How to Find Success in Detroit as a Small Business

As the economy continues to boom, more and more entrepreneurs are opening small businesses. According to Forbes, the formation of new companies nationwide intending to hire employees increased to a historic high in 2021. There were nearly 1.4 million applications by September and over 400,000 more than at the same point in 2019. Detroit remains a popular location to open a small business, but there are a few things you need to know first.

Study Competition

Before opening a small business in any location, studying the competition is essential. For example, it’ll be harder to succeed with a frozen yogurt shop if there are already several frozen yogurt shops on the same street. Learn what they are doing that’s different, who their target audience is, and determine how you can stand out.

Business Plan

Finding success in Detroit means establishing a comprehensive business plan before opening the doors. This business plan should include your target audience, a financial plan, a marketing plan, and anything else your organization will need for success. Outsource portions of this job to ensure that your business plan is detailed and accurate.

Research Funding

Most small businesses struggle initially due to the need for funding, making it essential to research funding to succeed in Detroit. Visit the bank to determine business loan options. Investigate alternative funding sources, such as companies that provide working capital loans to small companies. Check for government funding as well. Know what resources are available.

Increase Awareness

No one will come to your store location if they do not know it is there. Before opening the doors, consider making a web page and increasing visibility with a blog. Build buzz on social media. These tactics may seem small, but they will help create awareness that your company exists long before it’s a community mainstay.

Select Location

Location is essential for finding success in Detroit. Consider the type of establishment you want to open, your ideal target audience when choosing the site, and look for gaps in industries. For example, if you’re going to open a Chinese restaurant, search for an area that lacks this cuisine entirely.

Finding success as a small business in any city requires careful planning, research, and knowing what resources are available. Contact Activate Detroit today to learn how your new venture can soar!