Queston #2 – How do I Prepare?
Preparation is key. You need to prepare when starting your business. I once learned that if you anticipate the different outcomes, anything you do leaves nothing to chance. If you prepare and think about what can happen and what will happen, you will be prepared and know exactly what do, and when to do it. This is essential when starting your business.
Here are some tips if you need help preparing.
Tip #1 – Budgeting and Living Expenses
The reason why majority of businesses fail within the first year is because the owner doesn’t take into account the expenses and money to live and keep the business thriving. It’s easy to think that a business will need X amount of money to start. But it takes months before the business can start making back a profit, profit which you need to live and support your lifestyle.
Tip #2 – Small Business Ideas
Anybody can just go to google and type in “Small Business Ideas” but then it would be just another Idea. We need to investigate what your speciality is. If you are skilled at carpentry, you can sell your products that you make. If you love animals, you can retail in animal accessories and such. You want your small business idea to be your specialty. Something that you love. You are making this business your life! You want it to be something you like to do.
If your idea is not a specialty, don’t worry about it!. Say you don’t know what you’re good at and you want get into something that you don’t know. Research and find out! Go and talk to people who are experts at what your idea is. If your idea is selling fish and you never once caught a fish before, go talk to a fisherman, or an owner that sells fish.
Be Careful Though!
Talking to businesses in your area you would want to host your business is a little dangerous. Some Businesses might act a little differently than others but sometimes businesses don’t like competition and will develop bad feelings towards you.