Are You in Business for the Right Reasons? / Strategy / Last Modified: February 22, 2017

With the recession and fear of uncertain economic times ahead, many individuals have ventured out the last few years into the world of...

You have been part of the corporate world and/or you always wanted to start your own business. Can you do it and make a go of it?

With the recent recession and fear of uncertain economic times ahead, many individuals have ventured into the world of entrepreneurship in order to realize their financial goals and dreams.

Plan for Success

In order to get the best advantage possible to making your small business succeed, start by writing a business plan.

Given that your business will hopefully be growing over time, keep in mind that the plan should evolve. There will be ups and downs for your business, so be prepared both financially and mentally to weather any storms.

Your business is going to have the best chance at succeeding if you have a niche. What makes your company stand out from the others? Why should customers want to come to your business and not the guy down the street who offers similar products?

It is also important to have realistic goals moving forward.

Unless everything falls into place perfectly and then some, you will not accomplish all your business goals in the first year. Set baby progress steps so that you're not disappointed and are actually happy that you've exceed your goals.

As for some other business goals:

  • Have a positive attitude -- Things will not go perfectly from day one and even in the lead up to opening your business. Be ready to deal with adversity, challenging customers, employees who may not always conform to what you want, financial issues and so on;
  • Be ready to make mistakes -- Be realistic... not every decision you make will be a winner. You may hire the wrong employee/s. You could find yourself handling customers the wrong way at first. You may have made some incorrect financial assessments. Mistakes are going to is how you deal with them that is the important factor;
  • Know your customer base -- While you obviously won't know each and every customer, get a feel for your base ahead of time. Who is likely to do business with you? Will these clients be very demanding or an easier crowd to please? Put yourself in their shoes and determine what you would want in return for your money;

Insure Your Future

Last but not least, your business is going to need one or a number of forms of insurance. While insurance should be a no-brainer, you'd be surprised how many fledgling business owners have it way down on the list.

For the business owner, their insurance needs can include: Business property coverage; disability and liability coverage; workers' comp (depending on how many employees); and auto insurance (if company vehicles are applicable) to name a few.

In the event you have a home-run business and all the legal paperwork to operate such a venture is taken care of, make sure you are insured if customers will be coming to your residence for services. Should a customer fall or be struck on your property, insurance will help you avoid a major lawsuit.

If you feel like now is the time to start up a business and run with it, make sure you have a sound plan in place. Make it your business to get off to a good start so you can reap the rewards.

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