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If you’re thinking of taking that big leap to expanding your small business
or starting a new one, you’re not alone. In fact, according to the U.S. Small
Business Administration, there are nearly 26 million small businesses in the
United States. Two-thirds of new businesses survive at least two years, while 44
percent survive at least four.
If you want to be a part of the success stories, you might want to consider
the five tips that, according to SCORE “Counselors to America’s Small Business,”
will help your chances for success right from the start:
Clearly define your business idea. Be sure you can
state the purpose of your business in clear and simple language. Set your
overall goals.
Examine your motives. Make sure you have a passion for
owning a business, and for this type of business in particular.
Be willing to commit. A new venture can be very
rewarding, but it involves time, discipline, learning and frustration. You may
want to work for someone else in the same line of business first to get an idea
of what’s involved.
Conduct a competitive analysis. Make a serious
analysis of any products, prices, promotions, advertising, distribution, quality
and service involved in your business. Objectively measure your skills and
training against potential competition.
Don’t go it alone. Seek help from current business
owners, professionals, financial institutions, vendors, government agencies and
trade associations. For more information about starting or operating a small
business, you can visit SCORE on the Web at http://www.score.org/.
As with anything rewarding, starting a new business can be stressful, scary
and require many hours of sweat and hard work. But if you take careful measures
right from the beginning to focus and do your homework, you can be a part of the
strong force in America we call small business.
Source: SCORE "Counselors to America's Small
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