Whatever industry you may be in – retail, hospitality or anything else, you need a great business launch to get off the ground running. One of the biggest reasons why some businesses fail upon starting up is because of a poor launch.
I’m sure you’ve made at least a few plans regarding your launch. But what if I told you that there is a magic formula to success? And you’ll be very surprised to know that it all starts with a good Sydney shopfitting company.
As a shopfitter with over 30 years of experience, I’ve helped many business owners prepare for their business launch. I know everything ‘to do’ and what ‘not to do’ in order to make a launch successful. Today, I will share some of that knowledge with you.
So, continue reading this article to discover the magic formula to a successful business launch. After reading through, you’ll be all geared up for a great start to your business.
1. Choose a great location for your new business
I’ve seen many new businesses fail to get a start simply because they choose the wrong location for their business. Indeed, choosing a great location for your new business is a key factor in making it successful.
Not many business owners have the luxury of changing their business location after starting off. As such, it is very important to get this right when starting out.
Depending on your type of business, you have several options for choosing a location. You can lease or buy a premise, run your business from home or share a working space with someone else. Even if your business is based online, you will need a space for storing inventory or for packing products.
Whatever location you choose, a good fitout will ensure your business premise is functional and efficient. Always hire a reputed Sydney shopfitting company, such as Xtreme Shopfitting & Joinery for your fitout needs. We’re considered to be one of the most reputed shopfitters both in Sydney and nationwide.
2. Serve customers first, not your needs
One common mistake that new business owners make is that they try and sell what they think will be successful. They disregard what customers really need and build their business around selling their desired product. This is a very costly mistake that should be avoided.
Try to build a service or product around one that is already successful in the market. This way, you already know what your customers’ needs are. Simply fulfil them better than your competition and you’re well on your way to a very successful business.
This will also help you when it comes to your fitout. You’ll find it easy to explain things to a Sydney shopfitting company if you model your business around something known to work. Moreover, experienced shopfitters may also offer you some handy advice if they have worked on anything similar in the past.
3. Get money rolling in quickly
The lifeblood of any business is cash and you’ll have to get money rolling in quickly to survive. Depending on the nature of your specific business, you’ll need to come up with ways to start cash flow immediately. Thankfully, there are several ways of doing this.
For instance, you can have policies on advance deposits upfront and balances due on delivery as many professional services do. Or, you can have a loyalty program and insure repeat delivery of specific products. Whatever method you use, the goal is to get payments coming in very quickly.
4. Underestimate revenues and overestimate expenses while planning
Smart business owners always underestimate their revenues and overestimate their expenses while planning, this is something I see time and time again. While this may seem like a conservative approach to many, many entrepreneurs say that this is the prudent way of doing things.
While starting up a business, it is incredibly difficult to project expenses and revenues accurately. Most startups find their expenses up to 30% higher and revenues up to 30% lower than what they had anticipated.
You can battle this problem by training yourself to be very, very conservative with your numbers.
Now, being conservative does not mean that these are the numbers you’re aiming for. Far from that, being conservative gives you more information about your spending. It also helps you create a budget for marketing and sales campaigns.
5. Know your market
Before starting any kind of business, you must first know your market. Only when you have an idea of your market will you be able to make plans and execute them.
I’m sure you’re thinking that you know your market pretty well already. But hold on – you’ll need to think critically here. Who are your suppliers, distributors, customers and competitors; and where are they located? What are the costs of logistics and operations? These are only some basic questions you need to have the answers to.
You can also make use of special metrics such as inventory turnover or sales per square foot to understand your market better.
Knowing and understanding your market before your business launch gives you a huge advantage. Doing so will give you a rough idea of what to expect while executing your plan. With little experience, you’ll even discover how to conduct business more efficiently and effectively.
6. Understand your customers
If you’ve already done your market research and know who your target customers are then you’re definitely giving your business a great head-start. However, don’t stop there. Describe your customers in detail – who they are and what drives them to a purchase. Next, think of how you will convince them of your offer and how to differentiate yourself from competitors.
It is easy to make guesses and come up with answers to these questions. But you must back your answers with market and reality testing. This will validate whether you really understand your target customers or not.
Understanding your customers can be the difference between a hugely successful business launch and a failed business attempt. Make sure to research effectively and know your customers very well before you decide to sell a product or service to them.
There you have it – these 6 tips are the magic formula to a successful business launch. Make sure to follow all of them. You’ll also require the services of a reputed Sydney shopfitting company for your fitout before your launch. For this, look no further than Xtreme Shopfitting & Joinery.
We’ve been associated with the shopfitting industry for over 30 years now and we have vast experience in handling commercial fitouts for all industries. We also boast a highly skilled team of shopfitters, who work efficiently and effectively towards completing projects on time. Furthermore, we handle fitout requests of all sizes so you can definitely count on us to create the perfect fitout for the launch of your new business.
If you’ve been looking for a magic formula to a successful business launch, just follow these tips. Choose a great location for your new business. Look to serve customers first and not your needs and get money rolling in quickly. Always underestimate your revenues and overestimate your expenses while planning. Also, it is very important that you know your market and understand your customers well before your launch. By following these simple tips, no doubt your business will receive a jumpstart.
To make your business launch a breeze, hire us at Xtreme Shopfitting & Joinery – a Sydney shopfitting company that won’t let you down. Get in touch with us and talk to one of our expert shopfitters about your requirements today!