how to starting a small business

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We all know of somebody that set up a small business. However, were you aware that seventy percent all small businesses do not survive the first year? That failure rate, in some countries, can reach as much as 85-90% Setting up a small business is actually one of the mose difficult things you can ever do. However, the vast majority do it for the wrong reason.

I have created many small businesses over the past decade. It is true to say that all of them were started from scratch. And also each grew into a thriving business. Just recently I have decided to sell one of the businesses off because it had done what I expected it to do which is the first issue you need to think about.

Believe it or not, most of the people who actually set up a small business do so for the wrong reasons. I've also done the same. What do I mean by the wrong reason? Most people start a small business because they believe they can do a better job then their current boss. I don't know if this is true. But, in reality, what most people really want is a better working lifestyle and more money. To be fair, there isn't anyone who can really blame you for desiring that. If that is all you want, then I strongly suggest you stay away from small business.

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One of the key issues you must remember before even thinking about starting a small business is this. Do you know what your business will look like? How do you want your clients to view what you do? What is your vision for what you want to accomplish in this business?

The second thing is this. How will you know when the business is "done" i.e. when it is finished? When you have created what you wanted to create? And even more importantly, how will you then get out of the business?

The thing is the that vast majority of small business owners have no way to let go of their business. This is a terrible state of affairs. The first and most important thing you must think about before starting your small business is exactly how you are going to eventually get out of it.

Two years ago, I started a small car cleaning business. My wife and I both started it because she wanted to see if she could build a business. Our exit strategy was to sell the business once it was done. How we would sell it was something we were not sure of?

The truth of the situation is that we could indeed have taken many different approaches with this matter. To exit the business, we could have franchised it, sold it off to another small business entrepeneur or even let it float on the stock market. We chose that we only wanted to sell it to another owner, but we still built the business in such a way that there was still plenty of growth and opportunity in the business for the new owner, but we had removed the risk for them on how to run the business by clearly documenting everything they needed to do to run that business.

I hope the above article helped you in your search for information about how to starting a small business. If it didn't, I would advise you to re-read the article thoroughly and you will get clearer about how to starting a small business.