You’ve heard the statistic: Half of all small businesses fail within the first five years.
But, did you know that the survival rate has increased in the last five years? Or, that small businesses add more new jobs to America’s economy than any other sector?
learn from a small business tip
If you’re considering starting your own business, prepare for success, and learn from a small business tip below.
The first step is getting started.
Most of us dream of becoming successful entrepreneurs, but few ever start the process. Maybe you’ve been busy with work or recently got married.
Such roadblocks are natural. However, if you want to get serious about your business it’s time to stop making excuses.
Conduct Market Research
Once you’ve decided to get started, you need to enter the research phase. This means absorbing as much information as you can about the product you wish to sell.
First, determine if there is a market for your product. Are people willing to buy it?
Next, look into competitors. Find out how much they’re selling for and how saturated the market is.
Finally, send out surveys or pitch your idea to others for feedback.
Create a Business Plan
Before you start approaching investors, you should have an airtight business plan.
Do you have an in-depth cost analysis of your startup? Have you outlined marketing strategies? Having a business plan will help you pitch your business to others.
Understand Legal Barriers
The legal tape around starting a business can be tricky. From confusing lingo to the endless paperwork, you don’t want to get stuck in the bureaucracy.
You need to understand legal barriers and tax laws before you start so you don’t end up in a courtroom. For help protecting your assets when you start your own corporation, you can hire a professional advisor.
Gather Your Team
No good entrepreneur succeeds by himself.
You’ll need employees, legal advisors, investors, and more to start your business. If you know someone who has succeeded in small business before, they can give advice. Family and friends can be good sources to bounce ideas off of.
This should be part of your business plan. Figure out how much your advisors cost, or hire a bookkeeper to help manage finances.
Plan for Worst and Best Scenarios
Whether your business succeeds or fails, you can’t only prepare for the short term.
You don’t want to file for bankruptcy. One option is keeping a temporary job while your startup first launches.
On the other hand, if your business takes off you should prepare to expand. Will you turn it into a national franchise or stay local?
Get Started Today: Use a Small Business Tip for Your Startup
Be the next success story.
Don’t procrastinate any longer and start planning your small business today. It’s as easy as opening your laptop and jotting down your startup goals. Whether you want to open a local coffee shop or launch a smartphone app, use a small business tip to start.
Enjoy this guide? Check out the rest of our blog for more business tips like these!