Some financial experts say that up to 90% of all small businesses fail within the first five years of their opening. Those are some difficult odds, but you can do a lot to help your small business beat the odds and succeed where others have failed. Luckily, you can learn from the experience of other small businesses and apply what they have learned to your own endeavors. Here are three tips to help you succeed with your small business in a world that can work but with you and against you.
First, make sure you have a solid business plan going forward. You should know what your market is and how to reach them. You should know you exact overhead costs and anticipate your profit margin. You should not take too many chances early on when you are establishing yourself. Look closely at your business plan and make sure you are realistic with your assumptions. Do your research so that you are basing your figures on actual facts and not just your estimates.
Next, reach out to others in your community and talk to them about advice, encouragement, and even collaboration. Don’t think of other small business owners as competitors, since you will probably have slightly different markets anyway. Instead, think of the ways you can work together, or just talk to them as peers and colleagues. You don’t have all the answers, and you shouldn’t go it alone. Reach out to your neighbors as well, and talk to your community groups about working with your business.
Finally, look at your finances and talk to experts about making the right decisions. Security matters, so for certified proof of funds for large transactions you should look for an established provider like Certified Proof of Funds. Make sure you have money put aside for emergencies and to deal with unexpected contingencies. Don’t expect to get paid yourself for quite a while, as you should be reinvesting any money you make back into your business. If you can do this, you will have a much better chance of success in the long run.
Your small business just have to end up just another statistic. By planning ahead, reaching out to your neighbors and community, and making wise financial decisions, you can increase your chances of success. Don’t give up your dreams, just plan ahead.