This week in the Freedom Friday blog we're continuing the series the 10 Steps to Starting a Small Business in Oklahoma. If you missed the blog posts for the previous steps, I've provided links at the end of this blog post to help you catch up.
In today's Freedom Friday blog, we're going to cover the ninth step in starting a small business in Oklahoma, which is to choose a business location and/or audience for your small business. Most small businesses will fall into two categories: either they are an online business (sometimes home-based), or a business which requires a physical location (e.g. retail business or office).
If you choose to have an online business which does not require an office or physical location, keep reading, because you will need to choose a target audience for your business. If you choose to have a physical location for your small business, there are several factors which you should consider in choosing a location. The first factor you should consider is you. The space you choose has to work for you, or it won't work. If a space doesn't feel right, move on and find something that does. You're the one who has to work in this space on a daily basis. You also should consider your customers, especially if they will be meeting with you in the space. Is the space easy to find? Is there ample parking? If the space isn't good for your customers, it will hurt your small business. Also, in reference to your customers, you should consider demographics. You may want to look for an office or space in a neighborhood that is full of your target audience (more on that below). If your product or service is geared towards families with higher incomes, then you might want to locate your office where those higher income families live. This will help you be more visible and accessible to your target audience. You also want to consider any zoning requirements, especially if you need a retail location for your small business. The biggest factor you should consider is cost. Can you afford to sign a lease for your office or retail space?
For many small business owners, signing a lease for office or retail space is cost-prohibitive, and so they decide to operate an online or home-based business. While choosing the location for your small business is important, choosing your target audience for your small business is even more important and essential. Failing to do choose a target audience might mean no customers, and no customers means no business. In order to define your target audience for your online small business, you first need to consider basic demographics. You should define the age, gender, and location of your target audience. You also should the income bracket of your target audience, so you can make sure your target audience can afford your product or service. You should also consider the marital status of your target audience, and whether or not they have kids. After considering the demographics of your target audience, then move onto psychographics. You should know the values of your audience, their likes and dislikes, their media preferences, and the overall lifestyle of your target audience.
If you've missed the blog posts for the previous steps, here are some links to get you started:
Step 1: Develop a Business Plan
Step 2: Gather Your Team
Step 3: Choose Your Business Entity
Step 4: Draft Your Operating Agreement or Bylaws
Step 5: Apply for an EIN
Step 6: Open Business Bank Accounts
Step 7: Apply for Licenses and Permits
Step 8: Find Financing
If you're interested in starting a small business anywhere in Oklahoma, or if you have a small business and you are looking to grow, please feel free to contact me at [email protected]. For more information about Liberty Legal Solutions, LLC, please visit our website http://www.libertylegalok.com.
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