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When contemplating and/or pursuing your entrepreneurial ambitions, there are a plethora of things to consider. The loan officer wants to see your business plan, the community wants to know how many people you will employ, and your spouse wants to know when this new venture of yours will pay off. These demands can be overwhelming, but it’s important not to overlook other external details:
Location market analysis. Will your proposed location allow for your product or service to be marketed effectively? Simply put, does this location (community, region, area) want what you are selling?
Labor analysis. How many people will you need to employ and what type of skills will they need to possess? If you want to be successful, it’s critical to do your homework and investigate labor availability in your location.
Your local chamber of commerce, economic development office, or city or county should be available to help you answer these questions, so seek their assistance and expertise. After all, you can never be too prepared.
BoomtownUSA: The 7½ Keys to Big Success in Small Towns
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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