Ask these 4 questions first…
Are you interested in starting a business in your small community? Small towns can be the perfect place to start your own business. The locals are usually friendly and supportive when it comes to home-grown businesses. Furthermore, there is a good chance you know many of your potential customers which gives you a head start.
However, before deciding on a small business plan, have a look at the below Who, What, Where, and Why to determine the best route to take for your small town business.
Who would want to use my product or service?
This is an important one. You need to determine your niche market. In a small town, this can be a lot easier but it’s still a good idea to narrow your niche market down to income, age and gender, if possible.
This will give you the best head start on how to market your product.
What does your small town need?
Look around. What’s missing? Perhaps your town is in dire need of a top notch beauty salon. Perhaps there are not enough taxis. Or maybe your local community members are forced to go to the next city just to get a decent meal.
Take this missing piece and expand on it.
Where would I put my business?
Is your business home based, online or do you need a commercial lot? Location is extremely important and varies depending on what you plan to do with your business.
Finally, why would anyone buy this product or service?
Asking yourself why- why they need it, why they want it, is a great way to determine whether your business will succeed. If there is a general ‘need’ for your business’s products or services, then you have a much better chance of success.
The best way to come up with an idea for a business is to know the needs of the people in the community and find a way to fill them. Many times, people living in small towns must travel to or contact businesses in the nearest city in order to find products or services. Usually, people in a small community are close knit, and will offer a lot of support for new businesses, not only because of the proximity, but because of their interaction with the owners…Community Futures Strathcona can help!
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