You may see plenty of small businesses sprouting in your neighborhood. Whether it is a small clothing design shop or a restaurant, all people will go through these steps in making a business thrive:
Step 1: Market Research
Having a product or service in mind is good, but if there is no one to buy it, why start it anyway? Make sure you get a survey on what your potential target market needs. For this article, let’s use a restaurant in our examples. Know if there are already any restaurants in your area, what food they sell, at what prices, if people are eating out a lot when the lean and peak days and times are, and more.
Step 2: Design a Business Plan
If you already have a restaurant idea to answer a “hunger” need in your area, you should put it into writing. This will help you more objectively see the things you need to research on or work on. In your business plan, layout the following:
- Product and/or Service. Identify what you want to sell. Identify your target market when you think of your product too because if no one will buy your product, how will you get your investment back?
- Location. This is one of the most important aspects of a business. Even if you have a great business idea, but your location is inaccessible to many, you may have lost potentially good customers. If you have a physical store, make sure you have foot traffic.
- Marketing and Branding Strategies. If your product or service is one that has other substitutes or competing companies, it is best to know how to market your company to make it stand out from the rest. You should clearly define who your company is and how you should package it from the start. This will help you develop the brand you want to be known for.
- Accounting. Make sure you make a list of the costing of your product, as well as any investment in equipment or rental expenses. This is a very important aspect in all businesses because if you do not know if your product will earn anything, you may as well not start a business. Don’t go bankrupt doing something you thought would give you profit.In a restaurant business, there are so many little things to take account of like food ingredients, rent and salary expenses, cooking materials and equipment, and more.
Step 3: Consult a Business Expert
If you have a friend who has a business, you can ask for tips from him or her. Ask about the challenges he faced, how he overcame them, and what you should always put in mind. For your accounting needs, which you may not be familiar with if you did not get a chance to study about yet, you can call Jeffrey Fleurinor, CPA!
Step 4: Start Making Money
You control your own company while we advise you on the financial aspect. Money is what will keep your business running, so clearly, you need to make sure you are actually earning rather than putting out too much but getting nothing in return. All businesses are run on trial and error, but if you start strong, there will always be a great chance of success!
Who is Jeffrey Fleurinor, CPA?
Jeffrey is a graduate of the Florida State University and has been a Certified Public Accountant for over 10 years now. He has a vast experience in accounting and finance, which the firm takes as an asset. His management of the firm is the reason why we provide outstanding services to our long time clients.
Talk to Us!
If you want your business to flourish, let us know how we can assist you! Call us at 404-884-9220. We are located at 1995 North Park Place, Suite 310-I Atlanta, GA 30339. You can start building wealth today!