No matter how much experience you have, starting your own small business can be a terrifying and overwhelming challenge. On the one hand, you will be rewarded by having your own business, being your own boss, and reaping all of the benefits and profits of your hard work. On the other hand, you are taking a big risk that may not pay off anytime soon. In fact, some experts estimate that half of all small businesses will fail within the first year of opening. Luckily, you can learn from the mistakes of the entrepreneurs who came before you and beat the odds to find success.
First of all, make sure that you’re doing business with reputable and dependable partners. Many small business owners will have a business plan that relies on a supplier to be on time and consistent, only to be disappointed when that supplier falls through, leading to losses of time and money. You’re better off finding a supplier that already has a good reputation and is well-established in your field, even if that means looking online for alternatives. For example, if you need industrial process filters, don’t settle for any old provider. Instead, find one like Green Leaf Filters that has been in business for a while and proven itself.
Before you start your business, you should be sure that you have realistic expectations of the money you will be bringing in and are prepared for it. Too often, small businesses fail because they don’t turn a profit overnight, and business owners panic and are unable to sustain the cost. You should be sure that you have an alternative means of paying for your own rent and lifestyle without taking a paycheck from your new business for at least two years. You may get lucky and turn a profit earlier, but you really should be putting that money back into the company for the first years.
Finally, don’t go it alone. Many small business owners confuse the idea of being independent with the idea of being solitary. Instead, learn from the wisdom of business owners who have come before you. Reach out to local groups in your community that support small businesses and make partnerships with other entrepreneurs. Look for a mentor to help you through the roughest parts. Your small business will benefit from these efforts.