Starting A Small Business, Are You Nuts?

They say ‘You can tell if a business will succeed within the first 1-3 years and by 5 years you should be well on your way.’

I agree in the fact it can take a while, however as a small business owner your crystal ball is clouded by hope, by uncertainty, ego and the journey will be dotted with dead ends, detours and many many winding roads. I would argue when your business is established that the crystal ball will never be totally ‘crystal clear’.

So what happens when you start a small business and whats happens when you make the decision to give it a go?

Firstly – Why are you are starting a small business because

Family life / lifestyle / money / more time for yourself?

At the start reality is long days / Little sleep / 7 days a week

You’re an accountant / book-keeper / marketer / designer / salesperson / spokesperson / cleaner / merchandiser … oh I’ve left out your a Husband /Wife / Mother / Father / Brother / Sister / Son / Daughter / you run a house hold, you will be on the go from the moment you wake up to the moment you put your head down, which is a luxury when starting a small business.

AND

If you are prepared to make all the sacrifices there are no guarantees that you will even succeed? Reality Check!!! Does it sound like the JOB for you?

BUT

I’m all about positivity, so lets give it a go and assume that you know the stakes and ready to go. So what do you need?

If you can fund yourself and your business for at least 6 months then you will give yourself a good starting chance. It will give you 3-4 months to see if it’s worth continuing.

When starting I see many people committing themselves into leases and long-term agreements – Please refrain from doing this. If you are looking to lease a shop or lease an office, my advice is let the people know you are starting a new business and you are not sure and can’t commit to a long term agreement of any kind. Be absolutely upfront and honest with people. Try and pay for things with your own cash instead of creating debt.

If after the time your business is not progressing you need to be honest if you are not covering the bills, then you need to rethink, re plan.

Its always recommended that if you are starting a business regardless if you have had one before or not you need a business coach. Like everything the development of your business is essential and having people guide you is imperative.

When starting a business we go in thinking that everyone will support us instantly why not we have a great product or service but the truth is people generally won’t. You have to build your presence, build your brand and build your trust within the community.

When you first start your focus is going to be promoting yourself, if people like you they will support you and spread your message, if they don’t like you then it’s an uphill battle. Get out and meet folks, knock on doors, join business groups, network, advertise your business in social media.

Office Hours – Concentrate on making money.

After Hours – The rest of the stuff.

Starting a small business although sounds great in theory, in reality can be hard, 95% of small business don’t make it, but if you surround yourself with positive people, have a great business coach/mentor and are part of a supportive, active business networking group that will assist you to grow and develop it all helps.

Use our forums to ask questions, use people within your own community. Join local networking groups, consider joining ours The Small Business Warehouse 

Starting a small business is hard and frustrating at times but once you make it it can be great. The key is to love what you do and do it for the right reasons.

Recommendation before you go out meeting people that everyone in my opinion should read.

You can buy this online or at any good book store but is essential and timeless..

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