3 Things to Know Before Starting a Small Business

Motley Fool contributor, Daniel B. Kline, published an article “3 Things to Know Before Starting a Small Business”. He highlighted three key things to know:

  1. The days never end
  2. You need to sell
  3. It can be lonely

While these are true to some extent, it paints a more negative picture than is warranted.  It’s extremely important to know what you are getting into before you leap, for instance. However, to dampen the hopes of the two-thirds of Americans who dream of opening a small business is a bit harsh.

An Alternative Perspective of the 3 Things to Know Before Starting a Small Business

Our company, ProStrategix, has helped a number of small businesses start up and ensure they realized their dream.  Therefore, we would like to offer an alternative to Mr. Kline’s list.   We believe that the 3 things to know before starting a small business are:

First, make sure it’s what you love

If you love what you are doing, the long days are much more bearable. For instance, some people are afraid because they aren’t business experts. There are plenty of places to turn for help, but there is only one person, who loves your dream – you. Therefore, the first thing to know before starting your new business is being certain this is something that you love.

Second, make sure you have a solid business model before starting a small business

For instance, ask yourself:

  • What do you offer that someone else doesn’t?
  • Can you communicate that to the people who might want it?
  • How do you satisfy and delight customers?
  • What can you do to keep them coming back?
  • How much does it cost you to do those things?
  • Is there enough money left over after so you can live off of it?

Thus, the second thing to know before starting your new business is can you make money.

Lastly, Get Help

While it is true that it will be lonely, at times. It may also feel like the days will never end, etc. But, that’s only if you don’t get the help you need.  Help isn’t cheap, but a penny invested wisely in the beginning, will save, earn, or both dollars in the long-run. Finally, the last thing to know before starting your new business is where to turn for help.

Never be Discouraged from Following a Dream

The truth is that small business makes up ½ of the US economy and ½ of the total US employment.   It’s important to know what you are doing before starting a new business.  While it’s not a walk in the park, running a small business can be a very rewarding experience. Follow our three things to know before starting your small business will only help.

If you ever find yourself in need of help before or after starting a small business, please don’t hesitate to contact us.

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