Lessons From Building and Developing Businesses
Karan Devgan shares lessons from his work across several business ventures and in business development.
Building a business is one of the best teachers there is. Through his work as an entrepreneur and as a Commercial Real Estate Broker working with business owners, Karan Devgan has seen what helps a business grow and what holds it back. Here are some of the lessons that shape his approach.
1. Know your numbers before you commit
Many businesses get into trouble not because the idea is bad but because costs were underestimated. Rent, fit-out, staffing, inventory and marketing all add up quickly. Before signing a lease or launching a venture, build a realistic budget, and add a buffer for the things that will inevitably cost more than expected.
2. Location decisions last a long time
A commercial lease often runs for five years or more. Choosing the wrong site can saddle a business with poor visibility, low traffic or costs it can't support. Take the time to understand who your customers are and where they actually go. A cheaper location that no one can find is rarely a bargain.
3. People make the business
Systems, products and locations matter, but people make them work. Hiring well, training properly and treating staff with respect pays off in better service, lower turnover and a stronger reputation.
4. Relationships are an asset
In Brampton especially, business runs on relationships. Landlords, suppliers, customers, other business owners and community organizations can all open doors. Invest in those relationships before you need them, and keep your word.
5. Mistakes are part of the process
Every entrepreneur gets things wrong. What matters is noticing early, being honest about it and adjusting. Treat each setback as information: what did it reveal about the market, the plan or the team? Then change course.
6. Give back to the community you build in
A business that is part of its community earns loyalty and trust that advertising can't buy. Supporting local events, organizations and causes is the right thing to do, and it also strengthens the place where your customers live.
Advice for founders in Brampton
Brampton is a city of entrepreneurs. If you're starting out:
- Use local resources. The Brampton Board of Trade and the City of Brampton's economic development and small business supports are good places to start.
- Get good advice early. An accountant, a lawyer and, when you need space, a commercial broker can save you from costly mistakes.
- Start lean, then grow. Prove the model before taking on big commitments.
- Stay connected. Join networks, attend events and learn from people who've done it before.
Starting or growing a business in Brampton? Get in touch with Karan.