Editing and Organization
I. Consulting with Professional Entrepreneurship Advisors
To achieve entrepreneurial success, it is necessary to prepare beforehand. Prior to starting a business, one should seek advice from professional entrepreneurship consulting firms or advisors. Of course, there are many entrepreneurship management consultants available who can offer paid consultations. However, if you do not wish to spend money on this, you can also choose free consultation services, such as those provided by associations and government agencies, making full use of these free resources.
II. Writing an Entrepreneurship Plan
Writing an entrepreneurship plan is not only necessary but also very important for the entire process of starting a business. Through writing the plan, one can better understand whether the plan is complete and thorough. Moreover, when seeking investment or opinions from others, there will be more concrete content to present. If applying for a youth entrepreneurship loan, a business plan must also be attached.
Generally speaking, the contents of a business plan include industry analysis, competition status among peers, product introduction, store location analysis, investment amount analysis, manpower planning, monthly expense analysis, profit estimation, expansion plans, medium- and long-term development goals, etc. Each item requires detailed analysis. The more detailed and clear the business plan is written, the easier it becomes to identify potential issues in the future, allowing early adjustments to reduce the risk of failure.
III. Raising Entrepreneurship Funds
It is difficult to start a business without sufficient funds. In times of economic downturn and difficulty in raising capital, solving the funding problem is the first step in starting a business.
When an entrepreneur's startup capital is insufficient, ways to raise money include borrowing from relatives and friends, participating in popular local fundraising groups, or seeking relevant government loan resources to address the issue of insufficient startup capital. These avenues include youth entrepreneurship loans, laid-off worker loans, micro-enterprise entrepreneurship loans, as well as specific identity-based loans like disabled entrepreneurship loans, special circumstances women entrepreneurship loans, rural youth entrepreneurship loans, and franchise entrepreneurship loans offered by some banks.
IV. Choosing an Industry and Determining Products
Based on the prepared funds, initially screen industries that can be invested in. Then, assess factors such as industry prospects, personal interests, expertise, orientation, past work experience, industry competitiveness, etc., to determine which industry suits you best and offers the most competitive advantage.
Therefore, when opening a store, one must abandon the notion of wanting both low investment and quick returns. When selecting an industry, one must first consider the competition within the industry, ensuring that realistic actions match capabilities, avoiding unrealistic expectations.
V. Learning Management Techniques
After choosing an industry, the next question is how to acquire management skills. Of course, if you choose a chain franchise, there will be technical transfer training from the headquarters. But if you choose to start your own business, you must find a way to learn.
In terms of learning pathways, there are many skill-training classes available, including various culinary, snacks, coffee, bubble tea, flower arranging, mixology, etc. Additionally, organizations like the Labor Committee Vocational Training Bureau also offer various vocational training courses. Before opening a store, it’s best to have practical experience in the chosen industry.
Because if you only learn related techniques in a training class but lack actual in-store experience, you may encounter chaos during formal operations. Therefore, before opening your own store, it's best to work at a similar establishment to gain operational skills and practical experience while testing your suitability for the industry.
VI. Store Location Evaluation
The choice of location has a significant impact on the future operation of the store, so finding a good location within a suitable business district is essential. However, during the search for a storefront, it might take time to find an ideal one. Patience is key; don’t give up halfway.
In general, when evaluating a business district, factors to consider include the nature of the business district, store size, floor level, surrounding facilities, nearby competing and complementary stores, rent amount, ease of obtaining legal licenses, presence of large malls, MRT stations, bus stops, operating hours, population (mobile/fixed), customer base and proportions, purchasing power and motivation, road width, development prospects (business district changes), etc.
However, despite the impulsive drive to succeed, entrepreneurship still requires following a systematic approach and proceeding step-by-step to increase the chances of success.
VII. Signing the Lease Agreement
After securing a suitable store location, the next step is signing the lease agreement with the landlord. This action should not be rushed and must follow after completing the previous steps. Once the lease is signed, rent payments begin, creating time pressure. Therefore, all preparatory work and documentation must be ready before signing the lease.
It is recommended that the lease term not be too short. A one-year lease may result in having to recover investments just as the lease expires and the store being reclaimed by the landlord. A three to four-year lease term is ideal. If choosing a franchise, the lease term should not be shorter than the franchise period.
Additionally, a security deposit is usually required upon signing the lease, typically equivalent to two to three months’ rent. When signing the lease, you must pay the security deposit and the first month’s rent. Since the store needs some renovation time, it is advisable to negotiate with the landlord to exclude the renovation period from the rent calculation to reduce rental expenses.
VIII. Business License Application
Before opening the store, it is mandatory to apply for relevant business licenses, otherwise it would be considered unlicensed operation. There are two types of license applications: one is applying for a company license issued by the Industrial and Commercial Bureau; the other is for smaller capital businesses, which only require registration as a commercial enterprise issued by the local industrial and commercial authorities. Most small businesses register as commercial enterprises due to their limited capital.
Besides, unless exempted, all businesses must apply for unified invoices from the tax authorities.
In addition to applying for business licenses, if you want to ensure that your store's signboard is not misused by others and remains exclusively yours, you must apply for service trademark registration with the Industrial and Commercial Bureau. The name or design of the signboard outside the store falls under service trademarks, distinct from the company or business name applied for.
To prevent your future golden brand from being stolen, you must apply for service trademark registration. Whether applying for a company, business name, or registering a service trademark, you can entrust a third-party agency to handle the process.
IX. Store Renovation
Store renovation relates to the operating style of the store and its first impression, thus the selection of a renovation contractor is crucial. The contractor must have relevant experience in renovating similar types of stores. For example, if opening a coffee shop, one must hire a contractor experienced in coffee shop renovations, and for children's English education, a contractor familiar with educational facility renovations is necessary. Without relevant experience, the renovated store may not fully meet practical operational requirements, leading to wasted time and money if re-renovations are needed.
Before renovation, ask the contractor to draw up detailed plans, including floor plans, elevations, side views, materials, colors, dimensions, etc. To facilitate communication, it is best to visit similar establishments with the contractor to clearly convey your desired renovation style. This ensures the final outcome aligns with your vision.
X. Preparing Equipment and Supplies
After starting the renovation, the next step is to prepare various equipment and supplies for the store. As the items needed are numerous and complex, it is essential to create a comprehensive list of all required equipment and supplies. From large equipment like air conditioners, computers, freezers, refrigerators, cash registers, to audio systems, security systems, card readers, and even small items like pens, business cards, store stamps, and initial inventory purchases, each item should be listed with its name, quantity, and unit price. Summing up the costs of all equipment will help determine the total budget.
Most importantly, secure reliable sources for goods procurement. Comparing multiple suppliers is advised. To reduce startup costs, some items could be purchased second-hand, and renting equipment where possible is recommended to save on initial investment.
XI. Grand Opening Promotion
Once everything is ready, schedule the official grand opening. On the opening day, promotional activities such as discounts, gifts, and raffles are inevitable. It is recommended to conduct a trial selling period before the official opening.
For beginners, simply mastering store operation techniques is not enough; they are still inexperienced and need practice. Without a trial period to refine their skills, a sudden influx of customers on the opening day may lead to chaos due to insufficient proficiency. If customers feel dissatisfied and complain, it will be difficult to encourage them to return.
Therefore, many restaurants see a surge of customers on opening day but quickly lose popularity within one or two months due to this reason. Hence, a trial selling period is essential before the official opening.
This article is sourced from 88fa Franchise Network http://www.88fa.org/, original article link: http://www.88fa.org/post/62.html