If you are a motivated employee looking for a new opportunity, starting your own small business is the ultimate promotion.
Because 80 percent of small businesses fail within the first 18 months, you’ll need a time-tested roadmap to help start your new business and make it profitable.
Begin with these important steps:
1. Write a business plan. Not every new business begins with a 75-page business plan, but you should write down the following information: Why you are starting the business? What is your expertise? Who is your targeted customer? How do you plan to stand out from your competitors?
2. Choose the right location. If you need foot traffic to keep your business afloat, the right storefront is essential. If you are selling on the web, select a domain that is memorable and highly brandable.
3. Find financing for your small business. It takes time for a new venture to turn a profit. In fact, most businesses fail due to poor cash flow and under capitalization. Make sure that you have multiple funding sources beyond the banks and your personal investments.
4. Create a solid foundation for your business. Secure the proper business permits or licenses; determine the proper legal structure; find out what business documents your state needs when you form a new company; get an EIN number and secure your domain name.
5. Find the right business partner. Try to select a partner with skills that are complementary, but different from your own talents and strengths. For example, if you are a strong marketing maverick, choose a master of operations to lead your execution strategy.
6. Establish an online presence. You cannot survive in today’s competitive business market without one. Implement viral and content marketing by starting your own blog to educate and entertain your potential customers.
Using these important small business tips and the “By Your Boot Straps” chart, you will be a few steps closer to realizing your small business dream.
