2 answers
Klaire
Student
Sugar Land, Texas
3
Questions
Asked
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What is the best way to start a small business in a small town ?
I want to start a small business in my home town and grow from there! My home town doesn't have a lot of places to eat so I want to start my business there!
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2 answers
Rebecca Tang
Banking
1858
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question, I am glad to hear that you would like to an entrepreneur in culinary business.
Below are my suggestions :
1. Attend culinary business and management
2. Practice your cooking skills and learn different cuisine
3. Go to more restaurants to eat and review their menu
4. Work in different restaurants to understand the business model, e.g. supplier, etc. and establish people network
5. Consider to do small scale take away services online first if possible
Hope this helps! Good Luck!
Below are my suggestions :
1. Attend culinary business and management
2. Practice your cooking skills and learn different cuisine
3. Go to more restaurants to eat and review their menu
4. Work in different restaurants to understand the business model, e.g. supplier, etc. and establish people network
5. Consider to do small scale take away services online first if possible
Hope this helps! Good Luck!
Joe L.
Program Manager
88
Answers
Houston, Texas
Updated
Joe’s Answer
Like in any business venture the first thing you have to know is...who are going to be my customers and what do they want to buy that I can supply better than any competitor is doing or could do
In a small town...it's actually easier to get this information because there are simply fewer people to ask an opinion and you may already know many of them...so first do your research....find that one product/service that they need and you would enjoy supplying...before you make any significant investment.
Once you determine that..then start planning what you will need to start up as investment.
1) Labor,
2) Capital for machinery/equipment/storefronts
3) Take at least a five year plan when projecting your return on your investment. Be realistic and account for possible risk for less than good expected results..especially initially while the business is starting up
4) Make sure you've accounted for your own time/cost along the way (it's not free because in doing this you are giving up some salary or earnings you would make working for someone else)
For funding sources..look to the SBA government loans for small business first as opposed to going to banks or maxing out short term credit lines (cards)...unless of course being a small town..they have a small town bank that you know and wants to fund your start up
Here's some ideas on types of businesses you may consider
https://socialowl.com/blog/11-of-the-most-successful-small-town-business-ideas?utm_campaign=13911429082&utm_source=g&utm_medium=cpc&utm_content=&utm_term=&ad_id=556053072844&gclid=EAIaIQobChMIr8Cdu7Pw_QIVsgx9Ch3BaA5REAAYAyAAEgISBPD_BwE
Here's an even longer list
https://www.nerdwallet.com/article/small-business/small-town-business-ideas
Hope this helps.
In a small town...it's actually easier to get this information because there are simply fewer people to ask an opinion and you may already know many of them...so first do your research....find that one product/service that they need and you would enjoy supplying...before you make any significant investment.
Once you determine that..then start planning what you will need to start up as investment.
1) Labor,
2) Capital for machinery/equipment/storefronts
3) Take at least a five year plan when projecting your return on your investment. Be realistic and account for possible risk for less than good expected results..especially initially while the business is starting up
4) Make sure you've accounted for your own time/cost along the way (it's not free because in doing this you are giving up some salary or earnings you would make working for someone else)
For funding sources..look to the SBA government loans for small business first as opposed to going to banks or maxing out short term credit lines (cards)...unless of course being a small town..they have a small town bank that you know and wants to fund your start up
Here's some ideas on types of businesses you may consider
https://socialowl.com/blog/11-of-the-most-successful-small-town-business-ideas?utm_campaign=13911429082&utm_source=g&utm_medium=cpc&utm_content=&utm_term=&ad_id=556053072844&gclid=EAIaIQobChMIr8Cdu7Pw_QIVsgx9Ch3BaA5REAAYAyAAEgISBPD_BwE
Here's an even longer list
https://www.nerdwallet.com/article/small-business/small-town-business-ideas
Hope this helps.
Thank you, this is really helpful.
Klaire