Do we have what it takes to start a business?

vickylass By vickylass, 22nd Aug 2013 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>Business>Starting A Business

These tips are common sense if one wants to start a business. Not having them into consideration means direct road to failure.

Do we have what it takes to start a business?

Years ago, some friends of mine opened an attractive cafe that was very successful at the beginning, offering live music at weekends, an informal discussion group on week days and offering part of the premise for exhibitions. It was successful for about four or five years until it started to decline to become a mere meeting point for their friends.
They mainly sold drinks and snacks such as peanuts and crisps and I always suggested to them that they had to offer some food, because food gives a lot more profits than drinks. I knew that they couldn´t offer cooked food, because they didn´t have a licence nor proper equipment, but they could as well offer a choice of sandwiches and platters of a choice of cheese, ham, salami, etc., etc. Serving this wouldn´t have meant a lot of work nor was required a licence, but they´d have earned a lot more.
I also suggested to them that opening times are very important. If one decides to open a bar from 20.00 p.m. onwards, this has to be so. Otherwise regulars or newcomers will stop going.
The place was in a street which wasn´t suitable for such a venue. However, it stood nearby the street market, which is on Sundays. If they had closed early on Saturday nights, they would have been able to open on Sunday mornings to offer drinks and apreritives to the crowds that go to the flea market.
In the end the attractive cafe closed down after four or five years on business.
1. Market research so as to find the place, which is going to be more profitable.
2. After one´s found the right place, study the area and what sort of people are in this area and what needs they may have.
3. Equip and do the venue accordingly with the area, what you´re to offer.
4. Whatever opening times one decides on, they have to be respected.
5. We aren´t to presume that because we´re going to be our own boss, we shan´t have to work hard. We shall. It takes time to have a clientele and even more to get profits. One will be lucky if on the first or second year one has achieved to get customers and are able to pay providers and bills.
6. Nothing is more stable than change. This means that once in a while we´ve to change things, make improvements or renew things. We may think that renewing the premise is costly, but it´s a must for every business. Renew or die as the saying goes.
7. If it´s a restaurant we want to open, the kitchen and what we´re going to cook will be the main engine of the business. It needs a good cook and it has to work as an army. There can´t be room for laziness, lack of discipline or I couldn´t-care-less staff.

We´re to think it well before we open a new business and we´ll going to do our homework of facts and figures well. One will succeed if one comes up into the market with something needed, but no one is offering yet.

(C) Copyright. Vicky Pino. August 23, 2013.


Cafe, Friends, Market Research, Opening Hours, Renewal

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Feature article writer whose motto is that inspiration does exist, but it has to meet us at work.

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