Loading...
Answers
MenuIs it viable to have two separate businesses (baked goods and a nail salon) in the same location? What challenges could I face?
Any advice or thoughts would be greatly appreciated
Answers
Hi. I am a business coach and mentor and have started a number of successful businesses.
There is no reason why you can't have two different businesses in the same location.
There are two questions I would ask:
Will the two businesses work to complement each other?
Are there aspects of either business that will adversely affect the other?
E.g. The smell of nail products/cleaners in the same area as fresh food products.
Could there be questions of hygiene, depending on how the space is separated?
I hope this helps give you food for thought.
Regards
Rick
Well depends whether there any synergies or not :)
If you can get lower rents because you have 2 business in the same locatin then there is at least one big benefit.
Other ones are:
1. opportunities to do some cross selling. You can give coupons for customers of nail salon to the baked goods and vice versa
2. you can share people - with 2 business (especially if they have different seasonality you might be able to optimize better usage of people)
3. any business in your vicinity generates some additional traffic
4. you can get some savings on buying services: accounting, loans etc,
5. you can have joint loyalty program
Drawbacks: for every business you need different skills and some overheads that cannot be share. In some cases may make more sens to have the same business in 2 locations than to have 2 business in one location
For sure also have a look at ways to boost the value of the customers. Here are 19 practical examples: https://medium.com/@asengyczew/19-best-ways-to-boost-your-ltv-the-ultimate-guide-61b9417fd779
Hope it helps
Take care
Asen
Related Questions
-
How do you get your first customers for a consulting business?
Back when I started LinkedIn wasn't as huge as it is now. I wish it was. I didn't have a large network and those networking sessions NEVER brought me any clients. I used to go to all sorts of them hoping to get clients. There were a couple of nibbles here and there, but never anything serious. The only thing that helped was reaching out DIRECTLY to people in my target market. That meant cold calls and cold emails. I'd sell myself while thinking about their needs. Once I got a few bites I'd build good rapport by keeping in touch, asking questions, repeating back what they were saying so that they knew I was on the same page and kept my promises. If I said I'd call them back next Tuesday at 2:15 I'd do so. Eventually I built trust with them without having a network, or an insane amount of experience. Oh and the most important thing about consulting is to LISTEN. When those first clients notice that you're truly listening and you're not selling the cookie cutter solutions everyone else is trying to sell them that's when you got them hooked. You start to understand their problems, fears, and see through their eyes and not just yours. A network will help, but in the beginning just good 'ol salesmanship will get the ball rolling.JC
-
What's the best way to approach a Fortune 500 company regarding a business development opportunity? What people, process, tips do you recommend?
The best thing to do to start any kind of sales or relationship building process with a Fortune 500 company is to recruit willing champions of you and your company. The good thing about Fortune 500 companies is that there are *lots* of people who you can potentially recruit. Many of them are active on Twitter and LinkedIn. I've successfully sold to Fortune 500 companies this way and I'd be happy to share relevant tips with you.TW
-
What would be a good answer for describing the size of your company to a potential prospect who might consider you too small to service their account?
What an awesome question! Businesses are running into this issue more frequently that ever, good news is, it can be done. Having worked on projects with oDesk, Fox Television and Wikipedia and having a very very small staff, it's certainly possible. Here's how I say it in our pitches to larger organizations: "Tractive West provides tailored video production services to organizations of all sizes. We have developed a distributed workflow using the latest digital tools. We leverage our small creative and management team with a world wide network of creative professionals, that means we can rapidly scale to meet the demands of any project while keeping our infrastructure and overhead lightweight and sustainable." Cheers and best of luck.SM
-
Where can I find programmers willing to join a growing mobile start up for equity only?
You won't find anyone worth adding to your team willing to work for equity only, no matter how compelling your product and business is. The realities of the talent market for mobile developers anywhere is such that a developer would be foolish to work only for equity unless they are a cofounder and have double digit equity. Happy to talk about hiring and alternatives to full-time hires.TW
-
What is the best way to distribute a new cosmetic product to distributors and hair salons?
I am the founder of a cosmetic company that bootstrapped from nothing to a 7 figure business. It sounds like you are really at the beginning stages of business and there are a lot of opportunities for you. You've got a lot of work ahead of you and you need to build some infrastructure. Your brand is going to be one of the most important things to establish and you won't be able to sell to distributors, salons, or consumers without a clear message of what your company is about. When it comes to distribution of your product, you can either work with a distributor, sell directly to resellers, or sell directly to consumers. They all have their advantages and disadvantages. You'll have the most margin with direct to consumers - but you need skills on ecommerce. When you sell through a distributor you lose tons of control, but you can expand your reach quicker. You also have the slimmest margins; but you don't need to invest as much into sales. Selling direct to salons is a time consuming process; but you have more control of how your product is displayed, and the perception the consumer has of your products. So much of cosmetics is where your product is currently sold. If it's sold in mass market retail, no salon will want to carry it. But the direct answer of your question is you simply need to sell your product to anyone who's willing to buy it. Pick up the phone, hustle, and win over those customers.EB
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.