Grand Opening Or Big Mistake? Things To Consider When Taking Your Home Business To A Storefront
In the first five years of starting your business, you will have peaks and pitfalls financially and economically. But as a home-based business, you can avoid the major undertaking of a retail property. If you are thinking about taking your business outside of the home, don’t jump into the water before you can swim. According to Small Business Trends, there’s a 47.6 percent chance those in service businesses will decline or fail in their first five years, 41.1 percent in retail, 47.4 percent in wholesale. Chances are, you are familiar with the stores in your area that were there one day then gone the next. Don’t let that be you!
Before moving into your own retail space, devise a plan of action. Here are a few questions to ask yourself before taking your home-based business to the streets and into its own store.