In the United States, thousands of small businesses are launched every year; however, only a few of them are truly successful long-term. It’s not easy to jump into entrepreneurship, no matter the type of business you are attempting to create and run. It’s always prudent to have a proverbial parachute packed before you take the leap. Having a smart back plan in place for supporting yourself through the initial stages of launching a business is greatly beneficial, as is having other contingency plans in place.
While you can never truly predict the future, there are steps you can take to give yourself some measure of security before you begin. As part of your “small business parachute”, you should have a strong business plan. There is much more involved with a successful business besides just having a good idea and opening up shop. Take the time to draft a thoughtful and thorough business plan — this will give your operation vision, direction and focus.
Another thing you may need in your “parachute” or contingency plan is a financial fallback strategy. Especially in the beginning stages, it can be difficult to turn a profit. You may find it helpful to have a plan for navigating the tough initial phases of a start-up. This could mean working another part-time job, raising capital or having another way to generate an income stream for you and your family.
Planning and careful consideration of your potential needs and goals will provide you with security and confidence for the future. As you walk through the often-difficult first stages of starting a business, it’s smart to have a safety net. Entrepreneurs can face many challenges, but the payoff can be well worth the effort. If you want to take the leap into the world of small business, pack your parachute before you take the leap.
By Meagan Kerlin for Vertu Marketing LLC