3 Things To Consider When Starting Your Own Business

 

We all dream of being our own boss one day. With all the businesses that seem to be popping up overnight, punching a clock seems to be a thing of the past.

Whether you are fulfilling a life-long dream of opening a gourmet restaurant or you stumble across your next big idea out of pure necessity, there is always room for more people to join the business market.

The Business Plan

All good ideas will not become great unless there is a well thought out plan to back it up. Writing a business plan is a lengthy and sometimes painful process, but it is all worth it in the end. Your idea may be very simple, and in your head, anybody should want to be a part of it.

However, try presenting that idea to a bank. We all know how stingy banks can be when it comes to handing out money, so a business plan is in essence an insurance plan. A business plan then outlines your mission, goals, financials, competition, etc.

The most important part of your business plan in anyones eyes would be a S.W.O.T. Analysis. A S.W.O.T. Analysis  outlines your business’ Strengths, Weaknesses, Opportunities, and Threats. In short, everyone begs the question as to what makes your business better than the competition? Close your eyes and think of your million dollar idea. Imagine it becoming a reality. Think to yourself, what makes my idea so special?

What They Don’t Tell You

While you see new business popping up left and right, they withhold a secret that can be very discouraging to newcomers. This secret is that nearly 49% of business fail within the first five years of operation.

I don’t know about you, but this fact here is a buzz kill. However, when I took time to ponder this, it all made sense. Many of us may go into business expecting to make a profit immediately.

This is almost next to impossible when starting a business of your own. You have to realize that to see the numbers you want , it will take lots of time and hard work. Don’t be fooled by the infomercial sales pitch of success overnight. If it were that easy, we would all be doing it.

Planning For Success

After reading the previous tidbit of information, you are now more determined than ever to ensure that your business hits the ground running.

A good starting point is to look at your competition. Review their strengths and use them to benefit growing your company as well as capitalize on their weaknesses as a selling point.

Take into account that those who are successful now did not have things set in stone. Yes, they had a road map, but they had to be able to adapt to the changes of society. As fast as technology moves these days, you will have to be pretty flexible and creative with your approaches to marketing and conveniences offered to customers.

While there is no easy way to explain starting a business that is guaranteed for success, these are a few things to keep in mind. In the end, you are in control of your own destiny.

If you have the dedication to see your business through the many obstacles new business owners face, you may just be cut out for this cut throat industry. Hopefully you will find yourself in the 51% of businesses that have made a real household name for themselves.