The stats on business failures are depressing, and here are some tips to ensure your success.
Experience with the Industry
If you have worked in the industry for many years, especially as a manager, then you have a solid background of experience to help you run your own business. This is especially true if you have successfully managed employees, aspects of financial management, and marketing.
Seek Advice from Professionals and Mentors
A huge part of business success is learning from others and seeking advice from those with specialized knowledge. Professionals can help you to start off on the right foot and avoid compliance issues. They can also guide you with steps to take to help ensure your success based upon the experience of working with many other businesses.
Don’t Overestimate Results
Newcomers often overestimate how much sales they will make in the near-term and underestimate their expenses/capital needs. The time and effort it takes to get off the ground is usually much greater than anticipated. Expect half the sales, double the expenses, and twice as much time as you believe you need.
Demand
Is there a large enough market for the goods or services you are offering? What about the location? This applies to any business and needs to be researched, or at least realistic assumptions need to be considered.
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