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Lessons Learned from Closing My Business
Many of us dream of entrepreneurship, believing it to be a path to freedom and fulfillment. However, the reality can differ greatly, as I discovered when I made the difficult decision to close Maven Space, my coworking and event venue. While the end of my business feels bitter, I hope sharing what I’ve learned will help other aspiring business owners navigate their paths with more clarity.
You Must Educate Your Market
One of the biggest shocks for me was realizing that many potential customers had no idea what a coworking space was. Despite the rise of such spaces during the pandemic, I assumed awareness was high. It wasn’t! For anyone thinking of launching a business, always remember: you may need to introduce your concept to the community as if no one knows it exists.
Always Ask the Right Questions
I did extensive research and even conducted surveys before launching, but I never asked the most crucial question—"Do you know what coworking is?" A simple inquiry could have revealed critical insights. If you’re planning a business, ensure you listen actively to your potential customers, as their knowledge and needs will shape your approach.
The Importance of Finding the Right Experts
Finding mentors, like Jamie Russo from Everything Coworking, was invaluable. Having someone with industry experience can make all the difference. They can offer insights that save you time and money, and guide you through the ups and downs of launching your business.
Master the Power of Proformas
Developing a solid financial plan is crucial for success. I learned that being comfortable with proformas is essential, as they provide a roadmap for profitability and sustainability. Understanding this aspect is something I will carry into all my future business endeavors.
Why Community Matters
Closing Maven Space was challenging not just because of financial implications, but because of the community we built. If there’s one takeaway, it’s to build relationships and foster connections—it adds immense value to any venture.
As I embark on new ventures in a new chapter, I encourage other budding entrepreneurs to reflect on these lessons. Each step in business is a learning opportunity. Dream big, prepare thoroughly, and remember that the journey is as important as the destination.
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