You have been toying with the idea of starting your own business, and you have a product, or service you want to develop or promote. You are tired of the same repetitive tasks at work and can wait to do something different that will challenge your intellect, and patience.
But have you thought about all the challenges you’ll be facing and the many tasks you will be required to do in order to get your business off the ground? According to the Small Business Administration, of the 27 million small businesses there are today in the United States, 50% of them will fail within 5 years. And although the idea of being your own boss is to say the least liberating, there are many challenges you must be aware of before quitting your job.
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How to start a small business with smarts
There is no single recipe for how to create a financially sound small business.
Some founders make their money off a few big clients. Some have many customers.
There are those who use credit cards and personal savings for working capital. Others seek investor money through crowdfunding websites.
“There are lots of ways to make your business work,” says William Dunkelberg, chief economist at the National Federation of Independent Business. “This is what entrepreneurs do — they find clever ways to get things done.”
SMART SMALL BUSINESS PARTICIPANTS: These entrepreneurs get a taste of success
When the Giacomini family, who run Point Reyes Farmstead Cheese Co. in Point Reyes, Calif., first decided to diversify beyond milk production on their farm, they sold off half the cows in their herd and used the proceeds to build a cheese-producing creamery.
Small Business Learns to Build Customer Loyalty Like Luxury Brands
There are more than 27 million small businesses in the United States, according to the Small Business Administration, but 50% of them will fail within five years. While lack of capital is a major factor, also significant is the lack of a customer-centric culture.
“Many entrepreneurs launch businesses with a great product or service idea, and then proceed to focus on daily transactions rather than building long-term customer relationships,” says Milton Pedraza, CEO of the Customer Culture Institute. “Focusing on transactions over relationships does not breed customer loyalty.”
Successful smaller companies, says Pedraza, are organized at an early stage to deliver extraordinary experiences to every customer on a daily basis. The problem for most small businesses is a lack of expertise and a proven process.
Small Business: High-performance presentations
You’ve made it onto the short list for that big contract, and the client wants you to present your proposal to the executive committee. Or the leader of your networking group has offered you a spotlight presentation at next month’s luncheon. Or you get the chance to informally pitch your new business concept to an angel investor over coffee.
What do you do next?
Get grounded: Whether you’re starting with a blank page or sifting through a pile of marketing collateral, begin your process by setting a solid foundation for your talk. Geni Whitehouse, author of “How to Make a Boring Subject Interesting,” advises answering these questions:
Why am I speaking?
