There’s nothing more thrilling – or daunting – than setting off on your own, taking the plunge, and starting your own small business. It can be the best, and most rewarding, decision you’ll ever make; but the road to riches is not easy. For every success story, there are countless failures, but even for those who don’t make it, the act of simply trying can be a rewarding and enriching experience.
The payoffs from running your own small business are endless – you can be your own boss, make your own hours, and become financially self-sufficient; not to mention the immense pride that comes from creating something all on your own. However, as with all big rewards, there are also big risks. Starting your own small business can be an intimidating venture, plagued with a plethora of “what ifs” and self-doubt that can sabotage a great idea before it even gets off the ground. While nothing can ensure small business success, there are certain steps you can take that will substantially increase your chances.
Choose Your Small Business Carefully
While you may be tempted to jump on the bandwagon of the latest trendy idea, it is always better to stick with something you are familiar with – even if it seems antiquated in the market. Choosing a small business that you are passionate about will increase your chances of succeeding, as you will be more knowledgeable on the topic and more committed to making it a success. If you’re an excellent photographer but feel that the market for photographers in your area is saturated, try putting your own unique spin on it. By specializing and creating a business that is uniquely yours representing your particular talents, you can differentiate yourself from what is already available on the market.
Another consideration is offering a service vs. a product. For entrepreneurs just starting out, offering a service can be an easier foray into the small business arena as it requires much less capital in the way of startup costs, whereas with a product, you need to invest in developing inventory (and perhaps a prototype) before you can actually open your doors for business. However, it’s much more important that you choose something you are passionate about; if you love making tortoise shell jewelry, don’t discount that idea simply because offering a service would be cheaper.
Make Sure There’s a Market
Not properly defining a target market is a common mistake that dooms many small businesses before they even start. Before launching any small business venture, always make sure you do your homework. Research the market to see if there is a demand for your service or product and how many other competitors already exist. For instance, opening a math tutoring service in a retirement community wouldn’t draw too much interest, but a service that teaches seniors to use technology could do very well. Whether you need to relocate your small business or tailor your offering to suit your market, make sure that there is a viable market for whatever it is you are offering.
Securing Enough Capital
As any tried-and-true owner of a small business will tell you, the easiest way to fail is not having enough capital. Most small businesses won’t turn a profit their first year, and some still don’t for years thereafter. This doesn’t mean those businesses were a bad idea, it simply means a diligent owner must find the funds to sustain the business through the rough patches. Even established small businesses still need capital to see them through periods of low volume or to fund expansions, but having adequate capital to keep your business above water is especially important for those just starting out.
There are plenty of ways to secure capital from seeking assistance from venture capitalists (though this means giving up some ownership), to asking for help from friends and family, to using the Internet for crowdsourcing the funds. If you are receiving payments from a structured settlement or annuity, selling your payments for a lump sum can be one of the best ways to ensure you have the capital you need to make your small business a success. For many entrepreneurs, securing the capital needed to get started can be the hardest part of the process; many aren’t able to secure the funding they need and are forced to turn to credit, raking up debts that can cripple the business in the future. By selling your structured settlement or annuity, you can avoid the pitfalls of debt as the money you receive is yours to keep and never has to be paid back; also, you won’t have to give up part ownership of your small business to venture capitalists or stress about potentially losing money borrowed from friends and family.
If you’re ready to bring your dreams to life by starting your own small business, give SellYourStructuredSettlement.com a call at (800) 543-6513. Or, request a quote today to get the most money for your structured settlement or annuity payments.