Starting a New Sarasota Business
The ideal business idea or opportunity, offers a potential for high return, with low initial investment. It focuses on a fast growing marketplace, such as Sarasota, FL and there needs to be something unique about the proposition to succeed in this marketplace.
The problem for the new Sarasota entrepreneur is that, “you don’t know what you don’t know.” But that need not be so. Just understanding the start-up process and applying it to the Sarasota business scene can make a big difference.
Steps for Starting a New Business
These steps are not unique to Sarasota and are valuable anywhere.
1. Assess your strengths. Not everyone is born to be a classical pianist, and, by the same token, not everyone is cut out to be an entrepreneur. An “entrepreneur” is, by my definition, a person willing to take a risk with money to make money. If that idea lights your fire, step right up, but if it frightens you, think twice. The fact is, entrepreneurship is a risk, and so, ironically, you have to be willing to lose some money to make some money.
Of course there are other attributes that are required to be an entrepreneur, including:
* Being a self-starter
* Having a willingness to work hard
* Possessing an ability to handle uncertainty
* Having self-discipline
Of all of these, I think risk-tolerance is the most important.
Find passion in you for the business; do not just think of an idea. For example, some business owners and entrepreneurs have found success by focusing on whatever idea would in bring loads of money for them without having a passion for what they were doing. But, not all business owners focus solely on having cash rolling in to their bank accounts. They have a love for the type of business that they are in. They have a zeal for it. They become prosperous doing what they really enjoy doing. A martial artist may want teach so they start a school in Sarasota or training academy. A fitness buff may want to start a personal training business. A computer lover may want to start a Sarasota search engine optimization agency.
Making sure that it is your passion and not simply business can lead to more long term success, not to mention personal fulfillment. Think of it as something you look forward to doing and don’t tire of doing it. The new business ideas of yours, if proves successful, can be a life changing event and a benefit to the community.
2. Choose the right business for the right area. Once you have concluded that you have the temperament to start a business, the next obvious question is what sort of business? Since Sarasota is on the east coast of Florida, it would be silly to start winter sports store or mountaineering store. Make sure your business fits your geographic area so it makes sense.
Also, when it comes to choosing a business, there are two types of entrepreneurs.
The first type of entrepreneur was discussed above: A person who has a burning desire for something, who loves it so much that he or she cannot even think of doing anything else for a career. Maybe a hobby gardener loves the idea of starting their own greenhouse or nursery or maybe a computer nerd wants to open his own online marketing company. As long as you determine that there is a market or demand for your beloved business, this is a great way to go.
Now, on to the second type of entrepreneur: Here we have a person who is not in love with a certain activity or particular niche but, rather, is in love with the idea of being an entrepreneur. Their motivation is the concept of entrepreneurship. Maybe their fantasy is to be a player in the Sarasota business community.
The bottom line? Whether your desire is in a certain profession or you simply are enamored with the concept of being in business regardless of the field, pick a business that will keep your interest and that you will love.
3. Write a winner of a business plan: A pilot would never fly without a flight plan, an athlete would not compete without a training regimen, an actor has a script before they perform a scene. The common denominator is that each of these has a written guide they follow which helps to insure their success.
Well, your Sarasota business plan is your success guide for your new startup. Before you even open your business, you need to thoroughly think through what the business will be, why it will be unique, how you will get customers, how you will handle the competition, and so on. That is your business plan. Not only will you use it to make sure you are on the right track, but investors will want to see it to determine whether your new business is a worthwhile investment.
As such, a big part of that plan will be your financial analysis: How much money will you need, how will you spend it, how much profit can you reasonably expect to make? Your financials will answer these questions for you. The best way to figure this all out is by using the right software program.
Resources need to be classified and categorized. What are your requirements for starting a business? Certain aspects and how best they can be utilized need to be identified like money, equipment, team, skills, facilities and know how, etc. If there is an issue of limited capital then expenses need to be minimized. Take one step at a time and make sure that every step you take is a robust one. This way, your model can be tested and if all goes well, the Sarasota business will develop organically as time goes by.
4. Line up your funding: There are many places to find the money you need to get started. (Your business plan should spell them out.) It could come from your savings, credit cards, retirement accounts, a second mortgage, an advance on an inheritance, friends and family, or a combination of the above.
Ensure you have enough start up capital. The important thing is that you find enough money to get started properly and to get you going through your first year. There is nothing worse than starting out with a cash-crunch. One of the main reasons businesses fail is due to under capitalization.
5. The target market needs to be identified for your new business – You have to know if there is a market for your business and if there is, you have to comprehend and categorize that target market for a business to achieve success. Greater details of who in Sarasota your business will serve needs to be identified such as their gender, age, lifestyle, income, needs, values, desires etc. It is important for you to know how much of that you would like to capture and to know the breakdown of the entire market share. You have to know who you want to notice your services and/or products and who you want to target. With no proven market to sell to, investing a lot is a sure path to losing your investment.
6. Identify your competition. Research needs to be done to generate ideas on how your business will be uniquely different from your potential competition in Sarasota, Bradenton and the surrounding area. Look where they are advertising, their price structure, product and promotions and where in the Sarasota area they sell their services or products. Something better or unique needs to be offered to the customers so that you can edge out your competition.
7. Open up shop in Sarasota! Armed with a great idea you love, an accurate business plan, a market analysis and enough funding, it is time to get started. Find a location in the Sarasota area and outfit the office. Don’t skimp on your computers and software since, for most businesses, these are the basic tools you will use to run the shop every day.
Have a Futuristic Vision for Your Business that You can Work Toward and Achieve.
You must already see the business in your mind before starting the business. Visualizing the outcome of the business tends to help a lot. Your ideas, your resources, your time and energy, your patience all will be involved as you traverse right track to success, Identifying your goals is crucial. Achieving your ultimate desire of financial success with your Sarasota business can be possible with goals in mind as they act as measurable milestones.