Have you longed to be an entrepreneur, have the work ethic and a distinct passion, but are unsure which is the best way for you to take your product or service to market?
When starting a business from scratch, there are several routes you can take. You can lease a storefront, opt for launching your product in a shared space, or begin with a mobile build and take your product or service directly to the public.
Starting your concept as a #mobilebusiness has several advantages. First, there are fewer start-up costs. Although you can expect your mobile business to cost anywhere from $45,000-$120,000, depending on your concept, this is still significantly less than leasing a storefront and renovating/furnishing your new space. Additionally, you are foregoing other expenses like utilities and long leases, deposits, building upkeep and larger staff, and therefore have lower overhead.
The second advantage is having a mobile business gives you the flexibility to bring your product or service to multiple locations. Your ability to shift locations will improve your product/service exposure and also enable you to discover the best location for your brand. Whether it is changing locations seasonally, or based on public markets, being mobile allows you to capture more market share over being stationary.
It also gives you the ability to shift within the marketplace based on demand. With a mobile coffee business for example you can shift easily from doing public events to offering your services at private events like weddings as well. From festivals, to private events, to pop-ups, being mobile means capturing markets everywhere within your geographical area, not just waiting for customers to walk through your door.
Here are some general questions to ask yourself before you begin your mobile business journey:
- Are you a self-starter?
- How much time do you plan on investing in your new business?
- Do you have a business plan and have you done market research in your area?
- Are you realistic about what to expect within your first year and the hurdles you may face with your new business?
- Have you surrounded yourself with business support to help you foresee and overcome challenges?
- Is this a side passion project or are you looking to make this into a full-time business?
- Are you prepared to learn and grow with the challenges you will face and are you prepared to overlook the bumps and bruises your build will get during the rigors of service and daily hustle?
With so many important questions to answer, we understand that going mobile can sometimes feel daunting.
Reach out to learn more about how you can foray into being your own boss and take your concept mobile.
