How To Start A Small Business - Blueprint For Beating The Odds
What’s the truth about new business failure rates? If you have considered starting your own business or are in the process of making that leap, you probably have heard that half of all businesses fail in their first year of operation. The latest statistics released from the Small Business Administration reveal somewhat better odds: two-thirds of all new businesses survive at least two years, and 44 percent survive at least four years.
Still, these numbers can give you cause for pause. Is it worth the effort? Do you have what it takes to succeed?
A tremendous amount of start home business information exists. Whether you want to start a home-based business or other small business, three things are certain. One, you need to wear a lot of hats. Two, you probably don’t have all the skills you need to wear all those hats. Three, you don’t have time to wear all those hats.
The frustration time involved in learning how to wear all those hats makes it easy to lose sight of the reasons why you wanted to start your business in the first place: passion for your idea and the desire for freedom. Endless distractions and “time wasters” can derail a start-up’s best intentions.
Some people turn to franchising because many business decisions are already made for them. But with franchising comes up-front buy-in fees, restrictions in how business is done and surrendering part of one’s profits to corporate HQ. Once more, business freedom remains elusive.
New businesses may fail due to lack of venture capital, unrealistic expectations about cash flow, poor management skills and a host of other reasons. In addition, if you don’t have a “bounce-back” temperament that sees setbacks as simply another bend in the road to success, you’ll be at a disadvantage. You need persistence in measures beyond intelligence. But one reason in particular can submarine an otherwise-promising venture.
More often than not, new businesses fail simply because the owner can’t find time to juggle administrative, technical and product development tasks. Corporate reporting structures, taxes, network setup, office management, marketing and other details can eat away at the heart of a promising business venture.
Contracting with administrative, legal and technical consultants is cost prohibitive to a business start-up. Nor can you afford to spend months teaching yourself every facet of business.
Innoventum President Denise Gosnell says this is a common thread with new businesses. “Take Dave, for example. He’s passionate about creating movies. But he doesn’t know how to form a corporation, create a web site, or write a business plan. He’s just great at creating movies. But ever since Dave went on his own, he’s been so busy trying to figure out all the business stuff that he hasn’t had any time left to create movies. We’ve helped hundreds of people like Dave move through the necessary business start-up steps quickly and inexpensively so they can focus on what they are good at. That’s what Innoventum does—shows people how to develop their infrastructure without breaking the bank, so they can get back to their passion, like Dave’s movies.”
Don’t you wish there was a definitive handbook for new business start-up steps? A single step-by-step guide that was economical and time efficient? One that explains HOW to ramp up in all these areas and WHEN—based on your unique business needs? Now, for the first time, this is available in a free 60-page blueprint —written by small-business owners who are experts in legal, technical, marketing and financing of small companies. Reading this can save you money as well as many hours of frustration time—and move you closer to the freedom that you desire in having your own business. The article is called “Business 2.0, A Blueprint for Starting and Operating Your Business in Today’s Hi-Tech World”. This downloadable free PDF file can be found at Innoventum (http://www.innoventum.com).
For helpful information on time management with a new business, check out what the Small Business Administration has to say (http://www.sba.gov/smallbusinessplanner/manage/makedecisions/SERV_MAKETIME.html).
For FREE start home business articles and videos related to small-business start ups, or for more information on developing a successful new business, consult the professionals at Innoventum (at http://www.innoventum.com).
Innoventum is a company driven by business professionals who have cleared the many hurdles that come with start home based business steps, including legal, technical, marketing and funding considerations. Run by three attorneys, all with entrepreneurial experience and one an eight-time author of technology books, Innoventum is dedicated to helping new businesses and small businesses become established in the most time- and cost-efficient way—with a professional, seasoned corporate image.