Challenges are part of running a business in Vancouver. You might encounter them more than the seasoned entrepreneur, owing to a lack of management experience. But this should not discourage you from pursuing your venture because you can take control by developing a good business plan.
But first, you need to decide whether you want to start a business from the ground up or buy an existing one. These two processes come with different challenges and outcomes. Choosing between the two helps you determine the kind of commercial property you'll choose in Vancouver.
Here’s a guide to help you identify which one is right for you.
Starting from Scratch
One of the advantages of starting your own business is the opportunity to build your company from the ground up. This allows you to develop a unique idea, which is a thrilling prospect as you get to see your vision turn into reality. While it is exciting to see your business grow, the road to developing it is going to be difficult.
Starting from scratch means you have to develop and grow your brand, find the right location and come up with a marketing plan for your services and products. With a new business, you need to build your reputation and customer base. This will mean competing with other established businesses, which will also call for further costs.
Reports show that many entrepreneurs fail because of insufficient funds. Research from Industry Canada shows that 13 per cent of small businesses don’t survive their second year and about 50 per cent make it to their fifth year; the primary reason behind the survival rate is money: lack of capital and insufficient funds.
Buying an Existing Business
Buying an existing business can be more affordable and less risky compared to starting a new one. The upside here is that you “inherit” an established business with its developed processes and policies, loyal customers and trained employees. You’ll have a formula that already works. If you invest in a franchise, for example, the franchisor will provide assistance and support to run your business.
All you have to do is make sure that it continues to thrive in the market. The downside of franchising, however, is limited control since you’re already following the business model.
Alternatively, you can purchase an independent business if you want to have more control over the operation. Buying an independent business allows you to set your own rules, which can have an impact on the success of your business.
But like building from scratch, it’s necessary to spend time researching on the right business for you. For instance, a fashion shop could be lucrative, but if you don’t have the passion for it, the business could flounder.
Partner with Professionals
Running a business is full of challenges and rewards; knowing your goals and capabilities can guide you in making critical decisions that could change your life. Seeking help from a team of professionals can also be an excellent option.
Our team can help you with your business in Vancouver, especially when it comes to investing in commercial properties — from a retail store to an industrial space. Choosing the right location can help you secure a steady income and better returns.
We match the property to your business needs. Talk to us today to learn more about our services.