But despite the countless sacrifices and challenges small business owners face, an overwhelming 84 percent of small business owners would do it all over again.If you’re thinking about taking the plunge and starting a business of your own, there are some key steps you need to take first.
Will it be a sole proprietorship, partnership, corporation or LLC? Having a written plan with your projected results and personal goals is the best way to stay on track.
As an example, your business may make a $20,000 profit.
If possible, self-fund your startup and then go for funding when you can create a growth story.
This might cause you to break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience.
Don’t underestimate this one: You will work hard for all your achievements.
Being a small business owner is one of the hardest jobs around.Here are the 10 things you need to do before starting a business: What customer problem are you solving that potential customers are willing to pay for? Also, why will your business be operationally and financially successful?There are many examples of companies that do not have the best product/service or are not first to market, yet are very successful because they have mastered marketing and sales.Research the demographics and psychographics of your potential customer base and understand their buying habits.Watch competitors, talk with similar businesses, browse your competitors’ websites, and understand what their customers are saying about them in social media.When running a business, know when you need to engage an accountant, lawyer, insurance agent, marketing specialist, web page designer, or other professional.This will start your management process as a business owner.In a recent survey, 40 percent of small business owners said they don’t take vacations and have their money tied up in their business.Being a business founder can be very lonely and there are not enough hours in the day to accomplish everything.You’ll hear how they got started, their biggest obstacles, and their dreams for the future.Hal Shelton’s business planning skills were developed as a certified SCORE small business mentor, corporate executive, nonprofit board member, early-stage company investor, and author of The Secrets to Writing a Successful Business Plan: A Pro Shares a Step-By-Step Guide to Creating a Plan That Gets Results.