Focus on Business Fundamentals
It is easy to get overwhelmed by all the different areas that need your attention as a new business owner — the key is preparation. As you get started, focusing on the basics and investing your time and resources in fundamental areas of your business can set you up for success. If you can get your initial investments right, it will lay a framework for prosperity for years to come.
Establish Business Plan
Creating a business plan is a foundational element of starting and managing your business. A good business guide will formulate a roadmap to structure, execute, and grow your new business. Here you will outline your goals and the strategies to achieve them. The U.S. Small Business Administration (SBA) is an excellent resource for business owners and offers a step-by-step guide to creating your business plan.
Develop Your Brand
Your brand is so much more than a logo. From hello to a successful transaction, your brand can shape your customer’s experience. Having a consistent brand in place is helpful as you reach decisions regarding signage and decor and begin marketing endeavors.
Understand Your Finances
With any business, before you open your doors, there will be bills to pay. A financial plan that outlines your start-up costs and capital needs is vital to launch successfully. The SBA offers a start-up costs tool you can use to anticipate your financial needs.
Research Your Location
As you seek a brick-and-mortar location for your new company, spend some time researching and understanding the area. Did you know that a leading reason for failure among new businesses is a lack of market demand? According to CB Insights, 35% of start-ups fail for that reason.
Look for a community with a favorable business environment for the type of company you plan to open. Does your customer exist at and frequent the proposed location? Are community preferences reflected in your offerings? A trusted property development partner can share perspective and experience when you’re faced with these questions. Considerations such as traffic, parking, and synergy among neighboring tenants should also be evaluated, as well as ensuring the property is appropriately zoned for your business activities.
Invest in Architectural Planning
As you narrow in on a location, investing in architectural planning is an important step as your business comes to life. Taking shortcuts in this phase can cost you in the long run with time and expense. You want to have confidence in your plan, and investing in this area early can help. The right property partner can assist you in architectural planning and crafting floor plans for your business.
Consider Schedules & Timelines
When launching a new venture, forecasting timelines is necessary. You will need to allot time for the permitting and construction process. Inevitably, unforeseen circumstances tend to arise. To make the most of your investment, look for a supportive property owner that can help work with your schedule to maximize your investment.
Find the Right Property Partner
Finding the right property partner you can trust can make all the difference during this exciting and sometimes daunting phase of starting a new business. With 70 years of experience in owning and developing properties, Paster Properties is passionate about helping first-time business owners succeed.
Chad Shaw, Vice President of Finance & Operations at Paster Properties, shares, “We want to work with people who have an entrepreneurial spirit. First-time and small business owners are the foundation of our communities.”
“There’s an element of excitement, seeing an idea come to life. To take a risk and watch a business knock it out of the park — that in and of itself is exciting to see it become so successful,” says Denise Tully, Executive Operations Manager of Paster Properties.
Thank you to the first-time business owners who have put their trust and dreams into opening their businesses at Paster Properties. Be sure to support a few of these businesses around the Twin Cities region.
7&41 Crossings - Excelsior
Legend Chiropractic
Sota-Licious
Doddway Shopping Center - West St. Paul
El Nuevo Morelos
Lakeville Crossing - Lakeville
Sweet Treasures, LLC
Alpha Spine Health & Injury
Mendota - Mendota Heights
Haiku Japanese Bistro
Sibley Plaza - St. Paul
5 Star Cafe
Etel Pharmacy
Texa-Tonka Shopping Center - St. Louis Park
Best of India, Inc.
Brito’s Burrito
Roots Chiropractic, LLC
If you’re looking for a space for your new business, check out our places page and reach out to the Paster team.
