Contrary to popular belief, a slow economy can be a great time to start a business. Why? Well, instead of being dealt a hand by someone else, many choose to take hold of their own destiny. In doing so they end up thriving, as others sit anxiously ringing their hands and wondering if they will survive the lows. But, caution. While a great business idea at the right time can be a wonderful blessing, a bad idea can put you in over your head.
If you are considering starting your own business, here are some things you should know before you go:
1. Research. Seek out data and statistics on your idea so that you know if there is a market for your product/service and who your competitors might be.
2. Analyze any strengths and weaknesses your business might exhibit. For example are you an expert in this field or perhaps this business will only be parttime. Things like that will matter.
3.Get help. Visit your local small business center and ask for someone to work one on one with you about any questions you may have before initiating any official actions to start your company.
4. Do your best to create a mission statement, so that you know what the real purpose of your product/service will be.
5. Draft a potential marketing plan for your first year of operation. It will help you decide your budget and if the business is feasible, since most start up money is spent on marketing and advertising.
6. If you have time, take a small business course or something related to the product/service you plan to sell. A bit of extra knowledge can give you the just the edge you need to win customers.
7. Experiment and study the latest social media. Technology is a powerful asset in today's business world.
8. Once you've done the footwork don't forget to reach for the sky!
Many blessings on your endeavors,
Polly
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