Some might think that this is the WORST time to start a business. We are seeing businesses- big and small- dropping like flies. Starting a small business is risky- we all know that and have seen the statistics to prove it.  You wouldn’t necessarily expect it from the big corporate giants, but we are seeing it happen way more frequently than we ever imagined.

There are some common threads that run between both the large and the small business that I think give us valuable lessons in how you, as an entrepreneur looking to start a business, can look at and a way to plan for creating a business that has a better than average chance of succeeding.

Start with the end in mind even before you begin

• • What do you see your business looking like in 5 years?
  • How much money will you be making?
  • How many employees will you have?

Start with multiple revenue streams from day one

• The secret to financial security is to have multiple streams of revenue in your business- just like you should have in your personal life.
• Think of ways that can generate revenue, alongside your obvious revenue your business is generating.
  • Create a plan for each one of those and start with at least one
  • Make all of them part of your business plan

Test your idea to make sure it is a valid one

• This is something to do before you start your business and continue to do throughout your business.
  • Set up ways to beta test your ideas- whether it is the concept of your new business or a new merchandise line or service or revenue stream
  • Take notes on what is working and what is not. Note comments and responses, whether written or verbal to give you direction

Think of your business, and everything that happens in it, as a continual learning process that will provide a firm and stable foundation to help you withstand even the toughest obstacles you come up against.

I’ve given you the framework to start and test your idea. If you would like to begin, right now, putting it in action then take advantage of this worksheet to get you started. If you would like help in moving forward email me here.

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