Starting and owning a business is not for the faint of heart. It takes a lot of work. Too often business owners close their doors before they call for help. If you want to open your own business, if you own a business and are struggling or even want to expand your operation there are resources that you need to be aware of and utilize. Do not wait until it is too late to seek help.
Winston Churchill stressed this vital factor by saying,
“To improve is to change; to be perfect is to change often.”
Failure, including when running a business, is part of life. How we deal with it determines whether it ultimately leads to success.
- Be sure you have a have a business plan.
- This is your road map.
- Do SWOT Analysis regularly.
- Strengths, weakness, opportunities, Threats
- Get a mentor.
- Listen to their advice
- Be objective.
- Always keep your customers at the heart of your business.
- Manage cash flow efficiently.
- Include a profits line item in your cash budget.
- Embrace failures as short-term setbacks. Find solutions, be positive.
- Thomas Edison had many failures before he found success, he viewed each failure as a learning opportunity.
Resources to use:
- Local Economic Development Office
- Jerome 20/20
- Southern Idaho Economic Development
- Business Plus
- Small Business Development Center
- Small Business Association
- Local Chamber of Commerce
- Search for Business Grants
- US. Department of Commerce
- Small Business Development Centers
- Corporate Small-business grants
- Grants for Minorities, women, and veterans
All these resources can help review your business plan, price your service and products, offer solutions on what to ensure that your business can remain open.
Steve Jobs, of Apple, almost went bankrupt in the early years –
“I’m convinced that about half of what separates the successful entrepreneurs
from the non-successful ones is pure perseverance…”