Seven Things You Should Know About Starting a Small Business

4 Min Read

Starting a new business venture is very exciting – and nerve wracking. However, there are several things you can do to help make your way through the fog and find success as you launch, build and grow your business. Take a look at these seven tips to help you start your small business.

Ignore the statistics.

People will always share the scary statistics – only one in five businesses survive past their first year of operation, and half no longer exist after five years. Do not listen to those people. They throw around those statistics to give you an easy out if you want to throw in the towel. Many people start businesses and don’t commit, or they fail to learn how to manage their money. Don’t worry about the odds that aren’t in your favor. Focus on the odds that are.

Start a business that focuses on something you care about.

Don’t start a business that you want to do temporarily. Think about what you’ll still enjoying doing in five or ten years. Why? Because hopefully you are successful, and if so, you’ll be running this same business in five or ten years.

You won’t know everything.

Truth be told, you won’t know a lot when you start. Go ahead and start anyway. You’ll learn as you go along, figuring things out based on real life experiences or with the help of mentors. Don’t let your fears stand in the way of starting that business you’ve always dreamed of. You’ll learn which tools start-ups need to succeed and how to best manage others. Give yourself time and don’t be afraid to ask other successful business owners for help.

Don’t partner with just anyone.

Select your partner with care. Partner with a person because he or she makes you stronger. The wrong partner will make the business you’ve dreamed of not be the business you’ve dreamed up. They may cause more problems that they’re worth and you could end up not enjoying your work. 

Learn all about financing options before you leap.

Starting a business means you need to secure small business financing options and there’s a good chance you aren’t sure where to begin. From SBA loans to merchant cash advance to business lines of credit, the type of financing you utilize to pursue your business can have a profound impact on the future of your business. Take your time and evaluate your options so you can learn about financing for small businesses so you can make an informed decision.

Realize there’s a difference between dedication and obsession.

Go ahead and go on past that line of dedication. Don’t let anyone tell you that you are too obsessed or overly passionate about anything, especially your business idea. It’s okay and a good thing if you feel so strongly about something. That obsession will help you find success and not throw in the towel when the going gets tough.

Read books as often as possible.

Make it a point to sit down and read. If you don’t have time, listen to audio books in the car or when you’re completing other tasks. Read more than just business books. Read self-help books, motivational books, fiction books, and biographies – anything and everything you can get your hands on.

Entrepreneurship can be a little scary. The tips above can help you navigate your way through the uncharted territory of business ownership with some confidence.

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