A small office shop . . . a small business . . . is a major undertaking, oftentimes determining your financial future, and as such should be approached with care. Crossing all of the T’s and dotting all of the I’s is a must if you are to have any chance at success. For that reason, we give you our keys to success in a small office shop.
We are Box Office Warehouse Suites, serving the Greater Fort Worth Metro area with affordable and funky industrial space and commercial property for rent. Call us at 817-439-3224 for more information.
The pressure is on to do this right.
Here are the sobering statistics regarding the failure rate of small businesses:
- Approximately 20% fail within the first year.
- By the end of the second year, 30% of businesses will have failed.
- By the end of the fifth year, about half will have failed.
- About 50% of small businesses fail within the first five years.
Why do so many fail? The main reasons are:
- Running out of money is a small business’s biggest risk.
- Owners often know what funds are needed day to day but they’re unclear as to how much revenue is being generated.
- Inexperience with managing a business or an unwillingness to delegate can negatively impact small businesses.
- A poorly visualized business plan can lead to ongoing problems when the firm is operational.
- Poorly planned or executed marketing campaigns or a lack of adequate marketing and publicity are among other issues that can drag down small businesses.
Keys to success in a small office shop.
We could make a list which includes fifty steps, but we have narrowed it down to our Top Fifteen in finding a small office:
- Identify your mission
- Create goals
- Build a strong team
- Ensure customer satisfaction
- Make the best product/service possible
- Implement marketing strategies
- Embrace change
- Focus on the customer experience
- Offer value to your target audience
- Be flexible and quick to adapt
- Make bold decisions and solve creative problems
- Pay attention
- Get out of the office
- Reinvest every dollar back into your business
- Minimize overhead costs
Or stated another way, create a mission statement and a business plan, which should include all of the above suggestions.
Are there shortcuts?
There are always shortcuts one can take. There are always steps which can be skipped, and there are always reasons to do so which seem valid at the time. It is our experience, however, that rushing the process and taking shortcuts are sure-fire ways to become one of the failure statistics in a small shop.
Pay for a business consultant, business attorney, and tax accountant. Lean on their expertise and surround yourself with business mentors who can help guide your progress. Start small and grow into success. These are our suggestions for finding success in a small office shop.
A final word about Box Office Warehouse Suites.
The words “small office space for rent” and “unique” are rarely seen in the same sentence, but that is exactly what you will find at Box Office Warehouse Suite, just south of Alliance Airport, west of I-35 at the Golden Triangle exit.
We could list several technical reasons touting the superior construction, the location, the flexible sizes, and the low costs, but none of those, separately, are unique. No, what makes Box Office Warehouse Suite unique is that it is flexible and can be designed to meet your own particular needs. You might say these are small office shops with attitude, and that attitude mirrors your attitude.
Call us today to speak to a leasing agent.
