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#49: Should You Open a Brick-and-Mortar Business?

Joann & Kyle, here!

We teach entrepreneurs the action steps to start, build, and open a profitable, sustainable product or service based brick and mortar business.

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Have you ever daydreamed about opening your own storefront, feeling the buzz of customers walking through the door, and creating a space that’s uniquely yours? I know, it sounds like a dream, but let’s get real for a moment. How do you know if this dream is meant for you and if it can stand the test of time and market trends?

Recently, we dove deep into this topic in our Live Storefront Ready Bootcamp, and today, I’m bringing you behind the velvet curtain to share our 4-part framework for validating your brick-and-mortar business dream. Let’s find out if your dream is ready to take on the real world, shall we?

1. Knowledge and Experience: Map Your Skills

First things first, let’s talk about you. You’ve got skills, experience, and passion, but how do these fit into your business dream? Grab a piece of paper and draw a line down the middle. On one side, jot down your skills and experiences. On the other side, map out how each one could play a role in your business. This exercise isn’t just about seeing if you have what it takes; it’s about visualizing your day-to-day involvement in your dream business. Can you see yourself in this picture, thriving and growing? Take some time to dive into this skills mapping exercise.

2. Market Valuation: Know Your Playground

Understanding your market is like knowing the rules of the game before you play. Start by surveying your local area, engaging in local Facebook groups to ask what people want, and keeping an eye on your competition. What do people need, and what are they tired of? This step is all about listening and observing. Your business needs to fill a gap or offer something better than what’s already out there. Remember, it’s not just about what you want to sell; it’s about what they want to buy.

3. Industry Potential: Align with Your Sector

Now, let’s look at the bigger picture. What’s happening in your industry? Are there growth projections that make you excited, or do you see potential pitfalls? Being part of trade groups, joining industry associations, and tuning into podcasts can help you get a pulse on the market. This is about aligning your business vision with the direction of your industry. If your business is a boat, industry trends are the wind in your sails. Make sure they’re blowing in the right direction!

4. Does This Light You Up?

Finally, and most importantly, does this business idea make your heart sing? Imagine waking up every morning for the next 10 years to work on this. Would you still be excited, or would it feel like a chore? Your business should be something that lights you up, fuels your passion, and feels rewarding beyond just the financial aspect.

If you want to go even deeper and get our insider tips for each part of the framework – tune into this episode for the complete live replay of our workshop. It’s not just about having a great idea; it’s about ensuring that idea fits you, the market, and the industry, and most of all, that it makes your heart happy.

Ready to dive deeper and see if your dream can become reality? Your storefront adventure awaits, and remember, we’re here to walk this exciting journey with you. Join us in Brick N’ Mortar Academy today to take your business idea all the way to Grand Opening.

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