In yesterday’s blog, we took a look at a number of tips that one can use to begin his or her own small business. On Investopedia.com, equity analyst Glenn Curtis provided several suggestions on how would-be entrepreneurs can get their business ideas off the ground in the new year.
Among his many tips, Curtis encourages new business owners to do their research. This can be a simple as asking family and friends about their opinions of certain products and services. Discover that they think certain items are worth. Ask them what ideas they feel are “fads” and which ones they think may stick around for the long haul.
Doing your research will give you a good foundation to build your business upon. It will also help you to improve upon your initial concept. If there are ways to discover how far you can take your idea before you begin implementing it, you may help yourself to create longevity for your company, instead of an instant flop.
Finding funding may be the most important step in beginning a new business. Figuring out how to finance your company may also be the hardest step. Curtis reminds us that even successful businesses usually run deficits within the first few years of operation. Consider the different ways you may get startup money including investments from family and friends.
Don’t forget that once you’ve been in business for one year, you will be eligible for a merchant cash advance from Synergy Merchant Services. That is, of course, provided that you accept Visa, MasterCard and/or Interac payments at your store’s location. But we’ll get to that when the time is right.
Be sure to cover your bases, says Curtis. He writes: “All business owners should think about what would happen to the enterprise and the revenue streams being generated if health or other issues were to prevent them from being involved in the business. In other words, if the entrepreneur were to become disabled, who would takeover? Could the business survive?”
Finally, foresee the future. Curtis insists that all entrepreneurs should consider when they want to retire and what plans may be necessary for if the business is to close or be sold. Owning your own business can be very satisfying and rewarding. Just be sure to do your homework before diving into this exciting venture. Proper planning will produce success!