There is a cold hard fact that according to the government of Canada, only 32% of small businesses survive the first two years with one to four employees. That's a lot of small businesses come and go.
The odds are certainly stacked against entrepreneurs from the beginning. However, if you can make it up to five years to grow the likelihood continues to increase your business dramatically. consider carefully your business idea before a time-consuming after business plan is a great way to get started on the right foot.
is looking at three key ways you can increase the chances of your long-term success, even before you write a business plan.
1. Not every idea is a Great One
It is an inconvenient truth, but not every small business concept is a good one. This is where the value to do some basic background research, comes in. Before you even together a business plan established to set and apply for grants or loans for financing, take the time to explore your business idea.
Ask yourself the following questions:
- , it has been done before
- If so, what worked and what did not
- What are some of the hurdles you are '? ll need to be overcome?
- What's in your way are some of the barriers?
The better your research, the things will be easier for you at this stage on the way.
2. Success Plan
It is very likely that in the early days of losing capital of your company. One of the biggest mistakes you can make when you start to think a business is not enough to start in the Bank have prepared. You should think about whether you will have the funding to secure your business, before you write a formal plan for your finances.
"Not a solid financial plan otherwise holiday road as output journey without a destination in mind," said Ian Whiting, veteran financial planner "Wherever you arrive will be strictly by chance - and people do not like accidents"
and if you are worried. come short, look, why not for some of the many grants or loans for small businesses in the application? Most start-ups need loans, but grants are an additional resource that is often overlooked.
3. complacency breeds Contempt
Whether you think you are going to use a grant, loan or personal bankroll to finance your business, it is still important, to write a solid business plan. Even then will not be easy to get through the first few years of your business.
The term "make or break" is appropriate here because it is really make or break your small business in the early years. Even if you have researched your great idea and to carefully consider your financing options, it may all be in vain if you do not work hard to keep it all together.
While passion, perseverance and a well thought out business concept you will go far, nothing is absolute guarantee that your business survive the first five years. However, just because you do not do it at first, you can try again and again - who knows what success for you waiting in the future
Learn more
Are you with the taking advantage of small Business BC wide range of seminars for entrepreneurs and small to medium business owner? Space is limited, so do not miss your chance to register today.
And if you want to answer specific questions for your business, make an appointment with a Small Business BC Business Advisor or Small Business to meet BC Business Plan Advisor now.
0 Komentar