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.
Presented by Sharp Realty
205-879-1995
www.sharprealty.com
Leasing Commercial Retail Locations Nationwide.
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4 Time Management Tips for Small Business Owners
6 Smart Tips for Leasing Commercial Real Estate.
