When you decide to open your own small business, you are committing to a challenging road ahead of you. For some people, the payoff is immense financial success, while for others, it is simply taking a shot at a dream. Everyone wants to make a living on their small business dream, but more than half of all small businesses close within a few years of their opening. Successfully managing all aspects of a small business can be very challenging in the face of changing business legislation and recessions, but when extra care is taken to build a trustworthy reputation and brand, you too can become a small business success story! Below are some basic guidelines to help you achieve your small business goals:
- Get funded. The first step to any small business dream is determining where the financing is coming from. This may be from a wealthy benefactor or it may be a loan from an institution. Dreams are not made of money, but this is one dream that definitely requires some funding!
- Get licensed. Step two in your small business venture is securing a business license for yourself. These are obtained through your local jurisdiction for a certain fee. This is mandatory to opening a business location in a public setting, and highly recommended to attracting a clientele base to your business.
- Get marketed. No one will give you business if they do not know you exist. Marketing is essential to starting up a new business. This means business networking, website circulation and advertising through digital and hard copy media. Other small businesses make for great referrals so be sure to make an impression on the local small business community!
- Get staffed. When you are approaching your opening date, you should ensure that you have the staff you need to carry out the business’s operations. New businesses are often operated by the CEO’s alone until some business is generated, then more staff is hired.
- Get operational. The task of operating your open business has begun! Prepare to be busier than you have ever been before, managing staff, inventory, customer relations and budgets. Planning ahead and learning to foresee difficulties is essential!