New Business

Goal:

Consider opening new business in upscale neighborhood to increase sales and visibility. High end dermatology and skincare business.

Situation:

Client wanted to move into prestigious upscale shopping district that she believed would help target her ideal client demographic and lead to increased sales.

Backpocket’s solution:

Kathy worked with client to define long-term goals and to determine if capital expenditure for new lease, insurance and remodeling space will result in necessary revenue to justify expense. Kathy helped owner articulate and define business plan to determine if this lease decision aligned with long-term goals. Kathy asked owner to consider the current competition in the surrounding locale and recent departures by successful businesses in the area. Kathy wrote comprehensive business plan and advised owner to make decisions based on strategy rather than impulse.

Backpocket’s impact:

Client decided to forego lease in this shopping center. Kathy recommended owner gather more evidence and data to support business plan to secure funding. Note: The leased space owner had wanted was still unoccupied after six months, which confirmed that the location was not as ideal as client had assumed.