December and January can be the best or the worst months for business depending on
your industry. Retail see’s the busiest times of year, while other services slowly pull back
the reigns, recollect and re-strategise ready for things to kick off in the New Year. With
this in mind it seems almost crazy to be thinking about starting or buying a business right
now but in actual fact, there’s a few reasons that this resolution should come to life sooner
rather than later.
If you’re planning a service based business – from consulting to car washing, you can take
advantage of this quiet time to fully prepare your business plan, study your market and
get any potential loans or grants in order without feeling like you’re missing out on
catching clients. This is also a great time to settle into your business and get used to your
clientele and operations before things really take off. Working out potential areas for
improvement (or areas that desperately need fixing, fast) is a lot easier when you have
time between bookings. Although this slow period advantage is not to suggest that
prospective retail owners should wait it out – in fact you can capitalise on the crazy.
Keeping a close eye on the competition during this time can help you figure out what
sells, since sales are happening at rates that magnify statistics. You can use this
information to refine your products, stock and pricing strategy which will tighten up your
business plan ready for launch.
All industries can also take advantage of the heightened online trends. Creating social
media accounts with relevant images and a ‘coming soon’ biography can help build your
follower base quicker than other times of the year, and you’ll have an audience ready to
go when you launch. Being ready to launch early in the New Year also gives you the
perfect set up to be ready for each event as it comes around; maybe you’re launching on
Valentine’s Day, or you will already have been opened by then and have a customer base
eagerly awaiting your Valentine’s sale! The options are really endless.
What other benefits can you get out of really focusing on your business? Long term,
there’s a lot of business ownership perks (like being your own boss) that come along with
the ride. For example, there are a lot of deductions you can claim on your tax when it
comes to your returns, such as phone usage, power and even petrol depending on where
your business works from.
A business is ultimately an investment. Work on it, grow it, scale it. The more you put in,
the more you get out, and your killer idea might be the thing that sets your family up for
life, retirement, and a legacy that continues. Why not start now? Want a business plan
written for your idea? Or want to see what business or franchise purchase opportunities
are on the market? Contact us at Pathways to Business and we would love to help you
navigate through this crazy world of wonderful business opportunities.