stress free
technology
business solutions
.
Sharing resources that
may help you further. >
Reduce the chances of Small Business Failure
Ok I admit, that's not the most uplifting introduction I've ever read either, but many small businesses fail and that outcome prevents a lot of people from even trying. So why not take a look at what you can do to cut your losses if your small business doesn't make it. It might just be what you need to do to get out there and go for it.
Now, if you think that to go into business you need to be a risk taker, you're probably right. But no one ever said you have to get crucified because you tried. Only people who will never try would think like that.
Here are three places you can reduce your risk and they're Emotional, family & financial. None of them are simple but let's see what we can cover here.
To protect your self esteem if your great idea turns out not to be so great, remember that that only the idea failed - not you. Maybe the idea was ahead of the curve or you just needed a little more business and marketing experience. Maybe the newer, tougher competitors entered the market and probably you make some mistakes and bad decisions. But YOU are not a failure, unless you refuse to learn from a set back until that point, you are just accumulating experience.
Putting measures in place to protect your family if your business fails is important to plan for. Remember, when you're stressed or frustrated or disappointed the people closest to you will share you pain, like it or not. When If you're hard on yourself they will be upset. but make sure your family comes first .
Yes, your family time will suffer when you're burning the midnight oil, but never forget one Kindergarten Easter pagent, one middle school graduation, and one twenty fifth anniversary. The day that your child is too big for you to pick up will come sooner than you think. If you lost these moments in your life because you were "at work" failure will hurt more. We're talking about balance.
How to protect your finances is probably the easiest thing for you to control – Don't over spend! If this is your first business - for heavens sake don't mortgage the house! Look at an internet business as a great way to learn a lot without risking an equal ton of money. There are different retailbusiness models where you don't need an inventory exposure. You don't need to spend a fortune marketing your online business because you can learn to do much of the important work yourself. It's a great way to keep a lid on your investment – and your risk- and if you're not willing to stretch yourself enough to learn new skills, you'll never make it. Once you have a little success going for you and have a better feel for what you're doing and how to buy it, you can outsource some of the work, but don't outsource too early in the game.
Starting a small Business is tough. Louise Collins, the author of START UP MISTAKES, learned that all too well. In fact, when she looked back at her first full year running her online business, Louise added up what her mistakes cost her. It came to over $20,000.00.
And that's why she wrote START UP MISTAKES - a look at what NOT to do if you're wondering how to start a small business when you'd rather turn your money into profits - and not lessons.
More Resources for Business Start Up
Back To My Resources
