It’s extremely important to do your due diligence when beginning your business. That means asking questions. A lot of them. And naturally, asking the right questions is vital.
So what does that mean? Well, In broad terms, you’ll want information about the size of your current market. Will your business be viable in this location? Can the market support and sustain you? If you want to start a restaurant it would be helpful to know,
-Your neighbourhood demographics
-Any future plans that might affect the neighbourhood and your business
That’s why I recommend that all business owners take the time to perform a SWOT analysis.
Simply put, a SWOT analysis is a thorough study of the Strengths, Weaknesses, Opportunities, and Threats that will affect your business. Strengths and weaknesses are considered internal and examples could include being an established brand with an excellent reputation or having exceptional staff like a Michelin star chef. Conversely, having a young inexperienced staff might be considered a weakness.
Opportunities and threats are external to your business and examples could be your location having a university or hospital close by or perhaps there’s a huge condo building being constructed next door to your restaurant. A possible threat to your business might be things like street construction that would detour traffic away from you.
It’s important that you know what you’re getting yourself into when you start your business to ensure you get the best possible chance of success.
Thanks for reading and I hope you find my information useful. As usual, if you have any questions or comments please feel free to comment below.