Are you starting a new business in Los Angeles to enhance your finances and lifestyle? This step is wise because it can help ensure that you feel satisfied with your life in many different ways. First, however, you need to make sure you understand how to survive in this wild west business world. Here are a few tips that will help you thrive and make it past your initial few years as a company.
Create a Five-Year Plan
Did you know that only 50% of all new companies will get past their first five years of operation? However, those who do may last for many, many years. Why is that the case? First, successful companies create a five-year plan that considers expansion, growth, and much more.
In Los Angeles, the growth opportunities are almost unlimited if you plan correctly. Just understand that you’ll experience a lot of competition in this big city. So, make sure your five-year plan includes ideas on how to move into new markets, and keep yourself focused on success.
Understand Your Branding
Branding is a vital part of your business’s success. In Los Angeles, branding can often mean the difference between success and failure. Why? A high-quality brand helps you stand out from an incredibly dense level of competition. You must know exactly to whom you appeal when creating a business.
Are you focused on the hipsters who moved to the area to look for a great job? Or are you more interested in attracting older people who’ve lived in the area for years? Are you a tech-savvy company or more old-fashioned? Nail your brand, and you can thrive in this unique market and area.
Streamline Your Communication
Putting in new phones and other lines of communication will cost your business a lot of money. However, many high-quality alternatives are cost-effective and hip. Find one of these choices, and you’ll make yourself look cooler and save money, too.
For example, you can consider VoIP instead of standard phone or even cellphone options. Why? You can save, on average, 30% to 50% on your phone bills by using VoIP. That kind of savings is critical for Los Angeles businesses trying to survive in a cut-throat and challenging environment.
Emphasize the LA Life
The Los Angeles lifestyle is something that not everybody can fully grasp. The always busy, beautifully sunny, and fascinatingly complex life of the city is broad, diverse, and engaging. So, your business needs to not only understand this life but emphasize it as often as possible.
For instance, if you’re a clothing company, you need clothes that stay on top of the latest trends. Even clothes six months behind the curve may put you out of business. Research these trends and adapt to them, giving yourself the chance to appeal to a constantly changing world, city, and clientele.
Consider a Pop-Up Shop
Pop-up shops are a unique temporary business location that moves from one place to the next and creates an exciting stir when they arrive. In Los Angels, this type of company would do amazingly well by moving from one area to the next and maximizing success in each location.
Perhaps that’s why these types of shops are booming in the small business market. They currently have a market value of $50 billion around the nation. So, why not get in on that action? Make sure to choose the kind of product that moves well, such as simple and delicious drinks or meals or art and clothing boutiques.
These simple steps not only help improve your business but your lifestyle as well. How? By taking better control of your company’s needs, you can make more money and feel more satisfied with your overall quality of life. Thankfully, it should be pretty simple to execute each of these steps powerfully as long as you take the time to research your different options.
Feature photo by Tim Mossholder
