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Starting Your Own Business

Starting your own business can be one of the greatest experiences of your professional life, if it's done right. Unfortunately, there's a reason most new small businesses fail... Too many unknowns. It's not just all about planning. It's all about planning properly.

Here are some of the questions you need to ask yourself before starting up your own business:

Do I have a the right business plan? And not just "a" business plan - but the right one. Has it been tried and tested and improved for the exact business you will be starting? If not, be prepared to invest a lot of time and money in making adjustments along the way.

Where should I locate? The answer to this question will make a big difference in your level of success. Will you be on Main Street in a prime location or off the beaten path relying less on foot traffic and more on people seeking you out - and being willing to work a little harder to get to you? Will you be in a "hot zone" surrounded by your target audience or off in left field?

How should I advertise? It's been said that "A terrible thing happens without advertising... Nothing" And that is so true. Advertising and marketing are the driving force that keep the customers coming. This is especially true in the first year of a new business before "regulars" have been established. Knowing what ads work, and in what type of media, and at what price-point can mean the difference between success and failure.

What should be my budget? When it comes to unknowns, budget usually takes first prize. Even the best planning in the world, without any industry experience to back it up, can make you fall short of having the funds you need when you need them.

How do I get financing? Do you drain your savings or go to a bank for a loan? Should you take out a second mortgage or try to borrow from friends and family? Unless you are dealing with a business consultant of some kind, this is worthy of seeking an accountant's advice.

Starting your own business is exciting, but as you can see, having expert council available is a big bonus. If you would like free business consulting from one of our franchise experts, please do not hesitate to contact us today.