So you have decided to finally take the plunge to becoming your own boss and going into business for yourself. It can be scary to embark on a business and even scarier when you look at the statistics to see how few new businesses really do succeed (some sources report as many as 8 out of 10 businesses fail). However, where there is a will there can be a way to ensure that you make your new business venture successful. Here are a few tips that may just ensure that you are the 2 out of 10 businesses that make it.
Not only do you want a business model and plan to follow, but you also want backup plans as well. Be prepared to spend many hours preparing a business plan, marketing plan, financing plan (you get the picture) and be prepared to modify the plan when life throws you a few unexpected turns. Even if your plans have been well thought through, they may still not work and will have to be tweaked and modified depending on a lot of factors like customer base, time of year, and the economy. Does all this planning seem overwhelming? Check out the U.S. Small Business Administration’s website. It provides you with some key ideas and building tools to start creating a plan today.
Seek Advice From Others
Once you have your business plan set, start to seek the expertise of others in your field or even business owners in general. It’s important to realize that you can’t be an expert on everything so seek the professional advice from business owners who have been through the ringer already. Ask them about their best and worst decisions and really listen to the advice they have to give you. If you are starting a new restaurant, start a dialogue with other owners in your area. If you are becoming a franchise owner for a Taco Bell, do your research about the pros and cons of running a chain restaurant and reach out to others who have also owned similar franchises. Do your homework and be humble enough to ask for help from those who have been down the same path you are on.
Checks And Balances
Too often business owners start to get a little lazy about checking their numbers which can cost them big time. How many times have we read on the news about managers or employees stealing from their employer’s large sums of money over months or even years? These thieves are usually only caught after an audit is performed because the numbers aren’t matching up after awhile. It is very important to keep your finger on the pulse of your business’ pocketbook. Adam Colgate, a contributor for businessdictionary.com, recommends “…having some basic accounting skills and knowing how to use accounting software can save a small business owner a lot of money and frustration.”
Success in the business world is never guaranteed, but hard work, hustle, and being business savvy will almost always be rewarded.