Potential for Your New Business

3 Things To Consider Before Starting a Rural Business

Before investing any money, it is always a good idea to take some time and consider the potential of your business to gain paying customers.  Because without them, well, it just ain't a business - it's a hobby.

So here are 3 things to consider:

#1 Consider the Area

Many rural areas are not easily accessible to large populations of people.

If your clientele must visit your physical address to receive your services or product, how accessible is it for them?  Folks who ae used to the country often don't mind a little traveling to get a quality product or service if that's what they really need. 

Something like a farrier shop or grooming service might be better suited than say a gift shop if it were too far from the masses.

#2 Consider the Competition

Are there already exising and established businesses nearby with which you would be competing? 

100% divided into too many slices may leave too small a piece of pie to make it worth eating.

#3 Ask the Experts

While a local accountant or bookkeeper is good to help you set up your books, they are also great for bouncing ideas off of.

Attorney At Law
Sufficiently Educated & Licensed

What about the town attorney who the locals have sought advice from for 40 years? (particularly if he is "sufficiently educated and licensed" LOL)

 

Or even the cafe owner.  While they're refilling your coffee cup, why not ask them if you could buy them a cup sometime if they could sit down and visit for 5 minutes?

In a lot of cases, those folks who've been around for a while have seen businesses come and go, those that succeeded and those that failed, and probably know why. Pick their brains for advice and consider their opinions carefully.

You don't have to take it, but their insight could be an invaluable asset to the growth and success of your rural business.