So maybe you have decided to quit the day job, take some risks, and get yourself into a position where you are ready to sacrifice some of your health, wealth, and mental state to get a new idea off the ground and make some money. Maybe, you are past the decision making phase, and you have started the ball rolling forward on your new business. Are you wanting to be successful in business, or are you a new entrepreneur? When you are starting a new business, there are usually a million different issues that you will need to take care of, but, there are a few tasks that are essential to your success and the success of your new startup. It is valuable to do a self examination and ask yourself if you have the endurance required to make this happen? Is now the right time for you?
What you may want to keep in mind is that when you start your own business it is a battle of attrition, your own personal attrition. Many people will give up along the path to success, but you need to make sure to keep going and succeed when everyone else has given up on you. You need to have the mental fortitude to be able to make it when the going gets tough - or even if the going is simply tiresome and repetitive. One recommended basic is to save enough startup capital for one year. ONE YEAR. This length of time may be more than the numbers that have been thrown out as an industry standard. Often the industry standard will allow many a small business owner to fail. But you are not going to because you have enough cash saved up for an entire year, or at least know where you are going to get it. This rule is especially relevant if you are buying into a franchise. With a franchise you have franchise fees on top of everything else you have to pay for. Having a cash reserve for a year allows you to not stress about the money you need right now.
You need to be free to make the decisions for your company in the long term, and not simply make a decision in the moment to save your last dime. Have a fantastic marketing plan in place well before your launch. You want people to be aware you are going to be making a splash in the marketplace. Without those initial customers, you could fall flat on your face. You want to make sure that your sales infrastructure has something to build upon, and that you have a reputation for being a fantastic company from day one. These three items should be done before you start a business and you'll have a much better chance for your business to take off, giving you the chance to make the impact you're hoping for.