Three Essentials for Starting a Small Business |3 Keys To Starting A Small Business

 How can you succeed if the majority of startup small businesses fail?

Before we get to that, can you tell me who I am? I've started and sold four small businesses in the last few years, all of which are still going strong, so I know a thing or two about the subject.

Now, let's get to the meat of the matter:

Planning

It is critical to understand what, when, why, where, and how you intend to launch your business. Don't even try unless you have a clear focus; it will be a waste of your time and energy.

In addition, you should take whatever courses are available to help you achieve your goals. In my case, prior to embarking on my most recent venture, I completed a Certificate 3 in Business Studies, a Diploma in Digital Marketing, a Diploma in Sales, and a Diploma in Project Management.

Practice

What I mean by practise is not just jumping in and learning on the job, but rather observing how SUCCESSFUL people have started the same type of business that you are attempting to start. How are you able to do this? Getting a job in the industry where you want to work is one effective method. After that, keep an eye on the process. If the company is truly successful, they will have a well-organized and efficient process.

Another option is to start your own business. I know, I know, I said don't do it, but this suggestion differs slightly. Begin the company with no expectations. Make a career as a marketing director, accounts manager, or sales director.

You must do everything yourself. The problem with this approach is that it will consume a significant amount of time, time that you will save if you are able to work in a successful business that someone else has started. Yes, this is the more difficult of the two options, but it does take you from theory to complete practical knowledge of the industry, allowing you to become fully immersed in it.

Pursue

There is a reason why four out of every five small business start-ups fail: the rewards are difficult to achieve and take an inordinate amount of time. How will you overcome this stumbling block?

Pursue is the key. You must remain focused on your goal and never look away or become distracted from it. How long can you concentrate on your goal? Only you have the answer! However, realistically, it will take you several years to make significant progress in your endeavour. You should not try to start a business if you are easily discouraged. Instead, seek a well-paying job.

The Advantages

Why bother if it's all such hard work? The rewards can be enormous. Consider a few examples:

*Time - Make a flexible schedule, spend more time with your family, or prioritise other tasks.

*Passive Income - Depending on the type of business you want to start, it may continue to pay you even when you're not working.

*Capital Gains - You may be able to achieve a significant return on your investment in starting your business.

Do you want to start your own business? Take a chance! But don't forget to Plan, Practice, and Pursue!