Starting a Small Business
There are many of you who dream of starting a small business - taking a good business idea and making real money from it. Between this idea and your desire to make money from it, is a gap you will need to bridge. This bridge is called planning.
Success isn't incidental; it's a meticulously planned operation.
Understanding the gap between your dream and its feasibility is the very first step towards starting a small business. Answering the following questions will help you understand both the strengths and the shortfalls:
- Who are the competitors and can I compete?
- I know the upside potentials, but what are the downside risks?
- What are the prospects and trends in the industry / economy?
- Can I raise the money I need for starting a small business?
- What makes my product / service better than the competition?
- Do I know how to run a business?
- Will I persevere when the going gets tough?
Shortfalls are not necessarily show stoppers. In many instances, these obstacles to starting a small business can be overcome: If you don't know how to run a business, attend a relevant course. Find a mentor to show you the practical ins-and-outs. Ultimately it's up to you to decide whether to proceed with starting a small business or not.
Once you understand the gap, you can start building the bridge. There are two materials needed, namely a business plan and competent advice from an attorney and an accountant. Attorneys understand the legalities involved in starting a small business, whilst accountants can help with financial projections, handle tax matters and set up books.
This bridge will serve as the foundation of your business going forward. If sound, your business will be able to handle growth. Some of today's big businesses didn't start off big. Many started as nickel and dime stores or were run from college dorm rooms and garages.
You never know. By starting a small business today, you could end up with one of the giants of tomorrow.