businesses make up 99.7 percent of businesses in the U.S.—and that number keeps
your own business isn’t easy. Over half of small businesses close shop within
the first five years.
know what you’re doing.
Dora Donovan. She started her
own business from the ground-up and sold the company after 15 successful years.
Now she teaches her tricks of the trade to the Personalized Learning students of the Small Business Administration degree program.
So what are
her secrets to starting your own business?
Make A Strategic Plan
A strategic plan allows you to take a
step back and see if there's a market for what you want to do.
Create a business plan that outlines
your strategy for at least five years. Your plan should focus on feasibility
and operations as well as projected revenue, growth, profits and losses. Define
the major goals of your company as well as policies, procedures and resource
allocation processes to determine the best way to run your business and provide
service to your clients.
Consider taking classes in accounting,
marketing research and logistics to sharpen your skills and your business plan.
Know Your Business
What are your company strengths and
skills? What are your flaws and weaknesses? How are you better or worse than
your competition? Do you have the skills to run a business? Do you know your
product or service skill?
This is where a self-analysis comes
Take a step back and analyze your
strengths, weaknesses, opportunities and threats. How will your strengths
further your business strategy? How will they weaken your business? How will
you grow your business? When starting your business, be ready to take action today—before
it’s too late.
Evaluate Your Capital
You need money to make money—and also
to start your business.
But money doesn’t grow on trees.
Where is your capital coming from? What
resources and financial consideration are available to you? How far will your
financial assistance take your company? What is the projected return on
Develop Your Business Philosophy
Craft a mission statement that
reflects your company’s core values and brand. Ask yourself:
· What does my company stand for?
· How would I describe my company’s personality?
· Who is my company’s target audience?
· What does my company aim to accomplish?
Management Isn’t Just A Word
Management means having a vision,
making decisions, understanding risks, communicating effectively, resolving
conflict and moving the company successfully forward.
Just one of the many hats you’ll wear
as an entrepreneur.
Management is at the core of running
your company. If your management skills are a bit rusty, consider earning the
right business degree so that you understand the
logistics and dynamics of starting your own business.
There’s a difference between
understanding how to start your own business and applying these strategies to your new
company. Get in touch with the experts to see just how to make
your company a success.
Have a comment on this post? Share it on our Facebook page.