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Top 5 Tips for Starting a Small Business

Top 5 Tips for Starting a Small Business

Coming up with a business idea and dedicating your life to it is an exciting yet terrifying transition in one’s life. To make things even harder, the process of starting your own business is never easy – there are so many things you need to worry about and, honestly, odds of succeeding are rarely in your favor. Namely, statistics show that 90% percent of startups fail, meaning that any tip that can lower down that failure rate is crucial to you.

Start Early

You’ve got an idea but you’re waiting to leave your current job to start working on it? That might not be the best tactic, especially if you’re short on money. It could take months and years until your startup starts making money, so getting started while you’re still employed might be the best option. Yes, it might be a little exhausting, but that’s just one of the costs of success. Remember – the sooner you start, the sooner you’ll get to your goals.

Come Up With a Plan

If you have an idea but you’re not sure whether it’s going to work – write a business plan and find out. If you have an idea and you’re sure it’s going to work – write a business plan and make sure. Business plans are excellent time and money savers – they can help you focus on what’s really important and stop you from wasting your time and money on a business that will not succeed. For writing it, you’ll need to do your research and analysis and come up with an operational plan, so be ready to dedicate some time to it.

Get the Clients First

Don’t wait to deal with all the paperwork and get your business up and operating to start looking for clients and customers. The networking can start as early as possible so you can get your potential clients lined up before you even put up an “open” sign. Mingle, make contacts, do marketing, and start testing your products as soon as you can. Once you get the customers on board, you’ll know that the hardest part of starting a small business is over.

Be Smart With the Money

Ask anyone who tried to start a small business and failed about the reason behind that and they’ll tell you the same thing – money. But it’s not just the lack of money that ruins entrepreneurs’ dreams, because even a little money can mean a lot if spent wisely. That’s why you should see where to save and where to splurge and be smart with the money. For example, renting can be an excellent option. You can rent anything – from furniture to heavy machinery, such as a scissor lift, pallet jack, or bulldozers.

Find the Right People

Whether it’s just you and your best friend, or the whole fleet of employees, finding and hiring quality people is never easy. However, it’s essential for a successful startup story, since all the money in the world means nothing if you don’t have a good team. When hiring people, look for individuals with a positive attitude and eagerness to learn and improve. Also, try to be open with them – share your vision and ideas, but also your doubts and problems, so you can create a strong sense of community and deal with crises easier when the time comes.

Starting a business might sound scary, but isn’t everything that’s new to you scary? Be bold and be smart – that’s the only recipe for success we can offer to you. Do your best and hope for the best – the results will come!

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by Carolin Petterson // Carolin Petterson is a businesswoman and content marketer with years of experience under her belt. She has had the opportunity to contribute to a number of popular business and marketing websites.

Opinions expressed by contributors are their own.