So you’re starting a business. Doesn’t it seem like everyone has advice? But if we can agree on one thing, it’s the fact that a fair percentage of start-ups launched from South Florida.
“Budding entrepreneurs are starting to shun the compelling lights of New York City and established hubs like Silicon Valley,” South Florida businessman Lee Rosen says. “These days, some areas in South Florida are becoming hot spots — Fort Lauderdale one of them.”
Whether you’re a person who’s trying his luck on business for the first time or relocating your business to another location, here Lee Rosen’s top tips you should keep in mind.
1. Passion Matters
Doing what you love and making money out of it is a dream for most people, but to those who have enough resources, this can be a reality. Sure, not all entrepreneurs actually love their business, but at the very least, you have to be fired up about it.
Starting a business requires most of your energy and time on it, and to make it successful, it’s important that you care and enjoy what you do. “Love” isn’t really a requirement when starting a business, but it could be the reason why your business will last.
2. Plan Well, But Don’t Aim For Perfection
Lee S. Rosen shares that he planned for a long time while he was still in his job before deciding to go full time on his own business. He emphasizes the need for constructive criticism before opening your services or products to the public. You can start asking for feedback from family or friends, and people with experience in business.
Communication is important when you’re starting out, but don’t get too caught up in making your product perfect. It’s okay to launch something when you’re half ready. Make sure to make improvements though once your business is running.
3. Keep Costs At Minimum
Even if you have all the cash flow in the world, it will be entirely useless if that cash flow is not positive, which means you have to bring in more cash than you pay out.
For starting businesses, it’s crucial that expenses and costs are low. One tip is to avoid paying retail as much as you can and rely on slightly used items to furnish your retail space or office.
When it comes to vendors, it will do your business good if you pay up front so you can negotiate lower prices when possible. Credit is at a premium in the current economic environment, which means vendors are open to creative ways to make transactions work.
4. Ask Yourself If You’re Better At Entrepreneurship or Franchising
America’s franchise industry has experienced massive growth over the last seven years, according to the International Franchise Association. It makes absolute sense, considering franchising is one way of getting into business without spending too much.
So how do you know if you’re fit for franchising? Try walking into a store. If you find yourself suddenly pointing out things that should be improved, you might be more inclined to run a franchise. However, if it’s in you to address a specific demand in the market or want to promote your own products, entrepreneurship is a better idea.
One big reason why Fort Lauderdale is proving to be so business-friendly is the fact that the area is in a good geographical location. The rail and road networks will get in you in and out easily and is situated not far from a major network.
For your business to be future-proof, Mr. Rosen says Fort Lauderdale is a strong contender.