What to Start with a New Business
It’s no wonder business owners has increased 200% year after year, when you consider the most popular reasons to start a business, you get to control your future and finances, you get to build something for you and your family, you get to provide a product or service that can help millions of people and you get ownership of you time.
Another truth about business ownership is most don’t succeed, half fail within five (5) years of startup and only two-thirds survive for two or more years. There are many reasons for the lack of success, such as, planning, cost management, revenue generation and cash flow.
So knowing where to start before you start can be extremely helpful and give you an edge up on the statistics. Here’s five (5) crucial steps to help you be a successful business owner.
Step 1: Select the Business Opportunity that’s best for you and your family. Take some time and search your heart, what makes you happy, what are you good at, what drives you to be your best and what would you do for free? Make a list as long as you desire
Step 2: What are your Strengths and Weaknesses? You’ll have a business personality type, this is the traits and characteristics of your personality that blends with the needs of your business and how you can handle them. List things you are good at or can do well as your Strength and then list things that you don’t do well and could use improvement on as a weakness. Your goal is to get education and knowledge on both list to get better.
Step 3: Do your Research, on the opportunities associated with the business opportunity you’ve selected. BE OBSESSED! Most successful businesses are so because they fulfill a need, solve a problem or offers something valuable to others. Google is your best friend, read, read and read some more. They’re are so many aspects and details associated with your business opportunity and you want to be aware of them all.
Step 4: Make a Plan, this will give you a better understanding of you, your product or service, the industry, competition and finances. This will be your blueprint, guiding principles for you and your business and without it, the business won’t be a reality. Plan from startup, to establishment, and through how you plan to grow.
Step 5: Get your Business Setup correctly, you’ll decide on the best name, structure, location and website for your business. Here you’ll get all licenses and permits to begin your operation, complete the needed paperwork and pay the required fees, don’t scrimp here, you want to begin on the right foot. Register your business name, file for a trademark or service mark if needed for your products and services, establish your business hours, purchase your company name domain and social media names for your business.
These are only the first steps to take, there’s plenty more and we will review those later
Sincerely, LaQuitta xoxo