Recently I came across an article that I thought was full of good information for concessionaires. I think there are several points that are very relative to concession business owners.
There are 10 major points in the article which are described as “fatal errors:”
*Overexpansion
*Poor Capital Structure
*Overspending
*Lack of Reserve Funds
*Bad Business Location
*Poor Execution and Internal Controls
*An Inadequate Business Plan
*Failure to Change with the Times
*Ineffective Marketing and Self-Promotion
*Underestimating the Competition
If you would like to read the entire article, click here.
I think that one way several of these errors could be avoided is in the writing of a good business plan right from the beginning. Please avoid the trap of “getting started first and then writing your business plan.” Don’t jump the gun! Take the time and write your plan. Seek out some professional help. Design an inclusive business plan that gives you a framework for your concessions business and a path for growth and success. In doing so several of these pitfalls can potentially be avoided and keep you on the path to success with your business!
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