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May 26, 2018
Dream It ... Now Do It

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The Game Plan

Dream It ... Now Do It

Business Ownership

| 4/20/2018

So you want to start a business? You are not alone. On any given day in America — the land of opportunity — thousands of men and women are dreaming that same dream. In 2017, more than 6.5 million of them made it happen; they actually opened their own businesses.

It’s no secret that the idea of “being your own boss” carries broad appeal for many hard-working Americans looking to escape the tedium of whatever job they currently hold. They long for the freedom to do work they love, represent a product or provide a service they believe in, set their own hours and take home all the profits. The fact that you’ve picked up a copy of Florida Small Business says you might be one of them.

But while all of the aspirations that made you want to launch a business in the first place are achievable, it’s important to remember that business ownership has a sober side too. Not all business startups succeed. According to U.S. Bureau of Labor statistics, only approximately 80% of newly opened businesses will survive their first year in business and 66% the second. By year five, however, half of these same businesses will be gone.

We don’t share these numbers to scare you off, only to suggest that entrepreneurship is a serious business that should not be taken too lightly or without significant planning. Owning and operating your own business requires drive, passion, focus, resilience and just plain hard work. But here’s another interesting fact: a business owner who has failed in the past is more likely to succeed in the future than one who never tried at all.

Building a business from the ground up can be both an exhilarating and an exhausting experience. Do you have what it takes to start a business and keep it going? There’s only one way to find out and the journey starts here.

So you’ve dreamed about opening your own business, but what does that mean? What exactly is your dream? Determine your readiness for business ownership by answering these questions:

• Why do I want to start a business?

• What makes me think I can succeed in a business of my own?

• What kind of business will this be — retail, service, manufacturing?

• Will it be a brick-and-mortar operation or strictly online?

• Will I operate from home, a storefront or office space I rent?

• Will my customers come to me or will I go to them?

• Do I have the skill/talent/experience to run this business and if not, how will I acquire it?

• Will I hire employees or go it alone?

• How will I pay for this?

• Where can I find help to get started and, later, to expand?

80% of newly opened businesses will survive their 1st year in business, 66% the 2nd year.

Tags: Florida Small Business, Business Basics, The Game Plan

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