Setting up an enterprise can be exciting and rewarding. However, roughly 50% of new small businesses cease to exist within their initial 5 years. Small businesses fail for a variety of reasons, including low demand for products and services, poor location, and insufficient funding.
It needn't be like this though. Through proper planning, a small business can suceed indefinitely. Many issues must be taken into consideration to achieve this. A few of which are, how will the business be financed? Is there a solid business plan? Is the product or service marketable?
Perhaps the largest challenge facing you is finding sources of funding to get the business started. Of the financing options, you might try to fund the new business with financial assistance from friends, family, or business partners. If that isn't possible, you may require a small business loan. Each of these should be researched and valued to determine which is best economically.
If funding can be arranged you then need to perform an analysis of yourself. Entrepreneurs who succeed tend to have similar personality traits. They are bright, questioning, confident, and enjoy tackling challenges on a daily basis. In other words, do you have it in you to start and run a business? Ask yourself at least these questions:
Are you a motivated self-starter? Do you have a strong drive for success? Are you balanced emotionally? How much of your time are you prepared to dedicate? Do you have what it takes to be a leader? Are planning and organizing strong points of yours?
If the answers to any of these questions are not what they should be, you might want to look into franchise ownership rather than starting your own small business. Franchising is a business model in which some essentials of the business (such as marketing and customer vase) have already been established. - 16890
It needn't be like this though. Through proper planning, a small business can suceed indefinitely. Many issues must be taken into consideration to achieve this. A few of which are, how will the business be financed? Is there a solid business plan? Is the product or service marketable?
Perhaps the largest challenge facing you is finding sources of funding to get the business started. Of the financing options, you might try to fund the new business with financial assistance from friends, family, or business partners. If that isn't possible, you may require a small business loan. Each of these should be researched and valued to determine which is best economically.
If funding can be arranged you then need to perform an analysis of yourself. Entrepreneurs who succeed tend to have similar personality traits. They are bright, questioning, confident, and enjoy tackling challenges on a daily basis. In other words, do you have it in you to start and run a business? Ask yourself at least these questions:
Are you a motivated self-starter? Do you have a strong drive for success? Are you balanced emotionally? How much of your time are you prepared to dedicate? Do you have what it takes to be a leader? Are planning and organizing strong points of yours?
If the answers to any of these questions are not what they should be, you might want to look into franchise ownership rather than starting your own small business. Franchising is a business model in which some essentials of the business (such as marketing and customer vase) have already been established. - 16890
No comments:
Post a Comment