Start-Up Wednesday: Small Business Standards

Start-up Wednesday: Small Business Standards

On Wednesdays, I like to talk about the start-up tips, tricks, and mistakes that small businesses like to fall under when attempting a smart business. Today’s subject is “Forecasting”.

Forecasting when related to small business revolves around the location, value, and importance of your small business. Opening a pizzeria in downtown Chicago where there are already 4-6 established pizzeria’s will cause you not only to rip your hair out, but to set yourself up for a bad forecast. On the other hand, depending on the product, you may be able to make a decent, if not great, forecast if the area is populated enough to warrant more pizzeria’s. There are a few tips I can give you to at least make some headway and understand where a small business would be useful, and where it would not be useful.

Is there many places in this area that offer the same products?

Check Google, Facebook, and the like for places that either sell or offer the same products that your company will provide. If there is many in that area, don’t fret just yet, look at the public reviews for those companies. If you see a business with a multitude of reviews, mostly good, chances are they control that area with the product you have expertise in. It would be discouraging to place your small business within an area that doesn’t give you any real market value.

Do you feel comfortable with the product enough to be innovative in the future?

Computer repair companies, restaurants, and other small businesses have to be innovative and resourceful on a daily basis. Whether it be a new recipe that’s hot amongst your group of patrons to the new virus that requires new technology to remove, small businesses need to take larger strides to think outside of the box on a daily basis, it could mean the difference between a thousand dollar week or  two hundred dollar deficits.

     There is a few suggestions, always more to come, next post will be business examination Friday, where I take a look at a business venture and outline the steps to go for starting your business.

     If you have any suggestions as to information you are curious about or suggestions for examination Friday, don’t hesitate to e-mail me at Theodore.holten@yahoo.com with any questions, comments, or concerns!

Theodore Holten is a Business major with an associate degree in business administration. Ted has been in the business of turning around small businesses using innovation and technology for the past 4 years.