The Essential Guide to Start Your Small Business

According to recent statistics, most startup small businesses fail in the first year. Only a few have been shown to persevere and succeed in the coming years. If you plan to start your own small business from scratch, how can you be so sure to succeed and not fail? To answer that question, here is a guide to starting your own business to ensure that you will not be on the failing side. Here you will find the 3 Ps in starting a small business, namely, planning, practice, and pursue.

• Planning
This is always the first step to starting your own business. You have to know what, where, when, how, and why you are starting your own business. If you have a specific goal or focus in mind, then you are on the right path. However, if your focus is unclear, you better stop there. Find other things that you can do with your time. Just go back to planning a small business once you are sure what you want to be focusing on. You are just going to be wasting your energy and time if you have no idea what kind of business you want to be in.

While in this stage of starting a business, make sure to take the necessary courses that would help you achieve your goals. For instance, before starting a new business venture, you may have to get a Diploma in Sales, a Diploma in Digital Marketing, a Diploma in Project Management, and a Certificate 3 in Business Studies.

• Practice
If you say practice, this does not refer to diving straight to the job and only learning things as you go along. The best way to help you with your business venture is to pay close attention to how successful people have begun the same type of business that you are thinking of having. How do you do this? To do this, you can apply for a job in the industry that you have plans of being in. Once you have landed the job, observe the whole process. If the business is indeed a successful one, then their process should be effective and highly organized.

Of course, another way to learn about the business is to start it. While this may contradict the above statement, this method is a bit different. You begin the business without expectations. Do everything yourself by becoming the sales director, marketing director, accounts manager, and the like. The very issue with this approach is that you will be using a lot of your time, the kind of time that you can save if you are running a successful business. This method may be harder compared with the previous one; however, it is effective in testing theory and applying practical knowledge of the industry. Only then can you fully be immersed in the process.

• Pursue
One of the reasons why 4 out of 5 startup companies fail is that the rewards take a lot of time to achieve and are just hard. So, how do you get over this challenge? The answer is to pursue. Always focus on your goal. Never stray or get distracted from this goal. How long should you stay focused on your goal? You are the only person who can answer that. In reality, though, you can only see improvement in your business after a few years. If you usually easily gives up, then starting a business of your own is just not for you. You’re better off with a job that will pay you well.