Starting a Small Business - 5 Tips to Help Increase Your Success
More and more people are searching and looking to start a small business due to corporate downsizing, economic issues and more reasons than I can fit in this article.
I'm not going to kid you, starting a small business is a lot of work and takes time, effort and money.
If anyone tells you anything different I would suggest you turn and run.
Having been involved in quite a few startups since the mid 1980's I can honestly say that finances can be a big roadblock.
So make sure to have your finances in line before the ink dries on your business plan.
For those of you that are looking at home based businesses, even the smallest of these are going to require some amount of capital to get the ball rolling.
It could be as little as $200 to $500 that is required but you need to look at what it will take to develop the venture so you can achieve all your goals plus recoup your initial investment.
Before you jump in with both feet, here are 5 Tips that can help increase your chances of long term success in small business.
1.
Take time to plan out what you really want, need and desire.
In other words what will the success of the business really bring you; time, money, fulfillment, or something else that is driving you to take the plunge into the world of small business.
2.
Research the market, look at all the angles, pros, cons and risk elements.
Do your homework, take copious notes and keep good records.
You'll be glad you did.
3.
Develop and write a plan for your business that includes short, medium and long range goals and objectives.
This might take days or even weeks but it will be worth it.
If you've never done any kind of business and marketing plan then I suggest you look at purchasing several books and maybe even a software program that does most of the formatting.
4.
Financial- make sure to have enough capital to get the business off the ground and sustain the venture to the point of positive cash flow.
This can be very difficult to estimate but I suggest you work on this and even consult with a financial advisor who understands business forecasting and budgets.
5.
Find mentors and coaches to help guide you along the way and make sure that he or she has years of experience and is willing to assist you in your endeavor.
This last point is critical and can save you a lot of time, money, tears and frustration so do yourself a favor and make sure that this point is in place before you jump in.
I want to reiterate that you should take as much time as needed on the steps listed above.
And always remember, it's your dream, not the lawyers, accountants, bankers or financial consultants.
Take their advice into consideration but live your dream, build your small business and we'll see you on the trail.
I'm not going to kid you, starting a small business is a lot of work and takes time, effort and money.
If anyone tells you anything different I would suggest you turn and run.
Having been involved in quite a few startups since the mid 1980's I can honestly say that finances can be a big roadblock.
So make sure to have your finances in line before the ink dries on your business plan.
For those of you that are looking at home based businesses, even the smallest of these are going to require some amount of capital to get the ball rolling.
It could be as little as $200 to $500 that is required but you need to look at what it will take to develop the venture so you can achieve all your goals plus recoup your initial investment.
Before you jump in with both feet, here are 5 Tips that can help increase your chances of long term success in small business.
1.
Take time to plan out what you really want, need and desire.
In other words what will the success of the business really bring you; time, money, fulfillment, or something else that is driving you to take the plunge into the world of small business.
2.
Research the market, look at all the angles, pros, cons and risk elements.
Do your homework, take copious notes and keep good records.
You'll be glad you did.
3.
Develop and write a plan for your business that includes short, medium and long range goals and objectives.
This might take days or even weeks but it will be worth it.
If you've never done any kind of business and marketing plan then I suggest you look at purchasing several books and maybe even a software program that does most of the formatting.
4.
Financial- make sure to have enough capital to get the business off the ground and sustain the venture to the point of positive cash flow.
This can be very difficult to estimate but I suggest you work on this and even consult with a financial advisor who understands business forecasting and budgets.
5.
Find mentors and coaches to help guide you along the way and make sure that he or she has years of experience and is willing to assist you in your endeavor.
This last point is critical and can save you a lot of time, money, tears and frustration so do yourself a favor and make sure that this point is in place before you jump in.
I want to reiterate that you should take as much time as needed on the steps listed above.
And always remember, it's your dream, not the lawyers, accountants, bankers or financial consultants.
Take their advice into consideration but live your dream, build your small business and we'll see you on the trail.
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