Michael Broderick and Jorge Negrete, Owners of Pedal Forward Bikes & Adventure, Share Five Ways to Start Your Business Right
Starting a new business isn't easy. Layer that into the middle of a pandemic and suddenly entrepreneurship begins to feel a bit more cumbersome. However, a funny thing happens when our backs are against the wall, or we feel like we've hit a rock bottom season in our lives. We gain drive, motivation, and a "nothing to lose" attitude that allows us to power through adversity.
This is exactly what happened with Michael Broderick and Jorge Negrete, Owners of Pedal Forward Bikes & Adventure in Oakhurst, Cal. After being laid-off from their hospitality positions in 2020, these friends and adventure enthusiasts teamed up to transition their existing skills into a business built on passion, with no previous entrepreneurial experience. So how did they do it? We asked Mike and Jorge to share the business advice they've learned over the past year, and share a few of their "pro-tips" for opening a new store concept. Here's what they said,
Five Things to Consider When Opening Your Own Store
1. Spend time developing a good business plan
When starting a business, spend a great deal of time developing your business plan.
Don't cut any corners, and leverage others; expertise to refine your strategy. Talk to other marketers, small business owners, industry experts and keep an open mind while
sticking with your gut instincts.
2. Be different than your competition
Focus on not just being better than other businesses in your industry but also being
different. Stand out and be innovative. Set up processes that include surprise and delight
tactics will enable you to exceed your customer's expectations.
3. Trust whomever you go into business with
Choose business partners that you trust and have skill sets that complement yours. You will have disagreements, so you need to have excellent communication and trust each
4. Customer satisfaction is key
Always remember your customers are the most important asset you have. Don't ever let a customer leave your business unhappy. Listen to their feedback and use this to
improve your business.
5. Be patient
Be patient; it's going to take time before you can take a salary. Build as much capital into your business so you don't have to worry about paying your fixed expenses if you have an unforeseen circumstance that impacts your revenue stream.
One thing is for sure, Mike and Jorge have put in the work, and have unfortunately at times learned some of these pieces of advice...the hard way. However, without risk, there is no reward, which is why they are all in on their businesses and will continue to pedal forward.
To learn more about Mike and Jorge's redefined journey creating Pedal Forward Bikes and Adventure, check out their feature article here.
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