While building a business, you must be very prepared. Being prepared for starting a small business means being financially, physically, and mentally prepared for a few years of struggle at best. Starting a business must start long before the doors open.Careful financial planning and being prepared with a financial back up plan are essential. This is where my business failed.
When I started my business, I was prepared with a few months cash, a computer, and determination. A few months later, I was broke, frustrated, and in serious need of sleep. Because I was ill prepared, I got very little sleep. I worked a full time job, and I worked fifty plus hours trying to get my business up and going. I had originally saved over $10,000 dollars in an effort to start my business. After the first three months, I had realized that I was so ill prepared, I would still owe when everything was said and done.
After careful evaluation of why my business went south, I realized that it was not actually completely a financial failure. The failure could be blamed on my lack of knowledge about starting a business, financial drain, and poor records keeping. The financial aspect would not have failed had I been better equipped with knowledge, and kept better track of my inventory and my spending.
I now know that you must first have a clear plan in front of you before you venture into starting a business. Once you have the plan, do not just jump in head first. Wade carefully into the situation to prevent the metaphoric undertow from dragging you and your business under.
Break each piece of your business goals down to ensure that each section is maintainable in a certain time frame. Aim for short term goals that will eventually bring you to your long term goal. Make sure each piece is manageable and that you are not taking on too much at one time.
It is important to note that no business takes off over night. It takes financial planning, hard work, marketing, advertising, and determination. There is no room for frustration when starting a small business.
If your current marketing and advertising methods are not bring enough traffic and revenue to your business, you must find other methods. Most small businesses do not fail because they are a bad idea. They fail simply because there is not enough traffic to generate enough cash flow to stay afloat. Many times, without a financial back up to recover after a bad run, a small business goes under.