If you are in the process of starting a small business, odds are your days are filled with paperwork, planning, and a little bit of stress. Before you get too far into the process, here are three things that you should do to ensure that your new business is a success.
Understand the Market
According to the U.S. Bureau of Labor Statistics, the first year of business operation sees a failure rate of about 20%. This is due to a variety of reasons, but one of the main ones is a lack of understanding of the market and what your customers actually need and want. Is there a local competitor offering the same items or services that you do? Unless you do what they do better, reconsider opening a business that directly competes.
Hire Legal Assistance
It is easy to get caught up in the excitement of being your own boss, but consider hiring a small business law firm Seattle WA from the get-go so they can help you navigate the complex legalities of getting started. A law firm can help with simple things like leasing space to more serious matters related to hiring employees and securing small business loans.
Write a Business Plan
A business is destined to fail without a proper plan in place. Before you start hiring or selling anything, you’ll need a concrete plan detailing exactly what you intend to do, how many people you hope to hire, and many other details. This is crucial if you are hoping to secure investors in your company, as they will need to see strong evidence of your level of commitment.
Starting a small business is exciting, but do not get ahead of yourself. Ensure you are doing the right things in advance, and you’ll have a company you can be proud of.