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Stable Start-Up: A Few Tips for the Transition from Business Major to Business Owner (421 hits)

One of the most difficult things you can do is become an entrepreneur and start your own business. Statistics suggest that 32 percent of companies fail within their first two years of existence. Starting your own company is certainly a difficult endeavor. However, it is possible to find success. Below are a few tips to help make the process a lot smoother.

Perform Market Research

During the planning stages and well before you ever open your doors, you need to have invested a good amount of time and work into market research. Just because you have what you think is a great idea for a business does not mean itís feasible in the current market. For one, the market may already be too crowded with competitors. Even if consumers signal that they would be interested in your product, the fierce competition may run you out of business in short order. However, you wonít know that without performing the research first.

Seek Legal Advice

Another thing you should certainly be worried about in the early days is avoiding lawsuits. If you donít take precautions, you could end up getting sued. When youíre already struggling to get your business up off the ground, a lawsuit could end your dream all together.
Unfortunately, there is a plethora of different ways a small business could end up on the receiving end of a lawsuit. You may accidentally infringe on another partyís intellectual property rights. Your products could harm someone. You could end up in a contract dispute. Overall, use a business attorney to help ensure you are conforming to the law as much as possible.

Hire the Right People

While you may want to take on the entire burden of running your business yourself, small business owners that do tend to burn out. In most cases, a successful small business needs a team to help it achieve that success. Put a lot of effort into recruiting and retaining the right talent to allow your company to flourish.

Invest in a Back-up Generator

One thing that can wreak havoc on a young business is a power outage. Power outages cost businesses hundreds of millions a year. If you run a factory, a power outage could result in losing an entire dayís worth of production. A brick and mortar store may lose thousands in revenue. When youíre a new small business, you have to exist on razor thin profit margins. Something like a lengthy power outage may be enough to put you into the red. If, however, you purchase a back-up generator from a company like Oak Electric or a similar firm then you should be able to hedge against most of this risk.

Starting a small business is very difficult. However, surviving the first year as a business owner can be even more challenging. Donít give up. If you have the passion to put in the right amount of work to make your business successful, you can live out your dream as an entrepreneur.
Posted By: Kara Masterson
Monday, December 11th 2017 at 4:47PM
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