ering opening a business. Perhaps there are too many stores that sell the same items that you want to sell. Visit the businesses that are going to be your competition; or have others visit them and report back to you. You may learn a lot from what others are doing. You may also learn what things they are doing well and what things that you can improve. Every person has been in a business and after leaving thought about things theBeing your own boss is a dream that hundreds of thousands of people aspire to every year. But out of the many people that start a business each year, approximately eighty percent fail. But, that also means that twenty percent of the dreamers build a successful business. Whether you want to open a family business, or you intend to build a chain of stores, there are some common elements that are necessary for success.

A Business Plan is necessary for every business no matter how large or small. This plan should include such things as a description of your business and your plan for its future success. Operating without a business plan would be like starting on a vacation without knowing where you were going. You would make it somewhere, but it might not be where you wanted.

A good business plan is written as a guide for your business. List what your objectives are; are your business objectives only to make a profit, or are you interested in long term expansion. These are questions to ponder.

Your business plan should include a marketing plan. How will your customers know that you are there? What types of advertising are best for your business? Advertising rates can vary widely depending on which media you choose to use. Newspaper advertising may be successful for one promotion, but not for others. One business owner that I know created a very expensive radio advertising campaign during a basketball tournament to advertise a clothing store and did not do very well with the promotion. Other times, I have known radio campaigns that did very well. The best way to “get the word out” will vary from location to location.

Be realistic. Your competition is a major factor to think about when considering opening a business. Perhaps there are too many stores that sell the same items that you want to sell. Visit the businesses that are going to be your competition; or have others visit them and report back to you. You may learn a lot from what others are doing. You may also learn what things they are doing well and what things that you can improve. Every person has been in a business and after leaving thought about things they

s Plan is necessary for every business no matter how large or small. This plan should include such things as a description of your business and your plan for its future success. Operating without a business plan would be like starting on a vacation without knowing where you were going. You would make it somewhere, but it might not be where you wanted.

A good business plan is written as a guide for your business. List what your objectives are; are your business objectives only to make a profit, or are you interested in long term expansion. These are questions to ponder.

Your business plan should include a marketing plan. How will your customers know that you are there? What types of advertising are best for your business? Advertising rates can vary widely depending on which media you choose to use. Newspaper advertising may be successful for one promotion, but not for others. One business owner that I know created a very expensive radio advertising campaign during a basketball tournament to advertise a clothing store and did not do very well with the promotion. Other times, I have known radio campaigns that did very well. The best way to “get the word out” will vary from location to location.

Be realistic. Your competition is a major factor to think about when considering opening a business. Perhaps there are too many stores that sell the same items that you want to sell. Visit the businesses that are going to be your competition; or have others visit them and report back to you. You may learn a lot from what others are doing. You may also learn what things they are doing well and what things that you can improve. Every person has been in a business and after leaving thought about things the

r objectives are; are your business objectives only to make a profit, or are you interested in long term expansion. These are questions to ponder.

Your business plan should include a marketing plan. How will your customers know that you are there? What types of advertising are best for your business? Advertising rates can vary widely depending on which media you choose to use. Newspaper advertising may be successful for one promotion, but not for others. One business owner that I know created a very expensive radio advertising campaign during a basketball tournament to advertise a clothing store and did not do very well with the promotion. Other times, I have known radio campaigns that did very well. The best way to “get the word out” will vary from location to location.

Be realistic. Your competition is a major factor to think about when considering opening a business. Perhaps there are too many stores that sell the same items that you want to sell. Visit the businesses that are going to be your competition; or have others visit them and report back to you. You may learn a lot from what others are doing. You may also learn what things they are doing well and what things that you can improve. Every person has been in a business and after leaving thought about things the

promotion, but not for others. One business owner that I know created a very expensive radio advertising campaign during a basketball tournament to advertise a clothing store and did not do very well with the promotion. Other times, I have known radio campaigns that did very well. The best way to “get the word out” will vary from location to location.

Be realistic. Your competition is a major factor to think about when considering opening a business. Perhaps there are too many stores that sell the same items that you want to sell. Visit the businesses that are going to be your competition; or have others visit them and report back to you. You may learn a lot from what others are doing. You may also learn what things they are doing well and what things that you can improve. Every person has been in a business and after leaving thought about things the

ering opening a business. Perhaps there are too many stores that sell the same items that you want to sell. Visit the businesses that are going to be your competition; or have others visit them and report back to you. You may learn a lot from what others are doing. You may also learn what things they are doing well and what things that you can improve. Every person has been in a business and after leaving thought about things they would do if the business were theirs.

Opening Capital. How much money you will need to get started is something that is often under estimated. I would suggest that you estimate everything that you can think of that is necessary and at least double it. It may not take that much, but I have found that it is better to be over capitalized, than to be under funded. And, you will always have expenses that you forgot.

Finally, find out what your potential customers want. The adage “If you build it, they will come,” is not necessarily true. If you are selling something that customers in that area don’t need or want, the likelihood of success is minimal. Having a clothing store that specializes in men’s suits would not seem to be a good idea in a rural farm area. However, having a clothing store that sold jeans and overalls might do very well in that area. Ask yourself questions. If you do not purchase items very often that you are considering selling, chances are that your potential customers will not either.

Do your homework. Opening a business is hard work and taking shortcuts on your research will only hurt you in the long run.

And Do Not Give Up. There will be plenty of difficult times in the beginning. But if you persevere, perhaps you will be one of the twenty percent of the businesses that succeed and prosper. It will feel good to be your own boss and you will decide that it was well worth the headaches.