America is chock full of innovative, enterprising entrepreneurs who possess the drive to start their own business. Without doubt, small businesses are the backbone of the American economy. But before quitting a steady, well-paid job and venturing out alone, take heed of these thoughts from Enterprises TV about what to know and do first.
Research the Industry and Competitors
Know thy competitors. How many other businesses are there in the immediate area that offers the same service or product? How successful is their business? Any new product or service should be better and/or cheaper than what is already out there.
Write a Mission Statement for the Business
Everyone needs goals to reach for and a reason to do what they do. Mission statements are great for this purpose. Entrepreneurs continually grow as business owners. Keep track of the main purpose about why the business was started with a mission statement.
Assemble an Advisory Team
It is essential to know who to count on before and during the launch and running of a new business. Assemble a team an advisory team comprised of legal, accounting, and marketing reps. If no one comes to mind, ask a trusted and respected mentor. These people can help prevent problems before any occur.
Hope for the Best and Prepare for the Worst
Be prepared for the financial down times with a strong cash flow. Every business has its ebbs and flows of activity and revenue. A lull in business is a good time to get re-organized. Clean up paperwork, network with other business owners, and refresh marketing plans. Enterprises TV suggests preparing a back-up plan for the just-in-case situation. It never fails to hope for the best and prepare for the worst.