If
you have a business plan for Miami and are working on an SBA loan,
you’re going to need an SBA
Business Plan. Planning a
Miami-based business, like any business located in a major city,
requires attention to a specific set of details that SBA business
plans for other locations will not require.
Location
and Office Space
– The expense of the office is always something to be concerned
about. That is especially true if you are writing an SBA Business
Plan
for Miami. If you are going to plan your business to be located in
Miami, you are going to need to defend that choice because many of
your costs are going to be higher simply because of your chose
location.
If you have justifiable reason to
locate in the city, you are going to need to be highly selective
about your office or store location. If you are in retail, naturally
your choices are limited. However, you may want to consider
offering a boutique in-person shopping experience to limit the size
of the retail space you need. This means you keep very limited
stock on hand and order the rest to be delivered in store, or have
your customers order off your website for home delivery.
If
you are not in retail, ask yourself if all of your employees need to
be in the office in person. Keep your office as small as possible
and be realistic about who and how often they need to be in the
space. You may even want to consider a fully remote model. If you
are unsure about your long-term needs, renting or purchasing a larger
space may be advantageous if you are able to offer coworking spaces
and/or sublease. If priced correctly, this will actually create an
additional revenue stream with a profit. Either way, the intent with
the SBA Business
Plan in Miami is to show
you are cognizant of the exorbitant rent prices and either working to
minimize this aspect or using it to your advantage.
Diversity
& Appeal to Local Culture
– If your SBA business plan is for a Miami-based business whose
target market is also Miami, then you need to keep diversity at front
of mind. One of Miami’s nicknames is the “Capital of Latin
America”. Nearly 70 percent of the population is Hispanic and
around half of all residents speak Spanish fluently. This isn’t
just about speaking the language, or running marketing in the
language, you also need to truly understand the culture. This will
touch every aspect of your business from hiring and employment to
product/service development. Unless you have a very highly specific
target market that excludes this majority demographic, you need to
make sure it is at the core of your business in every aspect.
There
are many things unique about having a business in Miami however,
these two are among the most important. Your SBA
Business Plan will need to
take these things into account and address them if you want your
business plan for Miami to be viewed as complete and well-considered.
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