Getting a small business started is a risky proposition. Some experts say that half of all small businesses will fail in the first year of operation, and 90 percent of all small businesses will fail after five years. In the face of these steep odds, don’t give up on your dreams of growing your own small business. Instead, be inspired to work harder and more creatively to guarantee your success. Here are five tips to help you get started on the small business you’ve been dreaming about.
Learn about Your Market
If you’re not already an expert in your field, do your research before jumping into a small business. You may want to open a restaurant, but if you’ve never worked in food services before you’ll have a lot to learn by starting at the top. Learn your business from the ground up. Consider taking a professional business class at a local college to get a better idea about what you’re getting into. You’ll need to understand both the nuances of your chosen business area and the overall demands of running a business.
Work with Your Neighbors
Find out about the local opportunities that are available in your neighborhood and take advantage of them. There are networking opportunities around every corner, and you would be foolish to pass them by. Get to know the other small business owners in your community and learn from their example. You don’t need to reinvent the wheel, so keep your ears open and learn from their mistakes.
Partner with Established Companies
When it comes to important things, make sure you only partner with well-established and reputable companies. For example, if you need specific software, reach out to a company like Sierra Cad/Cam for more information about their products. Don’t settle for anything less than the best if your small business depends on it. You don’t want to pay for a painful lesson down the road.
Take Advantage of Social Media
Advertising used to be expensive, but now there are numerous social media platforms through which you can spread your message. Get accounts on Facebook, Twitter, Instagram, and other platforms. You don’t need to hire a social media pro to do the work for you either. Social media is open to all people, and your small business will find a wide audience if you reach out.