Are you thinking of opening your own business, but the world of start-ups does not really inspire you? Know that traditional entrepreneurship offers business opportunities that are just as interesting today as in the past.
The lockdowns have taught us the value of local shops that make neighborhoods so attractive and bring them to life!
Traditional entrepreneurship, still alive
With the range of commercial possibilities offered by the web, we may believe, wrongly, that traditional small-scale commerce is tending to disappear. However, who can resist going into a friendly bakery that smells of good bread, or in this charming florist’s shop or even in this caterer that offers delicious dishes or this jewelry shop that allows you to make original gifts? ? Choose a type of business that meets your interests and in which your knowledge will be put to good use: bookstore, stationery, hardware store, clothing store or others. The practical side of these varied resources, close to home, is still very much appreciated. This niche is therefore an option to consider if you want to work on your own;
The steps to becoming a traditional entrepreneur
1. Choose your location
Start exploring the neighborhood that interests you now, to discover the best location for your shop or store . Ideally, your business should be located in an easily accessible location (both by car and by public transport), in an attractive neighborhood with regular pedestrian traffic. Premises with a large window catch the eye of passers-by more, so this is another point to remember for your choice of location.
2. Market research
According to experts, small and medium-sized businesses, which carry out market research beforehand, optimize their chances of success. Also, pay attention to favorites that could prevent you from noticing, for example, that there is a lack of parking space near this beautiful rental space that already interests you; the size of the sidewalk and the width of the street are also some of the details you will need to observe. Go back to the neighborhood at different times of the week, day and night, to see firsthand if it’s a dynamic place…or not.
3. Target neighborhood needs
Above all, what type of business you plan to open must meet the needs of the neighborhood. If you are settling in a working-class area and you plan to present high-end services or products there, perhaps you should consider another, more affluent area… Identify your possible competitors and get information from the local town hall to find out about any development projects that could concern the neighborhood of the location: change of direction of traffic on a street, opening of a shopping center nearby.
4. The importance of marketing strategy
It is, in fact, a business plan in which you will predict what will be your fixed operating costs and your possible turnover. If you want advice, there are free resources on the web and in government offices for preparing your marketing strategy .
Before moving on to the implementation stage, re-evaluate your concept according to the market (it evolves so quickly!) and, if necessary, make certain adaptations.