Creating business is a huge undertaking. It’s not a simple path, and often includes details you may never have considered.
To make sure you’ve covered all your bases before opening your doors, today I will discuss 8 things you should speculate before stepping into a business.
1. Research as much as possible.
2. Be organized.
3. Ask yourself….why?
4. Get a mentor.
5. Survey your target market.
6. Get legal counsel.
7. Prepare for anything and everything.
“The most important thing a small business owner can do is plan for cyclical downswings in their business activity and revenue. There is a lot to be done when you’re not providing your service or selling your goods. Make a list of marketing activities, touch base with contacts, organize your files and office. A lull in business is an opportunity to improve and plan. Likewise, revenue will come in waves. Cash flow is not a constant trickle, but expenses are. The small business owner should plan on either starting with cash reserves or trying to acquire a line of credit from a local bank.” — Joshua E. Stern Esq., Law Offices of Joshua E. Stern
8. Have an Exit Plan.
I hope this article helps you prepare better before stepping into business.