Opening a business can be a tricky situation. Starting one in the Windy City comes with its own set of challenges. Not just because living costs are high, but because Chicago is still a thriving place for businesses.
One crucial part of starting a business is having a physical place to actually open the business, i.e. finding office space. As soon as you cross off finding the perfect office space in Chicago, you realize that you need to go over your budget again and meet with a small business lawyer.
While there are plenty of mistakes that can be made while opening up a business, this article talks about a few that are crucial to avoid when you’re starting out on your own.
Skimping on Market Research
Market research is important for any business. How do you know who your audience is and what they are looking for?
Ignoring market research usually comes down to one of two things. The first being that you think you already know what your customers want and what they’re looking for. The second being you think it may not be worth the time.
Both are terrible reasons to skip this first step as market research needs to be taken quite seriously. With market research, you can identify your target audience, find out what resonates with them, and then come up with a plan to effectively meet those goals.
Not Taking Advantage of the Digital World
Everyone knows that Google rules the internet, but you may not realize how people are changing the ways they use the internet.
For example, did you know that over 50% of internet searches are done on a mobile device? While people are still using their desktops, more and more people are looking for what they need via their phones.
That means you need to take advantage of such a shift by making sure your website design is optimized for mobile, and maybe even look at app development.
Only Planning for the Now
When starting a business, it’s good to imagine what your business will look like five years from now. Even though famed deep-dish pizza places like Chicago Pizza and Oven Grinder Company is now a must-eat-at spot, they might not have originally planned so.
That means you need to think ahead for your business. When you’re looking at a nice office space Chicago, do you see your business growing there? Will you need more space to accommodate employee growth?
Think about where you’d like to see your business in a few years and try not to get stuck focusing on the immediate future.
Ignoring Your Competition
In a sporting event, teams are always trying to scout each other out to find weaknesses and strategize about how to win the big game (even though the Chicago Bears seem to have forgotten this).
The same goes for businesses. You should be checking out your competition, seeing where you can fill in the gaps where your competition is lacking.
This means ensuring you’re offering products and services that your competition isn’t and taking advantage of the market they don’t seem to have a solid presence in yet.
Doing Everything Yourself
When opening a business, there are a lot of hats that you’re going to have to wear. You may be an accountant in the morning, the chief marketer in the afternoon, and mover by night.
While it’s admirable to try and do everything on your own, it’s also impossible and leaves room to make mistakes. You might have a marketing degree but do not know the first thing about accounting and your inexperience could lead to an issue.
It would be a lot easier and more effective to hire professionals, so you’re sure that you’re doing everything by the book.
There are many things to consider when you’re opening up a business. There are common pitfalls that you need to avoid if you want to manage your business successfully. You can use the tips above to ensure your business in Chicago runs smoothly.