It seems that many are deciding to start a business. The American dream is still embedded in most citizen’s subconscious and we feel that we can do anything: All we need is hard work, determination, and perseverance. Unfortunately, despite our idealistic dreams, if these are the only “tools” in our arsenal for starting a business and unless you are the exception, the business will most likely fail. Success is found in focused, intentional work, using the right resources, getting educated, and employing not only our heart, but also our mind.
There are many aspects to consider when starting your own business here in Raleigh. Here are a few basic tips that business brokers wish you knew for putting your business and yourself in the direction of success.
When you are starting a business, you must delegate. We completely understand that you have a vision. A clear, specific vision for your business: from possible menu items to the orientation of the “wait to be seated” sign on the front desk. Though there are times to be nit picky, often choosing your battles is key when starting a business. To run your business well, you can’t do everything; you must learn to delegate tasks to those most fit to help you and to also ask for help when you don’t know what to do next. If you are just starting your business, there is a high likelihood that you don’t know everything. Consult experienced business owners, lawyers, and others who can provide you with valuable professional and personal advice. With this, when hiring, be sure to have standards for employment that will guarantee that you will have employees that you will feel like you can delegate tasks to.
Having a Niche
Often potential business owners will get excited about a business idea and decide that they are going to start that business. Often small business owners will decide to compete with highly successful giants such as Amazon and get frustrated when they put all that they have into their startup and it crashes and burns. If you feel like you can compete with the “big boys” then do your homework and figure out what you can provide that they don’t and how you can provide it at a lower cost or with more attractive options. Find that thing that people want or that community who isn’t being served and a product or service that will fit that niche need. Once you find that one thing, focus on that one thing: Focus on being the best or offering the best so you can outperform your competition.
Conclusion of Part 1
Stay tuned for the next blog in this series for more tips about starting a business in Raleigh. Also, the business brokers of ENLIGN would love to help you start your business. We offer businesses for sale and can help you sell your current business, as well. We are professionals who can offer you advice backed by experience and knowledge. Learn more about our business brokers and what we offer on our website!