Setting up yourself as a businessman and entrepreneur in a small town can be fun and have its rewards as well. Read on...
Just because you live in a small town does not mean that you cannot own a thriving business. Here are some ways to make the most of your little town and fulfill your dreams as a business owner:
1. Analyze Well: To start with, first thing first – know the strengths and weaknesses of your city/town. You really need to get the pulse of the place in order you have the right idea to marry with the environment in which you are going to function. Speaking to people, understanding their needs, seeing what are they missing and then analyzing the findings with what is happening in the city are all part of catching the pulse of the place. This is going to, in all likelihood, give you the right business idea.
2. Trust and Grow: While you might know a major chunk of the community, it is always a good idea to have your initial finance in place. You need to look and also sound strong and confident about what you are going to sell. Have your finances sorted. See how much running cash you have to support your initial business. Would you need to supplement it with external finance and if so, do you have them in place? In the initial months, you might have to give away discounts or even free services to get the footfalls, unless you already have a winning idea which is a prototype with no competition to bother about. So, be ready to roll out more than the desired amount of money in the initial months of business.
3. Flexibility: Remember, because you are in a smaller community, you might have to sometimes forgo normal rules and bend a little here and there. Don’t hesitate to do that. However, never compromise on the quality of your services or products. Having said that, avoid setting a precedence of being a lenient business owner who is willing to go the extra mile every time. While your generosity will exuberate your confidence, remember, in the long term, you should be concentrating on good returns on all investments, monitory or otherwise.
4. Infrastructure: While setting up a new business in a small town, you are probably selling a completely new idea to the customer for the first time. That would mean being thorough in your knowledge and everything else that goes into making yours a business at par with any other in a metro city. Do your homework well and do what is needed to impress the new customer and convert them into becoming loyal to your brand/business.