ll know how to design the decor, set out the menu, and advertise your website. It is also worth looking into the competitors in the area. For example, if you are trying to enter a narrow niche such as a Korean restaurant, you can’t have much competition. If there is already a well established Korean restaurant down the road, why would people choose yours?
Identify target audience – What kind of consumers are going to eat at your restaurants? Are you a family friendly restaurant where people can celebrate special occasions? In that case, you need bright decor and lighting, a children’s menu, and early opening times. If you are trying to attract more fine diners, you need an elegant menu, lavish decor, and late opening times.
Location – Where is your restaurant going to be based? This should be influenced by the type of eatery you are opening. For example, you can’t have a fine dining restaurant in a run down or unattractive area. You also have to consider why are people entering your restaurant? If you tend to attract a lot of people off the street for lunch, you should situate somewhere with a lot of foot traffic.