3 keys to starting a small business

Since most of the small businesses they start fail, how can you succeed?

Before answering this, who am I? I have established and sold 4 small businesses in the last few years, all of which continue to be successful, so I know a thing or two about it.

Now, let’s get to the main points:

Calendar

It is important to know what, when, why, where and how you are going to start your business. Unless you have a clear focus, don’t even try it, it will just be a waste of time and energy.

Additionally, you’ll want to take any available courses that can help you reach your goals. For example, in my case, before starting my most recent venture, I completed a Certificate 3 in Business Studies, a Diploma in Digital Marketing, a Diploma in Sales and a Diploma in Project Management.

practice

What I mean by practice is not just diving right in and learning on the job, no, what will really help you is looking at how SUCCESSFUL people have started the same type of business you are trying to start. How can you do this? One effective way is to get a job in the industry you intend to work in. Once you’ve done this, watch the process. If it really is a successful business, they will have a highly organized and effective process.

Another possibility is to actually start the business. I know, I know, I said don’t do this, however, this suggestion has a little difference. Start the business without expectations. Become a marketing manager, account manager, sales manager, etc… do it all yourself. The problem with this approach is that it will take a great deal of time, an amount of time that will be saved if you can work on a successful business that someone else has started. Yes, this suggestion is the more difficult of the two paths, however what it does do is go from theory to a complete practical knowledge of the industry, to fully immerse yourself in it.

search for

There is a reason why 4 out of 5 small businesses fail, the rewards are hard to come by and take an inordinate amount of time to achieve. How can you overcome this obstacle?

The key is Pursue. You must focus on your goal and never look away or be distracted from this purpose. How long can you focus on your goal? Only you can answer that! Realistically, however, it will take a few years for you to truly progress in your endeavor. If you are someone who gives up easily, you should not try to start a business. Instead, find a well-paying job.

The benefits

If it’s all such hard work, why bother? The rewards can be huge. Consider just a few:

*Time: Have a flexible schedule, spend more time with your family or other priorities.
*Passive Income – Depending on the type of business you intend to start, it may continue to pay you even when you are not working.
*Capital Gains – You have the potential to achieve a significant ROI on the outlay involved in starting your business.

Do you want to start a business? Go for it! But remember to Plan, Practice and Pursue!