Three Things to Consider Before Starting a Small Business
Do you have an idea for a small business? Becoming an entrepreneur can be exciting, but it can also be intimidating. Here are a few things to consider when exploring your options for bringing your vision to life.
What problem will your small business idea solve, and what makes it unique?
As discussed in this article from Entrepreneur, this is one of the most important questions an aspiring business owner needs to answer. How does your business concept resolve a problem? What makes it different from existing solutions from other companies? Without an understanding of the “why” of your small business idea, you’ll likely struggle to build out the “how” of your business plan.
Are you ready to devote the time necessary to make it happen?
Small business owners—especially when they’re just starting out—spend significantly more time than American workers on average working each week. According to The Alternative Board’s annual small business trends analysis, 37 percent of small business owners work 50-59 hours per week. To make a small business truly thrive, most entrepreneurs will devote a lot of time to getting off the ground… at least at first. After your business is established, you can hire additional staff to lighten the load.
Where will your funding come from, and how much will you need?
There are multiple sources of funding available for prospective small business owners. Some lucky entrepreneurs get a start-up loan from a family member or friend; others connect with venture capitalists, or explore loans and/or grants. Check out this article from The Muse to learn more about different ways to fund your business, so you can determine which is right for you.
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