In dealing with Small Biz for so long, I have found without question, that the number one reason for small biz failure the first year, is simply that people run out of money.
Here are a few tips that can keep you from being a statistic!
Many first time entrepreneur’s become a statistic the first year due to lack of planning.
It’s easy to get caught up in the excitement of your idea, and potential profit, but in order to succeed you must start with a strong foundation so that your business sustains itself.
Failing at a business endeavor can seem like the end of the world.
Remember that many entrepreneurs have had multiple businesses, and the failures lead to them discovering another, even better idea.
Keep moving forward.
When you start your business, you must first focus on the structure of your company, which typically starts with an Limited Liability Company (LLC) .
From there you must decide what kind of LLC to be, that will benefit you legally and tax wise.
My course, Small Biz Survival Boot Camp Video Series has all of the answers for you!
Always research your product or service, along with your demographic for sales and the competition.
What makes you stand out? What obstacles must you overcome to make sure your idea does not become obsolete in this day of rapid change and technology.
Taking the time to answer these questions for yourself, will help you build a stronger foundation.
Small Biz loans are available at most banks.
Talk to your banker about the option of having a loan for your new business so that you don’t deplete your personal funds.
It’s a great idea to stay at your current job for a short time while you start your new business, so that you can build up some momentum behind your new company before you take the leap of faith to go full time into your new idea.
I did this myself when I created The Money Therapist brand. My income supported me in taking my time to build a brand, without worrying about income.
I love the idea of New York, with “Little Italy” and “Chinatown”. These were started with a vision of creating their old homelands when they came to this country, so full of freedom and hope.
They took their time building the new communities and ultimately each individual opened a business based on what they knew, understood and could be the best at.
Isn’t that possible for you too?