Outfitting Your Space
A mistake we often see, is new businesses wanting to do everything first class, right from the beginning. Whether it's the flooring, the decor, or equipment, new businesses feel pressure to buy the best so your customers know your serious about succeeding. Unfortunately, more expensive doesn't always mean better, and there are better, less expensive ways to show you're serious.
A strategy that we see work successfully is facilities that make improvements and upgrades as their business grows. For example, a basketball training facility that opens with a used floor while they grow their program, can come back in a year or two and upgrade their floor. They build a client base and demand (and revenue stream) to fund their future improvements. Starting with half of the batting stations you'd like, but with room to grow means you have more money available now and later, and you know there's a demand for what you want to provide.
There's a learning curve in everything and recognize that you'll know more in a year than you know today.
A strategy that we see work successfully is facilities that make improvements and upgrades as their business grows. For example, a basketball training facility that opens with a used floor while they grow their program, can come back in a year or two and upgrade their floor. They build a client base and demand (and revenue stream) to fund their future improvements. Starting with half of the batting stations you'd like, but with room to grow means you have more money available now and later, and you know there's a demand for what you want to provide.
There's a learning curve in everything and recognize that you'll know more in a year than you know today.
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