If you are about to launch your first business then you will likely feel trepidation as well as excitement. This is because even the best business plans will involve a great deal of risk. As you are probably aware most small businesses will go bust within the first couple of years. This fact is a gloomy reminder of the risk involved, but it is worth keeping in mind. There is a lot you can do to increase your chances of survival – in fact in a lot of respect your success is in your hands.
Tips for How to Survive as a First Time Small Business Owner
Here are just a few tips for how you can survive as a first time small business owner:
- One of the biggest mistakes that small business owners make is that they do not have a plan. Many of those that do actually have a business plan seem to treat it like a derogative item – they do not actually follow it. This is extremely foolhardy. You do need to develop a business plan and then use this as your roadmap for the future – try not to deviate from it; if you need to you can alter the business plan to meet the changing conditions.
- Be clear about what your business is able to do and what it is not able to do. This will help you avoid taking on work that is beyond your ability. In the beginning small business owners will be so happy to be offered work that they will consider almost anything; try to be selective and never take on a job that you do not feel confident of being able to complete.
- Business owners need to understand their own personal limitations. They can then employ the right people to cover these limitations. All the most successful entrepreneurs achieved their success because they were surrounded by the right people. Don’t be fooled into thinking that you can do it all yourself because this is where a lot of small business owners go wrong; they end up being overwhelmed and this destroys their business.
- Be prepared to work hard and do so without begrudging the time. If you are not prepared to work 100 hour weeks then you shouldn’t even consider going into business for yourself. You need to make sacrifices or you are almost certain to fail.
- If you do not work for success you are almost certain to end up with failure. If your plan is to just build a mediocre business that will barely stay afloat then you are asking for trouble. Make sure that you have ambitious albeit realistic plans for your business.
- Be prepared for hardship during the first couple of years of your business. It is best if you are not dependent on a wage from the business during this time. Never start a business if you are already struggling with debt.
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