Congratulations! You’ve decided to start your own business. This is an exciting time in any entrepreneur’s life. Learning the ropes and figuring out the best way to make your business successful is all part of the journey. Whether you’ve decided to open an independent business or you’re buying into a franchise, there are some tips for new business owners that ring true in any situation. Every business, even the biggest franchise you might recognize, started with one person and one dream. There are a few things, universally, that business owners should recognize and understand in order to make their go of it a little bit easier and more successful. It’s likely that you’re starting from scratch, so here are some excellent small business owner tips for you to guide you on your way.
1. Plan and Execute
The first and most important of any tips for new business owners is to plan! It might sound silly because it sounds obvious, but you’d be surprised at how many people open their own business without really thinking through everything and having a plan to follow. As the old adage goes, “Fail to plan, plan to fail.” There’s SO much that goes into opening a business that sometimes people glaze over the minute details. Making sure you have all your bases covered, and a plan for any sort of situation that may arise is key in your business’s success. Whether you’re an independent business owner or you’re opening a franchise, having a plan and executing it will make all the difference in the scope and speed of your success.
If you’re entering into a franchise, most likely your franchisor will have a plan for you to follow and may even provide additional assistance and guidance on execution. Franchises know what works and what doesn’t when it comes to opening and running a business, so you’ll already have the advantage if you opt to go that route. Additionally, the support you get from the franchise and other franchisees along the way is priceless. Whichever way you go, you must have a fully baked plan and execute it in order for your business to succeed.
2. Location, Location, Location
Location is one of the most important aspects of any new business. However, depending on what your business offers, the ideal location can differ. For example, if you’re opening a chic boutique, you might want to find a prime location along Main Street so that you’ll get lots of foot traffic from potential customers walking past your store. However, if you’re opening a dog daycare and boarding operation, like K9 Resorts, you want enough space for you to build an appropriate facility. Facilities like ours need a specific square footage to accommodate our play and boarding spaces and give the dogs enough room to roam. If you’re opening a franchise, it’s likely they have their own location requirements and suggestions, but they’ll likely help you find and secure the perfect place. If you’re opening an independent business, you may have to do a little bit more research into where you’d like your operation to be located. Take all factors into consideration when searching for a location – budget, service/products offered, visibility, accessibility, parking, and the like. If your business is convenient for the customers you’re trying to attract, you might have a tough time. No matter how good the product or service is, people don’t want to be inconvenienced to access it. Oftentimes, this is one of the tips for new business owners that’s ignored.
Location is key in any business, especially a dog daycare. Learn how to find the right spot!
3. Be Involved
This might be one of those small business owner tips that only applies to franchisees, but be involved in daily operations! It’s likely that if you’re opening your own independent small business, you’re putting in long hours to make it work. You’re already involved and will continue to be for the foreseeable future. But when it comes to franchises, there are lots of options for business owners to be less involved once the business is open and running. These are called semi-absentee or absentee franchises. Just as it sounds, those types of franchises offer the owner the ability to be relatively hands off when it comes to daily operation. However, being heavily involved in your business for the first year is incredibly beneficial for you and the success of your business. Business owners are often involved in things like payroll, hiring, and inventory, but sometimes in franchising, they are less involved in the day-to-day operations. It’s a good idea to work alongside your employees in the business for a while to truly grow to understand and appreciate all aspects of your business. If you’re opening an independent business with just a few employees, you’ll likely already have that great experience!
4. Follow the Rules
This is another tip for franchise owners but can be applied to all small business owners – follow the rules! Each franchise comes with its own set of rules and requirements that its franchisees must abide by. And every business, independent or franchise, must follow the rules and regulations of business in their state. The true benefit of franchising is that you’ll have a set of rules and requirements to follow that have been proven successful for other businesses. That means, if you follow the rules, you’re likely to succeed! When it comes to independent businesses, especially small business, there are lots of resources that you have available to you to ensure you’re crossing your Ts and dotting your Is.
The world is built on small businesses and thankfully, there are plenty of options and resources for any determined entrepreneur looking to open their own operation. Along your journey, you’ll find lots of tips for new business owners, but perhaps the most important of all is passion. If you have passion and drive, the rest of the information is out there for you to find when it comes to opening your own business! If you’d like to learn more about K9 Resorts franchising, contact us today.
Ready to learn more?