While some may think the recession is a good reason NOT to start your first business in the New Year, the truth is that some of the most successful businesses around started during past recessions.
One well-known example is Disney. Of course, there is no guarantee that your small business will turn into an American icon, but you can find success through the business of your dreams.
First, you must take the needed steps to get started on your New Year’s resolution.
Don’t Quit Your Day Job
If you already have a career, see if there is a way to start your business while still keeping your job. This is not the easiest option, but if it is possible, you should do it.
This will allow you keep your health insurance for as long as possible and you won’t be giving up your financial security should the business not succeed.
There are some businesses that you will not be able to run AND keep your day job, but many successful entrepreneurs started their first business while still working for someone else.
Need Start Up Money? Are You Sure?
Clearly, some businesses require some capital to get started. There are, however, some businesses that can be started with little or no start up money.
Draw up a business plan and figure out what you really need to get started.
Do Some Research
Are there similar businesses in your area? If so, how can you provide better service and better value?
Look at their ads (including where they choose to advertise) and find ways to do it better and reach an audience that they may have overlooked.
Marketing and Advertising
So you have started you first business that provides a product or service that thousands of people in your area need. Your service is great and your prices are low.
Many small businesses get to this point and then fail because they did not implement an effective marketing or advertising campaign. Many small businesses figure they will just wait and advertise later when they have more money coming in.
But if you have money to spend, advertising is where you need to spend some of it. If no one knows about your business then your phone isn’t going to ring. Get the word out, and be very aware of how you spend those advertising dollars.
Figure out who your target audience is, and then spend your money in ways that will best reach them.
A new year is a great time to finally start making your dream of owning your own business a reality. Just be sure that you start your first business with a plan in place and that you have done enough research to know who your potential customers are and how to best reach them.
Get started on your New Year’s resolution now. It’s never too late to make your dreams come true. Make wise business decisions and you have the potential to grow a successful first business.
