New Year, New Business
5 Signs You Should Start Your Own
A new year typically begins with a list of goals or resolutions. If starting a business is on your list, here are five signs you’re ready to go.
5 Keys to Starting a Business
If you’ve been playing around with the idea of starting a business, but you don’t know if it’s the right time or if you’re ready, here are some tips to go for it.
- There’s a need for your product or service. In the beginning, you may think your idea is great, your family and friends may agree, but what about the rest of the world? Conduct some market research to identify who your customers are, how you can help them, and what your competition is already doing.
- You have a plan. After the initial idea is fleshed out and research backs up your goal, make a plan detailing what you’re selling, how you plan on reaching your customer, and how much money you need to make it all happen. Be honest with yourself about your finances and if you can afford startup costs. Lack of cash flow is a common cause of business failure. Drafting a comprehensive plan helps to uncover expenses and when you can expect to see some profit.
- You’re passionate about the project. If you’re still excited about the idea even after all that research and planning, that’s a sign you’re driven by more than money. Your desire to make an impact must be strong enough to motivate you through sacrificing personal time, money, and energy.
- You have a strong support system. Even if you’re going into business by yourself, it’s important to have some career cheerleaders along the way. This could be friends, family, coworkers, mentors, or even an online network of fellow entrepreneurs who are going through the process as well. If you already have a business partner, it makes it easier if you both bring different expertise to the table. For instance, you may excel at marketing while your partner knows more about accounting. The more varied experience, the better.
- You’re comfortable with risk. Starting a business is already a big one. But with the right plan, enough passion, and steady support, the odds are in your favor.
You can take some of the risk out of starting a business by operating a franchise. If you are a Veteran or Military family member, JDog Brands offers several options to help get you started.
JDog Brands Franchise Opportunities
Working with a franchise helps set up potential business owners for success. An established franchise already has:
- High demand
- Proven business model
- Low start-up costs
Request more information about owning a successful business by calling us at 484-324-6444, and learn how you can cross off one big item from your list this year.