|
Things To Expect When Starting A Business
•Research your business. You need to know as much about the business as possible. If you work in the industry currently, start asking questions of people in other departments to obtain an intensive outlook of every area required to be a success in the industry. Don’t assume you know all aspects of the business. Use resources like sba.gov or find an adviser/mentor at www.score.org where they offer free help for your business planning.
•Know your business location thoroughly. Ask questions. Will you rely on drop-in traffic? Is the location easily accessible to clients, customers and employees? Just because you will be in a high traffic area doesn’t mean it is convenient or will draw your clientele. What competing businesses are in the area. If there aren’t any, ask ‘why?’ Advisors always say it is location, location, location that determines success. Depending on your business, it may well be.
•Starting a business is hard work and requires capital. You should consider staying at your current employment until the business is self supportive. How will you support yourself and your family? In many cases you may want to have 12 to 24 months of living expenses, incidentals, plus operating costs set aside before you launch on you own. You may have to consider moonlighting at another job while you work to make your business a success.
•There will always be another expense or government hurdle or unexpected variable that will pop up. No matter how hard you plan, there is always something that will require your attention. Be flexible, creative and hands on.
•You need your family on board. Start up costs and time requirements will affect your family. Including them in the business operations will allow you to spend more time with them, but this is not the norm. Keep them apprised of your progress and make them a part of your success. You will need their support and understanding.
•Plan for health benefits, time off, vacations, family time, long nights, bookkeeping and other services you will need to perform yourself. As a new start up you will need to perform all of the tasks: advertising, sales, production, follow up, phones, shipping & delivery, accounting, taxes, budgeting and a host of other services.
|