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Three Tips to Consider When Starting a Business

Are you thinking about starting a business? The Missouri State University Small Business & Technology Development Center (SBTDC) is here to help! Check out the tips below to avoid common stumbling blocks that folks run into when starting their own business.

It’s all about the money, money, money…. Or is it?

It is actually all about the planning. It is normal for businesses to not make a profit for the first year or two. Don’t sweat it! The important thing is to have a solid financial plan from day one. This plan should include ways to sustain the business and personal expenses during this early period.

Where’s the target and are you aiming in the right direction?

One of the most common reasons why business fail is because they don’t understand the market for their product or service. As an aspiring entrepreneur, you’ll need to understand exactly who will be purchasing from you and develop strategies for how attracting them .

When it comes to advice, who knows best?

Seek advice from someone who has been there. Talking to friends and family is great, but you’ll also need impartial advice. Sit down with a business owner, SBTDC consultant, an attorney, and/or a CPA to gain a different perspective on ideas and concerns you may have overlooked.

Key Takeaways:

  • Plan for those rainy days
  • Know your target audience
  • Seek out impartial advice

Think you’re ready to go?

If you’re ready to launch your own business (or maybe you already have), make time today to visit with the Small Business & Technology Development Center. Their trainings are designed to help business owners with everything from business planning to financial projections.

You can also sit down with an SBTDC business consultant for one-on-one guidance and feedback. Contact the SBTDC today for more information about upcoming trainings and to schedule your consultation.