August 14th 2023.
It's no secret that many, including Black Americans, are passionate about starting their own businesses. After all, it's a great way to become your own boss and potentially build financial legacy for yourself and your family. However, two of the biggest barriers for potential entrepreneurs are deciding where to begin and what concept to use. Additionally, it's important to consider your goals and how much time you can devote to the business, as well as your personal and business financial status. This is especially important when data shows that only 25% of businesses survive for 15 years after opening.
That's why it's important to consider key tips before starting a business. To help, BLACK ENTERPRISE has provided five tips to consider before taking the plunge.
First, do your homework. Market research is essential to determine how to turn your business concept into a successful reality. That includes learning who your target customers are, what other similar companies are in the area, and if there is a need for your business. The Small Business Administration website has all the details you need.
Second, determine the type of business. This should be based on who your customers are and what strategies you plan to use to keep them engaged. A solid business plan will help you structure and run your business and help you grow.
Third, get the capital you need. Not having enough funds is one of the main reasons entrepreneurs fail to start a business properly. A good business plan can help determine the amount of money you need and the type of financing you should seek, like self-financing, investors, or other means.
Fourth, establish a business location. This is one of the most important decisions you can make for your business. Consider if you want a physical or online location, and whether you can afford both. Your location can affect how you reach customers and generate revenue.
Finally, take a look at the big picture. Think about your tax burden, potential risks, and equipment and materials you need. Consider if you'd like a business partner or mentor.
These are only five tips to consider before starting a business. For more information and additional advice, check out the BLACK BUSINESS MONTH: Celebrating National Black Business Month 2023 website and another resource. With the right guidance, you can make the process smoother and increase your chances of success.
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