What to know when starting your own business

Man thinking about starting a business

Starting a business is a whole lot of passion, excitement, and nerves. From the legal and financing side, through to marketing and recruitment, there’s a pretty hefty checklist you’ll need to get through to launch your business successfully. But trust us when we say that while taking the plunge is a big step, if you get it right, the rewards are next to none.  

At XTEND, we’ve helped many new businesses get off the ground and thrive. Check out our tips for the fundamental elements to consider before diving in head first.

Get comfortable with the commitment 

Starting a business is no small feat. It can be easy to underestimate the significant amount of time, resources, and energy needed to start and successfully grow a business. Some of the biggest challenges include:

  • Coming up with a unique, value-added product or service
  • Having a strong plan and vision for the business
  • Having sufficient capital and cash flow
  • Finding high-performing employees
  • Working (a lot) more than expected to get your business off the ground
  • Knowing when to change tack and pivot your strategy
  • Staying persistent through the ups and downs.

Finding the right industry peers and support network can be a game changer to help you master these challenges.

Take a good look at the industry and its potential growth opportunities

Knowing your industry before starting your business doesn’t just lead to good planning, it future-proofs your business’s survival. You may have worked in the industry for years and feel like you have a pretty good handle on the landscape. But regardless of lived experience, it’s important to take an in-depth look at the industry and how your business sits within it.

No matter the industry, you need to know your market. One of the simplest ways to make sure you’re across all factors of an industry is by completing a SWOT analysis. Start by listing out the strengths, weaknesses, opportunities and threats within your industry, followed by a SWOT analysis of your business concept. Completing a SWOT analysis of both landscapes helps ensure your industry and business satisfy the right elements for a successful partnership.   

Understand who your customers are and what drives them  

Researching your market is a great way to hone in on your ideal customer, and not just as a once off either – successful businesses often make regular market research the foundation of their marketing and sales planning to make sure they continue to appeal to the right audience.

When you’re starting out, one of the biggest traps you can fall into is providing a service or product that’s suitable for everyone. This is often the result of having a generic offer that doesn’t capture the attention of anyone. Finding your niche is key.

Initially, this can feel like pigeonholing your audience, but what it actually does is allow you to appeal to an audience that truly values what you do. The more you come to know your ideal customer and what drives them, the easier it will be to connect with them and create content that speaks directly to them. That’s when you can hit the sweet spot where you really ‘get them’, making you offer that much more attractive.

Consider you ideal customers’ habits. What are their goals? What are their fears? Consider what influences their buying habits. What do they need? Asking and answering these questions is the first step to really understanding who you’re trying to target.

The benefits of starting a business in a pre-established franchise network

Entering into a pre-established franchise network essentially means that the majority of this leg-work has already been done for you. Market research, marketing, recruitment and training, operations and finance, ongoing support – these are just some of the areas that an existing network has pre-established to get you off the ground.

Not to mention being able to leverage an established brand that already has connections and long-lasting relationships that can otherwise take years to form within a market.

Why consider the fitness industry and the XTEND franchise?

The fitness industry is evolving and growing. People are becoming more aware of the benefits of exercise and personal health, increasing the demand for health and fitness businesses. At XTEND we’ve capitalised on this insight, building on the fundamentals of dance and Pilates to offer a unique full-body workout.

We landed in Australia in 2012, with Collective Wellness Group coming onboard as Australian Major Franchisor in 2017. With over 18 studios, XTEND is Australia’s largest barre-based franchise and has nothing but growth in its sights!  

If you’re wanting to run your own business, with the support and backing of a successful franchise network to guide you to success, you’re looking in the right place!

Want to talk to our team about XTEND franchise opportunities?

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