steps starting 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? There are countries where that rate of failure is actually as high 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.

Over the past decade, I have built up many small businesses. Each grew into a thriving business even though they were all started from scratch. 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.

Most of the people who set up a small business, including me as well in the past, do so for the wrong reason. But what is this wrong reason? The majority of men and women who set up a small business do so thinking they can do better than their current employer. Perhaps there is an element of truth in this. However, most small business owners really want improved employment conditions with an increased income. No one can blame you for wanting that. But I have this warning for you. If you want that, please do not start a small business.

Finding this article useful so far? If you have the patience to go through the remainder of this article related to steps starting small business you will certainly learn one or two things that will prove very helpful to you.

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? If you were walking down the street, how would you want to be found? What impression do you want to give to your clients? What clearly do you what to achieve 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?

See most people when they go into business have no exit strategy and that is one of the worst things you can do. 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.

A couple of years ago, I kicked off a small car valeting business. Me & my wife began it because my wife wanted to see if she could actually run a small business. Our plan to get out of it was to sell off the business once it was fully up and running and successful. We were not sure how we were going to sell it.

See, we could have taken a number of approaches to this. We could have let go of it by franchising the business, or sell it entirely to someone else or even float it on the stockmarket. We originally decided our aim was to sell it off to another small business owner. But we still set it up so that it could still grow and provide more opportunites for the new owner. In essence, we had removed the risky bits for them on how to operate the business by clearly spelling out and documenting everything they needed to know in order to run the small business successfully.

There you go. I hope the above article helped you in your search for information about steps starting small business.