The idea of being your own boss holds a great deal of appeal. There’s something to be said for calling the shots and creating your own future. And while it’s relatively easy to start a business in the Boston Metro, long-term success requires advance planning and some personal introspection. Here’s some ideas we’ve gathered from Entrepreneur magazine and other sources!
1. Know your personal motivation. If you want to own a business in order to work less, you may be disappointed! But if you want to own a business in order to bring an idea to life, or to fill a need, and to have more control over your future, you could make a good entrepreneur.
2. Understand your personal tolerance for risk. Are you willing to take chances with your life savings? Do you feel comfortable taking out loans and giving pitches to investors? Would you see a business failure as a chance to start anew, and learn from your mistakes?
3. Clarify your business vision. Do you want to purchase a turn-key system and run a franchise? Or do you have unique concept you want to develop? Is there a local business for sale that you’d like to take over? What would make your business attractive to clients or customers? What operational, financial and talent resources do you need to bring your business to life?
4. How will owning a business affect your personal life? Will your family be part of the business? Do you intend to involve friends in your business operations? Long-term, is it reasonable to expect that your business will improve your work-life balance?
5. Is your business concept compatible with your personal strengths? (hint: if you don’t like to cook, you might not enjoy owning a restaurant.)
6. Know the logistical side of starting your business, and be ready with a sound business plan. There are free online resources for starting a Boston business and starting a business in Massachusetts.
7. Where is the best place to locate your Boston Metro business? Consider your typical client or customer, and where you might find them. For example, a pizza shop located near apartments, or a college campus, might have an advantage over other locations.
When choosing a location for your business, please keep in mind that commercial real estate is highly localized. There are varying degrees of vacancy rates, rental costs and commercial property prices in the Boston Metro! This is why the guidance of an experienced commercial real estate broker is so important!
When it comes to finding Boston Metro commercial real estate for your business purposes, there’s no substitute for an experienced commercial real estate broker who understands the market! Whether you are thinking of buying or leasing, we can help you find the ideal property. Please contact us today for expert guidance!