Things to Consider When Starting a Small Business
Based on 35 years of business success we have created 4 videos which will advice you on following key areas of Business: Self-Assessment, Planning, Financial, Marketing, Human Resources and more. Visit startingabusinesscoach.com to download videos.
Things to Consider When Starting a Small Business So many people come up with a great idea for business but for any number of reasons don’t take the next step or plan to take all of the necessary steps that are required for starting a small business. I’ve been asked how to start a business countless times over the past 35 years, and my answer has been, “If you follow a logical plan you can succeed.” The first question to ask is what are your strengths and weaknesses? You should think about what experiences you have in business or have gained elsewhere along with education and training. What are your interests? Many businesses are started because of a passion for an idea but because of the person’s practical inabilities to operate the business, they run into trouble quickly. Business must start with both interest and ability. Whether its freedom to express yourself or financial independence, you must know what your goals are and what balance works for you. Many businesses are very time consuming, so while you have independence you won’t have independence of choice in terms of when you can and cannot be free to pursue your other passions. How many years do you plan to work? A business often takes a number of years to get up and running successfully, so your patience for starting a new business also needs to be considered. How much money is available is a very basic question, yet many people misjudge its significance. They look at certain obvious expenses and include them in their plan, but then forget about the costs in other areas such as marketing and accounting. Obviously, a business should never be started without enough money. How risks adverse are you? Some businesses can be run without any debt risk and many others will require a constant state of owing money. Know your comfort level. Do you want a business that is hands on? Many businesses look glamorous to own but in reality much of the work is tedious and may require skills that you are not equipped with as an owner. A perfect example of this relates to my first company “Duraclean Fenske”, a carpet cleaning franchise I bought at the age of 22. The market that I was targeting was a bit of a niche market in terms of this being a superior procedure and the price was right given that it didn’t require me to go into debt. I purchased everything from an American franchise and waited for my products to arrive. I soon had my first business experience. Everything was held at Canada Customs and I had an unplanned expense. The import duties immediately put my business over budget. Then came the real problem. This process of carpet cleaning wasn’t walking behind a machine - it required me to be on my hands and knees. While it did a great job I found myself doing work that I never expected. Naturally the next step was to hire someone which brought another first in this experience as small business owner. In my absence, the employee used my equipment and products to clean all of his friends’ carpets and furniture, brought back what was left of my materials and told me he was quitting. On reflection, had I fully researched what work I needed to do myself, I would never have started that business. The importance of research relates to every category under How to start a business. Knowing what’s involved, and following logical steps in each area of your start-up will help you develop a better plan and avoid mistakes that could have easily been prevented. My goal is to help you succeed, Bryan M. Fenske, Founder – www.startingabusinesscoach.com Address: 141 Eagle Creek Drive East St. Paul, Manitoba R2E 0L4, Canada Email: firstname.lastname@example.org Phone(s): 204-987-6010