Tips to starting a business

BONNERS FERRY — Starting a business can be challenging mentally, physically and financially, but with a good idea, a market for the idea, and through planning, it is possible.

The beginning of every business is the idea. Entrepreneurs often utilize personal and/or professional experiences as a basis for the idea of a business prospect. Knowing what the nature of the business entails helps the prospective owner feel more comfortable with the outcome.

Assess the market around which the business will be in and the competition it may have. Opening a coffee stand in an area where there are coffee stands on every corner may not be a wise business decision, but operating a sandwich shop in an area that mainly consists of sit-down restaurants would be. Researching the area and the market for the business type will help the prospective owner assess the businesses success.

Opening or starting a business can be a financial strain. Many entrepreneurs manage the startup costs with a business loan from a bank, but there are some that utilize credit cards because the interest rate may be lower, it builds credit, and many offer rewards. Having a solid financial plan, budget, and an accurate accounting system are also key to owning a successful business.

Naming, registering, and obtaining the proper licensing for the business would be the next step. Contacting the local City Council and speaking with local economic development consultants is also important to opening a new business in an area, as they can assist in providing information pertaining to the success that a business may have in that area.

In the final stages of business planning, the entrepreneur should consider the means in which they plan to advertise or promote their business to customers. Local newspapers and other printed media for the area utilize advertising revenue to continue the production of the print, as well as online advertising, which allows the business to be easily searched and reviewed. Having an online presence is paramount to owning a successful business, especially when most people turn to their phones or the internet to search for a service. Customers are able to review what they thought about the business as well as what other customers thought. There can be negative comments online, even for a business that offers excellent service and quality. Even though the business offers quality, out of 100 customers, very rarely are all 100 completely satisfied.

Not knowing what kind of business to start can be challenging, especially when the entrepreneur has knowledge in multiple fields. Choosing the area and researching the communities needs would be step one, which could be followed by researching the best and worst businesses to get into.

“If you are not sure of what type of business you want to start, I would recommend starting a service business,” said serial entrepreneur and Harvard MBA, Bob Adams. “Service businesses tend to be local, and competition from national firms tends to be less severe than for product or Internet firms. For example, national firms usually don’t have a significant cost advantage. And the personal touch of a local owner can be a significant advantage in a local service business.” (Source: https://businesstown.com/articles/the-best-and-worst-businesses-you-can-start)

Being a mobile service business such as a cleaning business, property maintenance, car detailing, light mechanic work, or mobile pet groomer, among many others, is a beneficial way for an up-and-coming entrepreneur to get their foot in the door.

“As we all become more and more used to having everything accessible instantly and at our convenience, businesses on the move have hit the forefront of the most profitable industries in 2015 and beyond,” states Meredith Wood in her article about the best businesses to pursue. (Source: https://www.fundera.com/blog/most-profitable-industries)

There is also the option to purchase an existing business in an area. With life comes changes, and sometimes owners of a successful local business need to either close the business or sell it. Purchasing an existing business offers the knowledge that it has an established customer base, which provides the prospective buyer with an idea of how well the business has been doing and will do.

Armed with a good idea, a thorough plan, and the drive to be successful, up and coming business owners have the potential to bring their ideas and services to the community, which in turn allows the community to grow and thrive in the coming years.

For information and consultation about bringing a business to Boundary County, contact the Bonners Ferry Chamber of Commerce at http://bonnersferrychamber.org/