There is nothing more exciting than the thought of owning your own business, being your own boss, and having your brand or name on merchandise.
However, the excitement can turn to distress if you have not considered these four subjects when you start your new business.
1. Financial: There are many start-up costs associated with opening a new business.
There are often hidden costs or fees that will come up when starting the business such as licensing, cost of maintaining a building, merchandise stock, marketing, staff, insurance, accountant and much more.
Multiply your budgeted start-up costs by 3 or 4 to maintain a financial comfort zone.
2. Marketing: Create an annual Marketing Plan. The adage "build it and they will come" only happens in movies! Opening a business with a sign outside does not guarantee people will shop your business.
You should have a annual marketing plan and budget for the entire year. Marketing is not a once a year event.
Also, successful marketing requires professionals. Don't leave have your collage age child do your social media marketing just because they are good at using social media to communicate with friends.
3. Long Hours: The fantasy of working whenever hours you want is exactly that, a fantasy! As a business owner you will work more hours than you ever in your life.
Being a business owner means you are never far from your business, even while on vacation if you are lucky enough to get a vacation.
4. No or Little Income The First Few Years: Most new businesses do not turn a profit for several year.
Take these considerations and be realistic when planning your new business. There are many successful business owners in your area. Talk to them and ask what helped make their business a success.
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