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Things to Consider When Starting a Small Business

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					               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:      thecarefreegroup@shawcable.com
Phone(s):   204-987-6010

				
DOCUMENT INFO
Description: 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.