subject: Some Things To Consider For That Potential Business In The City [print this page] Setting up a business in the city is something that is challenging and also exciting at the same time. Especially if living in a cosmopolitan and fast paced city, there are lots of opportunities that may be present to you and if you keep your eyes open and mind creative, you will see some potential there. Here are some things to consider when entering into this venture:
- Location is the key area here. Location counts for a lot. You would want to have a space that has lots of foot traffic or is near an area where it targets your intended socio-economic demographics. If you plan to open a specialized convenience store or shop, make sure that the space is easily accessible which means getting a ground floor thing. Also make sure that the space has roll up garage doors. Roll up garage doors are necessary especially when closing the shop for it provides security against thieves or burglars. While a roll up garage door is not an absolute guarantee that your place will not be victimized, it is a hindrance for would be burglars. Aside from this, it is a requirement for insurance companies to have a security precaution. More often than not, most landlords and landowners provide such roll up garage doors but if not, you can construct this roll up garage door and use it to haggle for better rates with the landlord or landowner.
- Haggle for your rent and other items. Be a good negotiator when dealing with land owners. These days it is a renter's market so renters have a lot of leverage when negotiating rental contracts. This could mean a significant reduction on rental rates or added perks. The other thing which you can do if you have enough cash is to go for long term leases which can freeze the rental increases for some years.
- Do the research on your business. You are about to embark on a business which involves a great risk on your part, mostly on your personal income and career paths. What you need to do is to do some research whether this be formal or informal. Talk to people whom you trust or whose opinion you respect regarding your business plan and get their thoughts. Crunch the numbers and be conservative on your assumptions. When planning the business, have at least 6 months of working capital set aside for the business. Do not forget to set aside a stipend at the very least for your work done. In doing all of this before hand, you get a better idea on the amount you will spend and then make a good and informed decision on the venture you wish to start up.
