Anyone can start a business. Running a successful business, though, is an entirely different story.
Becoming an entrepreneur is time-consuming and sometimes difficult-to-navigate process, especially for someone who has never opened or run a business in the past. In fact, the Small Business Association estimates that mere 51% of businesses last past five years. Exploring the causes of small business failure before you start your own company may help you avoid that fate.
Don’t focus on the negative. Many factors affect the success of a business that can be internal or external. Here are some start-up tips to get started.
Determine what type of business you want.
There are several topics you should consider. Do you like making things? Can you tolerate the smell of manufacturing dust? Do you like the smell of items baking? The service industry can be very rewarding; especially if you enjoy talking with customers. Once you determine what type of business you wish to open, complete the next steps.
Gain knowledge of the business.
You should have an idea of the tasks involved in running the business. A hands-on approach could give you confidence.
Study customer desires.
Gain information as to what your customer likes.
Determine the location of your business.
The location is a very important aspect of determining where you should “open your doors”. Study the traffic pattern. Are you serving customers on their way home or on their way to work? Your business location should be convenient for the consumer to drive through fast or stop and go with parking
availability. Locating your business in the most traveled direction, directly tied to your service, will increase your customer numbers.
Decide what you know and what you need to know.
Read state and local regulations for starting your type of business. Start by contacting the Small Business Association (SBA). Take a class for further knowledge. Refer to your local library for informational materials. Communicate with business owners like your business. You may want to talk with a successful owner outside of your local area. Most likely you would not be competing with their business. You will be surprised how helpful they will be!
Hire a professional.
Have an accountant involved in setting up your books. Have an attorney review your legal documents. Read the reference materials listed in this article.
Starting a business or excelling in your current employment is just one decision you will make. So many paths to consider. An individual should like their chosen field.
Starting a business can be exciting. Working at an existing business can be a starter. This can help you evaluate your knowledge of the business. Check your emotional commitment to the business. Simply, do you like the work?
There are different reasons for opening a business.
- Some individuals need a salary. Create a job for income.
- Some individuals want to pass it on to the next generation.
- Some individuals want to start from scratch – build it up to sell as a profit. And then move on to another start-up.
- Some individuals may just decide to purchase a franchise.
You are in control of own destiny.
Know the government guidelines. Keep abreast with the local laws and follow the rules. Investigate new possible laws and rules that may cause more expenses to your business. Learn your “break-even-point”. How much flexibility will you have in the costs of running your business.
Look to your business as how it could make an impact on the community. Many business owners join local and national association. For example, joining the Chamber of Commerce can get your business instant name recognition. Evaluate the use of your time. Attend educational classes and seminars that will open you and your business to new opportunities.
You may start a business from scratch and then offer it for sale. Or start it as a franchise opportunity. There are so many business opportunities to consider. Consider the legal aspects of setting up your business. Seek legal advice and professional help. Decide when you are ready. You have prepared for your opening day.
Now start your journey!