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Yes I admit, that's not the most cheerful title I've ever read either, but it's unfortunately true that most small businesses fail and the fear of failure prevents a lot of people from even trying. So why not check out what you can do to not hurt too much if your small business doesn't make it. It might just be what you need to do to get out there and go for it.
Now, if you're thinking that to go into business you need to be a risk taker, you're probably right. But no one ever said you have to take a beating because you tried. Only the terminally timid would think like that.
Check out three ways you can cut your risk and they're Family, financial and emotional They're each complex but let's see what we can cover in a short article.
To protect your self esteem if your great idea turns into a small business failure, remember that only the business was a failure - not you. Maybe the idea was ahead of the curve or you just needed a little more business and marketing experience. Maybe the newer, tougher competitors entered the market and probably you make some mistakes and bad decisions. But YOU are not a failure, unless you give up until that point, you are acquiring new skills.
Putting measures in place to protect your family if your business fails is also something you should think about. Remember, when you're under stress and feeling frustrated the people closest to you will know, like it or not. When If you're hard on yourself they will be upset. but make sure your family comes first .
Yes, it's inevitable that your time with them will suffer when you're burning the midnight oil, but never forget one Kindergarten Christmas concert, one middle school graduation, and one fifth anniversary. The day that your child is too big for you to pick up will come sooner than you think. If you paid the price of all these missed events in your life because you were "at work" failing will cost more. We're talking about balance.
How to protect your financials is probably the easiest thing for you to control – Don't over spend! If this is your first business - for heavens sake don't get carried away Look at an internet business as a great way to build a ton of experience without risking an equal ton of money. There are dropshipbusiness models where you don't need to hold any inventory. You don't need to spend a fortune marketing your online business because you can learn to do much of the important work yourself. It's a great way to keep a lid on your investment – and your risk- and if you're not willing to stretch yourself enough to learn new skills, you'll never make it. Once you have a little success going for you and have a better feel for what you're doing and how to buy it, you can outsource some of the work, but don't outsource too early in the game.
Starting a small Business is tough. Louise Collins, the author of START UP MISTAKES, learned that all too well. In fact, when she looked back at her first full year running her online business, Louise added up what her mistakes cost her. It came to over $20,000.00.
And that's why she wrote START UP MISTAKES - a look at what NOT to do if you're wondering how to start a small business when you'd rather turn your money into profits - and not lessons.
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