Requirements For Starting A Small Business

Other than money (discussed elsewhere), what do you need when starting a new business?

Time

Time has got to be one of the most important factors in the success of a small business.  A new small business will consume incredible amounts of time, so much so that you will sometimes find yourself dreaming about doing work.  These dreams of work are not very comforting when you consider that you likely left a fairly cushy dead end job to begin this life.

A business is not a success in merely a month or even ten months.  A small business can take a year or even 5 to become anything other than a toy business.  The quantities of time you will be required to invest in this business will likely be quite vast.  Yet if you succeed it will certainly be worth it.

Honesty

You need to be honest with yourself.  You are now the boss, which means that when you fail its all on you.  Heck when someone else fails in your business it is also on yourself.  Firstly, can you handle that responsibility and secondly can you be honest enough with yourself to be able to spot your failings before they kill your company.  Underestimating yourself is just as bad as overestimating yourself.  Take an honest and regular assessment of yourself to ensure you are actually performing the best.  Would you hire yourself for your company?

Management

Most successful businesses contain more than 1 person.  Eventually you will grow your company to a point that you will be unable to grow anymore due to having an insufficient number of people to do the work.  When this happens, don’t worry it doesn’t mean failure it means you have hit upon success and a whole new batch of headaches.

Hiring people is a gigantic headache.  Finding the most skilled workers is usually difficult because you are unlikely to have enough money to pay them what they want.  Then on top of everything you will eventually find yourself having to deal with firing employees that steal or otherwise don’t produce.  These are all pains that are absolutely required if you are going to build your business into something that can sustain itself without you being involved every single day.

Marketing

The black art of marketing.  It has to be the most essential part of building up a customer base and yet it is incredibly difficult to know exactly what to do.  Marketers can only be as creative as the money allows so you will need to devote a budget to ensuring a regular marketing process actually occurs.  If your business is anything other than a corner store you should target both online and offline markets to maximize your exposure.  The most important part of advertising in any way is to track it every step.  If you don’t know what your results are from an advertising campaign then you don’t know how to improve it.

Conclusion

Starting a business can be a huge undertaking, yet it can be the most rewarding experience of your life.  Businesses, especially small businesses are huge creators of wealth so they can often be an effective track to success and riches if worked on correctly.  Invest yourself in your business right and you will not only have a great business but you will have a lot of fun along the way too.

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