You’ve invested lots of time and care into your startup business, carefully planning your product line and brainstorming your brand identity. As you start looking for loans, investors, and other funding sources, make sure that you can answer these questions.
What Premises Do You Need?
Not every business has premises right away. If you’re running a small company that doesn’t need lots of space for manufacturing or meeting with clients, consider operating it out of your house for a while. If you have several employees and need more room to work, rent commercial real estate Bala Cynwyd PA. Unless you have lots of funding and a very solid business plan, buying premises is probably unnecessary and financially unwise.
What Prices Do You Charge?
Use your competitors’ websites to find out how much they charge for similar products or services. If possible, your prices should be slightly lower than theirs. For higher prices, make sure you can articulate why your products are worth the extra charge. Then, using you and your employees’ hourly rates and the cost of materials, create proposed prices for each product. These figures don’t have to be your final prices, but you need a tentative idea to draft your budget.
What Hours Do You Work?
Perhaps a nine-to-five business schedule is the best option for your startup; perhaps a more flexible timetable is more appropriate. Base your business hours on when your target market is available and when you feasibly can handle both customers and production. For example, if teenagers make up your customer base, then being open during the afternoon and evening makes more sense than having morning hours.
Answering these questions helps you figure out the detailed plans you need when applying for loans or meeting with potential investors. Both these steps take you closer to making your startup a reality.