• Small Business Florida

Know What to Expect

Like you, many people dream of owning a business. Achieving success demands that you know what to expect throughout your journey. First, you need to know if business ownership is right for you. Before you take this plunge, focus on what every aspiring entrepreneur needs to know.

Understand What You Are Getting Into
If it were easy to run a small business, everyone would be doing it. Yours is a dream shared by millions of people in this country every year. Many of those dreams will never be anything more than that. Many others will launch, only to end in disappointment and failure. But the ultimate prize awaits those who wisely invest their time, preparing for what comes next.

If you’ve never owned or operated a business before, now would be a good time to seek help.

Take some college-level classes to gain basic business skills such as budgeting and finance, strategic planning, data analysis and time management. Find a job with the kind of company you want to own. Or even better, find a mentor — an entrepreneur or instructor you admire — to help you get started down the right path. And never be afraid to ask questions, even stupid ones. It’s the best way to learn.

Define your business structure
Your business needs a basic structure. One of the most efficient ways to define it is by asking and answering these basic questions:

  • WHO Just me? Me plus one or two assistants? A staff to cover multiple shifts? Temps for busy times?
  • WHAT A retail shop? A professional practice? Strictly online? Catalog and/or mail order?
  • WHERE A storefront? A stand-alone office or suite in an existing business? My laptop at home?
  • WHEN Regular or flexible hours? By appointment only? Walk-ins welcome?
  • WHY I love this idea! Could be a real moneymaker. I’m good at this. No one else is doing it.
  • HOW Do I have the smarts/experience/resources to build a business and keep it going?

Assess Your Readiness
While no two business pathways are exactly alike, they do all have some things in common. For example, no matter how prepared you think you are, there will be challenges you have to face.

That’s why it’s never enough to simply have the necessary professional credentials and/or licenses for the business of your dreams. Being a registered cosmetologist, real estate broker, dietitian, paralegal or CPA is only part of the equation. You also need a working knowledge of general business operations.

Questions you should be prepared to ask and answer

  • Do I have the necessary assets — skills, stamina, capital, etc. — to make it as an entrepreneur?
  • Can I formulate a concrete and comprehensive written plan for my business?
  • Am I prepared to be my own boss? Have I identified a mentor to guide me and, if not, where might I find one?
  • Have I established an online presence?
  • Do I understand social media and how to use it effectively?
  • How will I go about staffing my business?
  • How many employees might I need and where will I find them?
  • If I don’t intend to have employees — to operate instead as a sole proprietor — what thought have I given to how my business will survive if I become sick or incapacitated?

 

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