You have a great idea for a new business, and you’re confident you have what it takes to make it succeed, but just not in the place you’re currently living. Maybe the demographics don’t suit your product or service, or the population isn’t large enough, or maybe the tax laws are cost prohibitive. For whatever reason, you want to start your business in a new city.
You’re not alone. Many successful businesses took root when the owner transplanted to someplace new. With some planning and forethought, there is no reason you can’t do the same.
Moon Design understands how to run a small business and the challenges that have to be overcome to succeed. Here, we offer some tips on how to make your new business a success, no matter where you choose to locate it.
Where Will You Locate?
By researching what types of businesses are booming in certain cities, you will be able to have a good idea of whether or not your business will be a success there. For instance, Philadelphia, PA., is one of the largest health education and Bioscience centers in the United States. If your business skews toward medical research or the biomedical sector, then that city might be the best for your start-up.
But the cost and availability of apartment rental and housing need to be taken into account before you can decide if it’s also an ideal city for you to live in. And not just for yourself, but for your family as well. Look at online apartment listings in Philly for things like price, size, and amenities before you commit to a move.
You should also take into account factors like nearby public transportation, school quality, cost of living, and your access to parks, shopping, and multi-cultural dining if those are important to your way of life.
Key Steps to Starting Any Business
Researching the market for demand for your product or services is step one. If your business is too niche to be marketed to a large group of consumers or if there is already too much market saturation for your product, then you may need to step back and see how you can redesign what you have to make it marketable to a larger consumer base.
Creating a business plan will be your blueprint for how you’ll get from A to Z in your business. For instance, how you’ll structure it? Will you be a sole proprietor or structure your business as an LLC in order to protect your personal assets? How will you market it? What are your short-and long-term goals, and how will you reach them? How will you market your business, and how much funding will you need? You can find a business plan template online that will walk you through the process, ensuring you don’t miss any steps.
Deciding on the right name and how you’ll want to brand your business is something you need to get right at the start because once you create it, it’s nearly impossible to change it later. Make sure your name is a good reflection of what you do and that your brand reflects who you are.
Introducing Yourself in Your New City
Letting people know about you and your business takes a little more work if you’ve recently relocated to a new city. Visit the city’s Chamber of Commerce to learn about any and all business functions and gatherings, and use those to introduce yourself to the local business sector. Even attending non-business events like school fundraisers or charity events are great ways to meet people and let them get to know you personally and your business professionally.
Don’t be shy about asking customers or clients to leave you and your business a review on Google Reviews or Yelp. Word of mouth is always your best form of advertising.
Making a smart move like doing market research, saving on moving costs by renting first, creating a comprehensive business plan, and getting to know your new city are all important pieces to ensuring your new business is a success.
And get outside professional, business, and marketing help to do the tasks that are essential to a successful business start-up. And finally, make sure you can reset your course as you go. Like any trip, sometimes the best parts are the unexpected ones.
