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Short-step-plan to launching a new small business
No commentsAlthough popular belief may beg to differ, starting a business is not any of the following: Impossible, “foolish” in this economy, OR “Only a good idea for seasoned business men.” You also don’t have to break the bank or put yourself in debt forever to get started on your journey. Thinking about the possibility starting a small business? After reading these five quick steps, you may be closer to your dream that you think…
1. Decide what type of entrepreneur you are - Do you get a rush from the mere idea of running your own business, or is there a certain type of work that you’re passionate about? For example, do you love taking care of animals or working with your hands, or do you mainly just want to be your own boss and in control of your own days? If you are passionate about dogs and love exercise, a dog walking/sitting company may be a route to look into. If it’s the freedom you’re in this for, but aren’t overly passionate about one certain type of work, do your research. Assess your skills, and see what types of companies are doing well in your area. Do your research. Don’t forget to consider franchise opportunities!
2. Use your connections - Write a list of all the people you know. Start networking and letting the world know about your upcoming business idea. Discounts and introductory offers can apply to almost every single kind of company you can imagine - so be creative. Start thinking NOW about how you are going to get sales in the door later. Getting these juices flowing in your mind early will save you from a slow start ($$) later. Also, look into approaching investors for your company - even if this only means having a few simple conversations to test the waters for now. You don’t have to single handed-ly foot all the money for your start-up costs alone, in fact few business people do.
3. Win the business plan battle - Once you know exactly what type of business you are going to go after, make sure your plan is clear and that you’re prepared to ask for money. If you don’t seem confident that you’ve done your homework and know what you’re getting yourself into, then the lender will know that. Your financial analysis is very important. How much will you need? Where will you spend it? How much profit can you expect to make in the first year? What are your operating expenses? Be prepared to properly answer all of these questions — along with more! If you’re not very confident in your business plan writing skills, seriously consider consulting a specialist to help you.
4. Develop concrete company mission and other plans- You’re almost ready to roll. Make sure you get some fundamentals down in writing on paper for your new company. Decide what you’re going to do about healthcare for your workers, time off, etc. Write a mission statement for your company, and decide what kind of culture you will foster there. The environment of your organization is a crucial element of your success, so make sure you’re ready to start off strong as soon as you hire your first employee.
5. Open your doors - Once you’re ready (and you never may fully feel “ready” - but once your ducks are all lined up,) then open your doors for business. Don’t cut corners on important things like business tools and supplies, in the end it will only end up hurting your efforts. Hire skilled employees who you feel you can trust and get out there!