Choosing the hours of operation is an integral early part of business development. It lets your community know when you’re available and can have a major effect on profits and losses. Luckily, there are a few simple tips you can follow while you’re finalizing your business plan. Here’s a closer look at how to pick your hours.

How to Choose Hours of Operation for Your Business

1. Look at What Everyone Else Is Doing

You can get a good idea of when people are active by checking local companies' business hours. If most open at 7:00 a.m. and close at 6:00 p.m., residents likely handle their shopping and other needs during these hours. The same goes for days of the week.

One exception is by countering what your competition is doing. If you’re one of three Irish pubs in your area and they’re both closed on Sundays, you may profit from customers since you’ll be the only place open. It's a popular strategy among general retailers and restaurants.

2. Check Your P&L Statement

A profit and loss statement gives you an actual or estimated look at profits and losses related to time. Calculate all of your expenses, including payroll, travel, utilities, and supplies.

Next, divide the sum by the number of hours you were open—or plan to be open—in a month. You’ll then see how much money it costs to run your business during this time frame. Compare against actual or assumed profits for that period. You may find that it’s not financially feasible to be open an extra hour each day or an extra day each week.

3. Ask Your Customers

It’s hard to go wrong with your customers’ opinions. Ask existing customers or send out a questionnaire if you’re just getting started. You can connect with some at your local chamber of commerce or through business development events. As you gather more data, you’ll get an idea of when most like to shop, when they’re likely to call your office, and what days they tend to handle their business.

If you’re starting a company in the Union City, GA, area and are looking for business development opportunities, connect with the South Fulton Chamber of Commerce. This organization has brought businesses together for nearly 70 years so they can better serve their community. They provide a variety of business networking and mentorship opportunities and regularly host events. Visit their website to learn more or connect on Facebook to stay up to date on events. Call (770) 964-1984 to speak with a representative today.