Philadelphia, also known as “Philly”, is the 5th most popular city in the United States. It is located in Pennsylvania, adjacent to Delaware and New Jersey in the Mid-Atlantic region. Starting a business in Philadelphia is a genius idea, but your plan will only work out if you know the right tricks and intellectual intelligence. It is important to carry out extensive business research before creating a budget for your business or approaching any financial institutions located in Philadelphia for assistance. This is because the market is very competitive and without a well mapped out realistic idea that is quantifiable, you are bound to fail.
There are many financial institutions located in Philadelphia that grant finances and loan business owners and ideologists. They range from banks to micro-finances and public institutions. Before making the decision to approach any, you should visualize your business proposal (for new entrants) or assess your position and visualize the future (for existing business).
Here is brief guide to business that will help you start up or develop your business in Philadelphia. It comprises what you need to know about business and how to get financial assistance.
Starting and running a business in Philadelphia
With a City Center population of 57,000 Philadelphia has the third most populated CBD (central business district) in America (behind New York and Chicago). For starting businesses, it is important to carry out adequate research to determine the following;
Market available This represents the consumers you will be targeting with your products and services. Philadelphia had a diverse population (of 6.2 million) consisting of several races and people from different origins across Europe Asia and Africa. The culture is fused with evidence of Irish pubs, Chinatown districts, Italian markets as well as the Reading Terminal that attracts diverse cultures and merchants. This makes it conducive for leisure and travel activities in cultural fusion. The income of the inhabitants is just as diverse as the population. Before engaging in business, evaluate the price you are establishing for your offer. Compare it with the living standards and income levels as well as sophistication. If the price is too cheap, its quality implications may be compromised. If it is too high for the income levels, your business may experience a severe “drought” of customers. The important issue is to have a business whose potential market is very available and has the ability to grow.
Competition
This involves evaluating well branded businesses that already offer the same (or substitute) products and services you intend to sell. If the competition is strongly present, then you will have two options; establish a profound competitive advantage or find another business plan. The competitive advantage it that value adding secret that gives you an edge over your competitors. This will help you in breaking down customer loyalty and gaining your own market share. Determining your competitive advantage will require detailed analysis. It involves establishing strengths, weaknesses, opportunities and threats (SWOT). Find out the number o strong competitors, what they offer (same or/and substitute) and what branding/marketing strategies they use to ensure customer loyalty. In simple words, find out the competitors’ competitive advantage and develop your own. It is also important to gauge competitors’ strategies for the future since this information is not easy to get in a “blueprint” version.
Business sustainability
Philadelphia is among one of the most sophisticated cities that experiences rapid changes in trends both technological and lifestyle. A business that does not exhibit self sustenance will fail. This involves keeping with current/new regulations, new competition, changes in consumer patterns and behavior, technological and socio-cultural changes among others. To survive in the competitive environment, the business should be strategized to exhibit long term provision of service. This is done by focusing on intense branding without forgetting quality provision of products and services that meet and overwhelm customer anticipation. If you approach any financial institutions located in Philadelphia, they will be able to provide guidance and professional counseling to help you materialize the business. The level of sophistication and education makes it a good environment for engaging in travel and leisure directed business activities.
Capital and finance
Finance is the most important feature of any business. As a matter of fact, the desire to make profit is objective to actual provision of products and services. When starting a business, it is important to calculate the ultimate budget that accommodate all known costs (actual acquisition and set up capital plus interests) as well as unknown risks. Financial institutions located in Philadelphia offer business loans and investments loans to credible businesses/business ideas. Plan Investment Fund, Inc. (http://www.pif.com/), FTI Consulting (http://www.fticonsulting.com/) and Century Legal Group (http://www.centurylegalgroup.com) are a few examples. These institutions deal with many account holders in various businesses and therefore have modules that can be used to analyze a financial plan. They also have professionals who can help in budget planning and business project management. When starting a new business, use the end-to-start visualization for your financial plan. Identify the revenue you expect and costs you will incur in achieving those revenue goals. This helps you to calculate the profits, interests, expenses all which are important guidelines to coordinate funds distribution.
Summary
Starting and managing a business in cities that experience the modern speeds in lifestyle transitions like Philadelphia is not any venture to blindly embark on. It is very vital to ensure comprehensive evaluation of the current market/market practices, trends and sustainability is done. Capital is no longer an impediment as there are many financial institutions located in Philadelphia willing to offer investments as well as professional advice. The keyword for any business success anywhere is research.
The advantage of modern civilization evident in this city and many other cities among developed countries is the abundance of information and support. You can get researches done on different businesses (in Philadelphia) from the internet or financial institutions to help you with business insights and direction. A good research corresponds to sufficient information and the consequential good decision making. Philadelphia offers a wide range of opportunities for businesses including travel and leisure.
For more information on business guides and financial institutions located in Philadelphia, you can visit the links below.
http://www.business.gov.au/Documents/Startingyourbusinesschecklist.pdf http://philadelphia.about.com/od/financial/Philadelphia_Financial_Institutions.htm