Many people go into business for themselves in order to be their own boss and have more flexibility in their lifestyle. Unfortunately, many are then shocked when they end up working even longer hours and have excessive responsibilities in order to build and maintain a viable business venture. Therefore, before you decide to make the change to business ownership, it is a valuable exercise to carefully consider what you prioritise the most to inform your professional decisions. This will help you to find your niche and enter the market with confidence.
You might choose to purchase an established business. This can be costly initially, but if you have done suitable due diligence you will also be purchasing a loyal client base and the reputation of the brand that you will soon own. An established business could be in retail, hospitality, financial services or any industry in-between.
Purchasing a newsagency for sale, for example, is a sound choice for someone who is a great all-round retailer. You will deal with a variety of suppliers as you stock a variety of products and it is a fantastic way to get to know and support the local community. Many newsagencies have a Tattslotto capacity which can boost sales and cross-promotional opportunities, especially if you happen to sell a jackpot ticket. Some news agencies will also operate as Auspost outlets in order to provide a wider variety of services that may also attract business clients. Be aware that stocking the humble newspaper traditionally means some pretty early morning starts especially if you offer home delivery service, so be prepared to staff this accordingly if you can’t face getting up in the wee hours.
If you think that you might want to build something from the ground up, there are also a variety of options. In addition to logistics, such as where it will operate and before you buy a factory for sale, do some market research to identify, then profile your target customer. One way to do this is to define what ‘problem’ your business will be able to solve. By knowing what is currently frustrating customers or is a gap in the market, begin by articulating how your business can provide goods or services to fill this void. Many people may opt to undergo some market research, whether online or face to face, or you may take a more passive approach and read a lot of forums and investigate what’s trending online.
If you’re considering a start-up situation it can be a long road to get your business to the point of breaking even, let alone profit. Therefore, put in place plans as to how you will fund it and keep it running if things take a little longer than what you originally articulate in your business plan. For some people, it means remaining a side business until it takes off. This approach to risk management will give you some breathing room and hopefully prevent you launching to market without being adequately prepared.