What to Know Before You Start a Small Business
How Owning a Franchise Helps
Nowadays it seems like everyone has a side hustle. Sometimes this ends up growing into a small business. If you’re lucky, the business takes off and you’re set for life. However, the key to successfully starting a small business is careful planning and decision-making. While some make it look easy to go from hustle to high-level exec, it’s crucial to consider some important factors for foundational success.
Considerations Before Starting a Small Business
Some businesses start off with a great plan and then buckle under the pressure. Others have a rocky start and end up successful. While it’s hard to predict exactly how your business will fare in this ever-changing landscape, there is a way to help prepare and give yourself the best chance of success. Keep the following factors in mind while considering whether or not you want to start a small business.
- Research. You have an idea, but do you have an audience? Conduct market research to understand who your customer is, what they’re looking for, and what the competition offers and lacks. Assess the current demand for your product or service and the industry trends that may effect it. Then plan on meeting the needs of your potential customers.
- Plan. What are the goals for your company? What’s your strategy for achieving these goals? Where would you like to see your company in the next few weeks, months, years? How will operations grow and adapt to change? An effective plan acts as a roadmap toward success. It should help keep you focused on the destination.
- Legalese. Now that the fun dreaming and planning is done, it’s time to get down to the nitty gritty details of the structure of your business. Is it a sole proprietorship, partnership, LLC, or corporation? There are different laws when it comes to taxes, liability, and operations that you need to comply with for each structure. Having a trusted legal partner will also help with any licensing and permits you may need.
- Finances. While becoming an overnight success is a nice dream, you need to consider the reality that you may not make a lot of money in the beginning stages of your business. Make a realistic plan to cover startup costs, expenses, and your budget. Secure funding through loans or investors. This is one area where many businesses falter, so it may be best to speak with a financial advisor or someone with experience starting a similar business.
- Marketing. Even before your business is up and running, you should have a plan on how you will promote it. With most of the world online on a daily basis, it’s even easier to reach an audience. However, not only do you have to attract their attention, but you have to keep it with a consistent, engaging strategy.
- Systems. Keep track of day-to-day processes and ongoing campaigns with intuitive technology that helps you with everything from accounting to customer relationship management.
- Teams. Whether you’re starting the business on your own or have a partner, maintain a positive working environment with clear communication about the company vision and expectations. As your company grows, your team may grow, but having a strong foundation will help attract valuable coworkers.
- Customers. Where will your business be without them? Make them happy with exceptional service and you’re more likely to see your business prosper.
- Change. You want your business to grow, right? With growth comes change. Be able to adapt to change, whether positive or negative. Stay on top of market news, your company’s performance, and be ready to adjust your strategies accordingly.
Starting a business is a complex process but it can also be exciting and rewarding. Knowing as much as you can before making the leap helps inform your decision. Being able to evolve helps you and your business grow.
How a Franchise Helps Business Owners
Working with a franchise helps potential business owners skip some of the steps outlined above. An established franchise already has:
- High demand
- Low start-up costs
- Proven business model
If you are a Veteran or Military family member, JDog Brands offers several franchise opportunities. Request more information about owning a successful business by calling us at 484-324-6444, and learn how you can open up your JDog Junk Removal or JDog Carpet Cleaning and Floor Care business in as little as eight weeks.