Starting A Business- It's NOT A piece Of Cake

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The current economic environment with its high unemployment rates bring dreams of grandeur for many people to start a business and grow it into a major income generator. While the dream may be the basis of a great new idea or company, starting a business from scratch is fraught with potholes and stumbling blocks, and should be thought through very carefully. Most small business will fail in the initial 12 months, and many will not have stability, if successful, for the first 5 years; and can take as much as 10 years or more to build a truly dependable, successful company. If that hasn't scared you off…great! Small business is the backbone of the business world in our country, and every shop you visit, every business owner you patronize is a business started with a dream and a vision. If you have the entrepreneur’s itch, consider the following carefully:

Why are you starting this venture?
If you’re dreaming of unlimited income and lots of time off, dream again. The beginning of a new business takes time, patience and lots of innovation. It will, and should, consume you as you are trying to build your new empire. Make a list of the reasons for taking the plunge, and visit it often. Everybody does things for different reasons- make sure your list is your vision, not anyone else's.

Funding
The biggest reason for the failures of start-up companies is lack of funding. Make sure you have adequate funding in place and available to you when you need it. If you sign a lease or other financial commitment, be sure you can make the payments. If you are working from home, check with the local ordinances to make sure you are not violating any state, municipal or HOA rules. Very importantly, how will you support your home life with no income, let alone money going out for business expenses? Be sure your start-up and home expenses are well supported.

Marketing and Advertising
How will you let the public know of your product or service? Where will your new customers come from? Do you have a clear campaign that will leave prospects with a clear and concise idea as to how you can help them and at the same time creating a long, trusted relationship for both sides? Marketing and advertising is a specialized field, and you should be consulting with an expert to see how to get the word out in a long term plan.

The balance of business and personal
Make no mistake: a person involved in a new business is consumed with the new venture. Be careful not to neglect your family and friends, and take time to let your brain and body rest: exhaustion is not an enviable trait in any successful person.

There are many other items to think about and research before you take the plunge. Being in business is not a piece of cake. It takes vision, forethought, money, and time. If you are thinking of striking out on your own, be sure to think it through, consult with your advisors, check out your competition, and then think again. Don't start until you're sure: and then, keep your fingers and everything else crossed!

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