Small businesses play a significant roll in powering and sustaining our country’s economic growth. The only problem is not all of these businesses are successful. It’s still pretty risky to start a business these days. In 2010, the number of businesses that opened (742,000) almost mirrors the number of businesses that closed (754,000). Still, that doesn’t seem to deter those with relentless entrepreneurial spirit… which is a good thing. The trick is not to “slack” on the most important business aspects that will ensure success.
Slacking on Market Research – Sure, your idea is brilliant… revolutionary, even… but you still have to me sure there is a viable market for it. With that, you’ll need to make sure you can effectively service your target market. Determine if the demand for your product/service is at a level that will sustain your business.
Slacking on Operations – Everybody hates paperwork. Entrepreneurs are largely “idea” or sales-oriented people and the thought of bookkeeping makes us break out in hives. Improperly handling your back-of-the-house operations, can break your business.
Slacking on Protection – Do not under estimate the power of a good insurance policy! Not having proper coverage could not only destroy your business but ruin the personal assets of the business owners too.
Slacking on Promotion – As much as we talk about marketing and promoting your business here, you already know that this is a biggie! We’ve got loads of advice on it right HERE!
Biting Off More Than You Can Chew – Be careful not to move too fast by taking on more clients or projects than you can handle or hiring more staff than you can afford. Finding the right balance will make clients and employees… and by extension, you… very happy.
Is your business successful or successfully slacking? Let us know how you’re doing!