Setting up a temporary business may seem like a wonderful idea on paper, but many entrepreneurs underestimate how much time and effort must go into planning and creating it.
Many of the usual considerations won’t apply but there are lots of unique factors to think about instead. From premises to employees to invoicing facilities, you’ll need all of the equipment and paraphernalia associated with an ordinary business, without as big a budget. This is, understandably, tricky to arrange, so here are three top tips to help you…
Top Tip One: Look for Flexible Letting Terms
It sounds obvious, but when it comes to looking for business premises, it’s important to bear in mind that you’ll only need them short-term. The best properties, in terms of their commercial location, may not offer you the flexibility you require, so don’t be afraid to think outside of the box.
If your business is seasonal, you may find that some cities will erect temporary stalls in central shopping malls or town squares. These are often ideal for short-term enterprises, as they’re situated in prime retail locations and offer flexible contracts.
Alternatively, if your focus is on production rather than the complete retail experience, some entrepreneurs find that trading out of storage facilities offers them an economical and flexible alternative to more traditional warehousing facilities.
Top Tip Two: Students are the Ideal Employees
Another problem that temporary businesses face is sourcing employees. Many people will be dissatisfied with such a short-term arrangement, and unless they’re in dire straits they’re unlikely to apply for a seasonal job.
However, students are likely to embrace this rather than be deterred by it. Their university commitments will keep them away from home for most of the year, but when they return for their month long Christmas and Easter holidays, and their three to four month summer hiatus, many of them are eager to find some work.
As a result, one of the best places to advertise for employees will be through university unions and publications. Place a simple advert at the right time of year and the chances are that you’ll have more applications than you know what to do with.
Top Tip Three: Rent Your Equipment
Thirdly and finally, one of the best pieces of advice to abide by is to rent equipment wherever you can. Buying new machinery and so on for a temporary enterprise is a very bad move financially, as the chances are that even if you sell on any equipment that you accumulate, you’ll never raise enough to recoup your losses.
Renting, on the other hand, is much more cost-effective. Provided you know where to look, you’ll find that you can borrow everything from card machinesto furniture to vehicles at a fraction of the price it would cost to buy them.
Follow these three top tips today to turn your temporary business into the perfect money-spinning venture.
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