There are several takeaways that are important to remember from this infographic.
1) Start Your Own Business Requires Research.
Before you get started with your own business you need to do the research. Check to see what the market is for your business in your area. For example if you are interested in starting a day care, check to see how may day cares are all ready in your area to be sure that there is enough support for another daycare.
2) Plan and Plan Again.
A good business plan can help you prepare for success. It can also help you to get funding from lenders. As a matter of fact if you are going to go outside family and friends for financial support you will need to have a good business plan in place. Laying out all the information in a business plan is not only a good way to get funding but it is also like a contract with yourself and helps you to get your research done.
3) Get People On Board With Your Plan.
Drum up support among family and friends so you have a support network to cheer you on. You may also want to check into your local SBA to see if there are any networks of small business leaders in your community that mentor new business owners. Getting as much support as you can muster can help you to achieve your goals. It is always good to have someone successful mentor you.
4) Have a Backup Plan Just In Case.
Keep in mind that you are the last person to draw a paycheck out of your business. If you have employees they come first, next up is supplies and inventory and finally the rest of the overhead to run your shop. At the end of the rainbow is your paycheck so it is a good idea to have a stable income while you are getting your business off the ground.
5) Know When To Fold.
When you have tried everything you can to make your business work and you just cannot make it happen you have to know when to walk away. Failing is not a testament to your character. It is fine to walk away when there is nothing left to try as a matter of fact it is strongly suggested. There is no glory in going down with the ship.
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