6 THINGS TO KNOW BEFORE LAUNCHING A SMALL BUSINESS

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by Jeff Shuford
May 25, 2019

Many people dream of owning a small business. Owning a company is ideal for people who are naturally creative, are visionaries, and want freedom from the daily toil of a corporate job. However, launching a small business is not solely about having enough capital or a great idea. A would-be entrepreneur should also have the courage to take risks, a great imagination to be innovative, and the self-discipline to sustain the work needed to attain set goals. Here are some important considerations to think about before launching a small business.

BASE YOUR BUSINESS ON SOMETHING YOU LOVE DOING

A business has a higher chance to succeed if it is based on its owner’s passion. Entrepreneurs tend to work harder and enjoy what they’re doing if they love the business. If you love animals, you will naturally enjoy any pet-related company. If you like to cook, you’ll be better off opening a restaurant. A business will not be all work (and no play) if you are also enjoying it.

KNOW THE FINANCIAL SIDE OF THE BUSINESS YOU WANT TO ENTER

Passion and a love for food and cooking will not automatically translate to being a successful restaurateur. The difference between a business entrepreneur and an enthusiast is the financial know-how of the former. Knowing how to cook excellent meals will not necessarily lead you to customers and profit. Before you enter into a business, make sure that you explore not only the creative and production side of the process, but also the marketing, financial, and costing aspects as well.

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