Some of the decisions you’ll have to make will be specific to your new business location, so it’s helpful to be aware of both the challenges and the benefits of starting a business there. • Find out what areas of your city are best for a new business in your particular industry. • Research what kind of licenses, permits, and certifications you will need. • Make sure you get business insurance that covers your operations anywhere you may offer your services. Find out important information you need to know Make sure you have the funds you need You may not be aware of what expenses go into running a business – even if you’re just a freelancer or solopreneur. So be sure you’re prepared to cover them. • Start by putting together a business budget. Err on the side of caution and assume that expenses will be higher and income lower, so your budget will have a little padding. • Research different options for funding your business, such as government loans, private grants, or support from investors. Have a great marketing campaign A great business plan and an excellent product need good marketing, for the business to be truly profitable. • Start by identifying your target audience. • Craft a message and strategy that is directed specifically at this audience. • Know how to measure results, analyze, and recalibrate based on data. Starting a business may be a lot of work, but with good planning, your launch should go smoothly. And you will have the satisfaction not only of being your own boss but also of contributing something valuable to the community.
Hospitality News can help you grow and elevate your image in the hospitality and bakery industry, building opportunities for sales and steady growth. Visit our website to learn more!
HOSPITALITY NEWS JUNE | Page 79
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