How to Start a Business: 4 Things to Consider

"How to Start a Business: 4 Things to Consider" Small Business Storefront Graphic

~by Emma Sturgis~.

Ninety-six percent of all businesses fail within the first 10 years. While this figure may shock you, it should also make you more cautious as you prepare to launch your own business. That said, here are four things to ponder before opening your doors.

Level of Expertise

Be honest with yourself in determining whether you have the skills necessary to run a business. Just because you worked in an industry for 10 years doesn’t mean you can run a successful business. If you feel you need additional training, take some courses in entrepreneurship. Also, consider a partnership with someone who has the skills you’re lacking.

Finding a Supplier

If you are selling products, you will need a supplier, unless you plan on manufacturing the wares yourself. The most important factor when choosing suppliers is cost. Find a company that will provide you with enough margin to earn a reasonable profit. It’s also imperative that your suppliers meet your service needs. If you need two shipments per week, for example, they must be able to meet those demands. Research various suppliers and find the ones who can meet all of your needs.

Choosing the Right Location

If you’re in retail, choose a location that can generate lots of traffic. You also need to consider the demographics of the area. If you sell high-end merchandise, for example, consider selecting a venue where residents earn a household income of $100,000 or more annually. If you service business clients, it’s usually advantageous to rent property from someone rather than own it outright. However, make sure you find a property leasing company like Hartman Income REIT that’s fair and offers you favorable leasing terms. Most companies pay between 1 and 13 percent of their sales for rent.

Preparing for Growth

If you have aspirations to become the next Bill Gates, you will eventually need to yield some control over to others. This includes hiring employees and then delegating some of your work to them. You may also want to take your company public someday. Learning to delegate can be difficult for many entrepreneurs, but is essential for your business to experience exponential growth..

Always do your due diligence before starting a business. Assess your own skills and then find others who can help you grow.



How to Start a Business: 4 Things to Consider 1

Emma Sturgis

Meet the Author: Emma Sturgis

Emma is a freelance writer based in Boston, MA. When not writing, she enjoys reading and rock climbing.
Say “hi” on Twitter @EmmaSturgis2.


Categories

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Business Blogging 101: How to Create and Sustain a Successful Blog

Business Blogging 101: How to Create and Sustain a Successful Blog

For businesses, business blogging is becoming a powerful tool to not only attract and engage new customers but also to build brand authority and ultimately grow your brand.
This comprehensive guide will equip you with the essential knowledge and strategies you need to start and succeed in the dynamic world of business blogging.

How to Protect Your Merchandise From Theft

How to Protect Your Merchandise From Theft

Protecting your merchandise from theft is a critical aspect of running a successful business. In a world where security threats are ever-present, safeguarding your inventory is essential. Not only does it protect your bottom line, but it also ensures the safety of...

Experts You Need to Have at Your Business

Experts You Need to Have at Your Business

In the dynamic world of business, having the right team of experts is not just beneficial; it is essential for success and growth. For female leaders who are carving out their paths in business, marketing, or HR, knowing which experts to have on board can make a...

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

As a woman in a medical workplace, you have a lot of responsibility, not just to yourself but to other women who will come along after you. Asserting yourself in your workplace and gaining the respect of other employees and leadership is essential to a successful career. You have worked hard to get where you are, you don’t want to lose momentum.

Continue to grow with online leadership training and more. Follow these tips to assert yourself in the medical workplace.