As Memphis’s leading real estate brokerage firm, everyone here at Jones Aur understands the challenges of starting a new business! Starting a new business is an exciting and challenging experience. There are many factors to consider when starting a new business, and it can be overwhelming to figure out where to start. No matter what your business is, we’ve got solutions for you!
Read on, and we’ll discuss five tips for starting your new business.
#1 – Research Your Market and Choose Your Niche
One of the most important steps in starting a new business is to research your market and choose your niche. This means you need to understand your target market, their needs, and what they’re willing to pay for. You also need to identify your competition and understand what they’re doing well and where they’re falling short.
A big part of understanding where your business will fit into the marketplace is understanding how location fits into that. There’s a reason for the old adage, location, location, location! Be sure and incorporate plenty of geographic study into your initial research.
That is to say, think about what you’re offering, then think about where it would make sense to launch your business. One great tool when it comes to this aspect of starting your new venture is to work with an experienced broker who knows the area well (hint, hint)!
#2 – Create a Business Plan
Once you’ve identified your market and niche, it’s time to create a business plan. A business plan is a roadmap for your business that outlines your goals, strategies, and tactics. It should include a description of your business, your target market, your competition, your marketing plan, and your financial projections
#3 – Secure Funding
Starting a new business requires capital, and securing funding is an important step in the process. There are many options for funding a new business, including loans, grants, and investors.
A real estate broker can also help you navigate financing options for your new business. They can connect you with lenders or investors who specialize in commercial real estate and can provide advice on how to secure the financing you need to start or grow your business. When it comes to navigating the funding round of starting a new business, it helps to have connections with a firm that knows the area and the funding institutions well and can help set you up for success!
#4 – Choose Your Location Wisely
Here’s that old saying again! Location, location, location! Location is key, and it’s vital to choose your location wisely when starting a new business. This means considering factors such as accessibility, visibility, and proximity to your target market.
When choosing a location for your business, it’s important to consider your long-term goals. You may want to choose a location that is centrally located and easily accessible, or you may want to choose a location that is in a growing neighborhood with a lot of potential for growth.
Additionally, how do the local tax codes affect my business? Are there any incentives in particular areas that could be useful to me as I establish my footprint in the market? Questions like these and many others factor into choosing your location, and an experienced broker will be invaluable at this stage of starting your new business. They can provide valuable insights and advice on a variety of topics, such as zoning regulations, tax incentives, and other factors that may impact your business. By working with a real estate broker, you can tap into their expertise and knowledge to make informed decisions about your business.
#5 – Build a Strong Team
Finally, it’s important to build a strong team when starting a new business. This means finding employees who are knowledgeable, experienced, and passionate about your business. Your real estate broker may not be the first thing you think of when it comes to building out your team, but one thing benefit that comes with the expertise of an experienced firm is that all-important familiarity with the region, and that often includes an understanding of where the best talent pools are and how best to go about building that early-stage team.
Jones Aur Can Help You Build the Business of Your Dreams!
Starting a new business can be a daunting task, but with the right strategies and a focus on real estate, you can set yourself up for success. By researching your market, creating a business plan, securing funding, choosing your location wisely, and building a strong team, you can build a successful real estate business that meets the needs of your target market and helps you achieve your long-term goals.
And Jones Aur has the know-how, connections, and team to help you make your dream a reality! Led by some of Memphis’s most well-known experts in commercial real estate, Jones Aur has a long history of working with talented entrepreneurs to build thriving local businesses. Call today and see how we can help you do the same thing!