Evaluating Trends and Opportunities
May 25, 2015
Research, Network, and Prepare When Opportunities Arise
Opening a small business can be very overwhelming to a newer entrepreneur, maybe even a little disheartening. Time spent researching potential locations and detail spent while writing the business plan can help an entrepreneur build their confidence and reduce the amount of stress during start-up. Multiple sources need to be used during research in order to ensure thorough knowledge of the potential target market the business will be serving. Most of the information needed can be accessed on the Internet with a simple search engine query, but speaking to current business owners and influential persons reveals some helpful tips that can be indispensable.
Spotting Trends and Creating Opportunities
One of the most important decisions for an entrepreneur is regarding the location of your business, whether you are planning for a physical storefront or an online business from your home. Location can make and break a business that doesn't carefully research and understand the trends of the area they intend to occupy and serve. Many entrepreneurs start their first business in their home city and/or state because it is the most familiar to them and the easiest to introduce their business into, and this is exactly what I intend to do.
My City: Auburn, Washington
The city I live in, Auburn, WA, is a 120 year old inclusive community that values their 74,860 residents and businesses alike, and also still has an active Main Street. It has received an award for being one of the most Playful Cities and also has been designated as a designated Tree City, which means that this community has committed to caring for and saving their public trees and also celebrates Arbor Day. There are large expanses of natural wetlands and even a protected wildlife area or two. Auburn is nestled in a valley between Seattle and Tacoma, with both north-south and...