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ike her co-workers, Camille* had been ecstatic at the news of the closure of the company she had worked at for nearly 20 years. As she mentally calculated her expected redundancy package, she was delighted that her dream of starting her own catering business could finally become a reality.
As soon as she received her final pay cheque, Camille turned her attention to setting up an upscale eatery that rivalled the bistros found in South Beach, Florida. Awash with cash, she spared no expense in creating the right dcor and an enviable menu. Excited at the prospects of her first business venture [link widoczny dla zalogowanych], Camille opened her doors with a flurry of promotions and pizzazz.
Fifteen months later, Camille is singing a different song. Gone is the optimistic fervour of the newbie entrepreneur; today Camille is burnt-out, broke and begging for someone to buy her out. What went wrong with her grand business idea?
I really had no idea how hard it would be to run a small restaurant, Camille revealed. After a while, the stress of trying to manage inventory, deal with staff issues, and constantly attract customers became too much to handle. The business has wiped out her nest egg and she is now desperately seeking an exit solution.
Camilles painful experience is an oft-repeated story recounted by many disillusioned entrepreneurs. Unfortunately, people who exhibit the right qualities to win in business can still end up losing the entrepreneurial race, because they are not aware of all the rules of the game.
Andrea Graham, CEO of the Business Development Agency, explained that while having a positive attitude is important, new business owners are often over-confident about their potential and under-prepared for the harsh reality of the world of business. Although careful planning was not an absolute guarantee for success, Graham admitted, it was essential to properly assess a business opportunity before jumping on board.
Graham, a 30-year veteran business owner, pointed out some of the key factors that must be considered before starting an enterprise:
Is Your Business Idea Viable?
Getting a business inspiration is easy; making it profitable isnt that simple. Graham encouraged entrepreneurs to properly explore the feasibility of their ideas before opening their doors. You cant base your business solely on personal tastes [link widoczny dla zalogowanych], she explained. Just because your family and friends like your cooking, it doesnt mean that everyone else will.
Its crucial to do the necessary market research to determine if you can attract customers to purchase your product or service, Graham cautioned. You must have a clear picture of the demographics and the desires of your target customer group [link widoczny dla zalogowanych], she continued, so that you can design your offerings to meet their needs.
What Are The Start-Up and Operational Costs?
Graham recalled a client who had spent all his money outfitting his new wholesale store and had no money left to buy goods to sell. Before you spend a dollar, she appealed, you need to itemize every cost associated with starting the business. Furniture, fittings, machines, stationery and stocks are just some of the expenses that you have to finance before you make any money.
Having enough money on hand for daily operational costs is also vital. Graham declared that you must have enough initial working capital to keep your doors open in the first few months, as it will take some time to generate enough sales to meet your bills. Even if you have a winning idea, if the business is under-capitalized, it will not succeed.
How Will You Generate Sales?
The days of putting up a store sign and waiting for customers to show up are gone, Graham asserted. You must have a properly designed strategy of how you are going to attract your customers to buy. Once you are clear about your target market, you can use the most appropriate marketing media to directly reach them, she explained.