While the U.S. economy is still on shaky ground for many people, others have taken the opportunities that are out there to start a new business in 2013, be it on their own or with employees helping them along the way. Still, others have not signed off on a new business venture, fearing that the timing is not right.
Whichever category you find yourself in, keep in mind that your business plan will go a long way in determining whether or not your venture takes flight, or if it comes crashing to a halt.
Unfortunately, too many starting out for the first time fail to properly craft a business plan, meaning they go head first into their business without a safety helmet on. As many probably know, one in five businesses fail within their first five years of operation, according to the Small Business Administration (SBA).
There are, however, steps that can be taken to increase the chances of getting oneÂs business done right the first time around.
They include:
* Be financially prudent – If you are starting your own business, consider opening it on a part-time basis while you are still hopefully gainfully employed by someone else. In many cases, individuals leave their full-time job or are let go, then turn to their own ideas to make money. While some circumstances canÂt be prevented (layoffs, etc.), you are in a better financial position to open the business while getting a full-time check and health benefits elsewhere. Along with being better off financially, you can determine if your business of choice will have a good shot at making it after you get through the first few months. Most importantly, do you have a financial plan B to fall back on if your business does not take off the way you want it to? DonÂt go into a new venture without the right financial backing, especially in todayÂs topsy-turvy climate;
* Be a promoter – There is a good chance that you are light in the wallet when it comes to being able to promote your new business venture, so promote it in ways that wonÂt cost you anything more than time and effort. Two of the best ways to do this are blogging and social media. With blogging, you can write posts both for your site and as a guest blogger, allowing you to be seen as an authority in your respective industry. Make sure you link back to your site when you guest blog for others, allowing you to drive traffic your way. With social media, this is an excellent means to promote your business, and it does not cost you a cent. If you have not already, make sure you sign up and get business accounts on Facebook, Twitter, Google+ and Pinterest for starters. You need to dedicate a decent amount of time to each site so that youÂre both relevant and seen as a regular. Use the sites to answer customer questions, solve their problems, provide them with information from your respective industry, and to engage with them in real-time. Also make sure you share and retweet items of interest with other relevant sources so that you can build your social networking profile;
* Be resilient – Finally, know that there will be some ups and downs with your new business venture, so prepare for the worst and shoot for the best. Unlike your current full-time job where you may only work a 9 to 5 shift or something along those lines, starting your own venture will mean dedicating many hours a day in most cases. Remember, youÂre considered the person who not only runs the normal day-to-day operations, but answers those other needs when the business is officially closed. In the event your business doesnÂt take off right away, donÂt throw in the towel. Yes, you donÂt want to go into financial collapse over a business, but you have to be able to wait out the tough times as much as possible. You may end up even having to lean on others to help you with running the business or putting in some financial backing, but it could pay off for you down the road.
While some may be hesitant to start up a business in todayÂs economy, others may throw caution to the wind and run with it.
If you are in the latter group, make it your business to succeed.
Photo credit: smartincomeguide.com
About the Author: With 23 years writing experience, Dave Thomas covers a variety of business and consumer topics, including doctor reviews.
