Congratulations! You Are A Business Owner!

It is 7:59 a.m. on Monday morning. Tick, tick, tick…closer and closer the hour hand on the

clock moves toward the opening of your business. Tick, tick…tick…B:00 am. It is officially

your first day in business. You are going to be a success! You unlock the front door,

turn the sign to Open, and can’t keep the big grin from overtaking your face.

• 9:00 a.m. The phone rings. You answer the phone with a smile. Wrong number.

• 10:00 a.m. You check to make sure you flipped the sign on the door to Open.

• 11:00 am. You check to make sure you have dial tone.

• 12:30 p.m. Your first customer appears! Yes! You made your first dollar.

• 2:00 p.m. You rearrange your display case.

• 5:00 p.m. You flip your sign on the door to Closed and sigh.

What went wrong? “Gasp”…what is tomorrow going to be like? How long will you be able to

afford to stay in business?

The hard part should be over, that of getting your business opened, right? Unfortunately,

the truth of the matter is that getting your business opened is the easiest part of the

whole venture. The hard part comes AFTER you open your doors for business.

There are so many things that now demand your attention. Running your business, ordering,

bookkeeping, meeting the requirements of the governmental agencies, and attracting

business…to name just a few.

Statistics show that 90% of all businesses fail within the first 5 years. Of those that

make it past the first 5 years, 90% will fail over the next 5 years. There are numerous reasons

that can cause a business to fold. One reason is due to a lack of planning.

What kind of planning should you do?

If you didn’t put together a business plan prior to opening your doors, it isn’t too late. A

business plan can be compared to a road map of where you want your company to go and

how you are going to get there. It will help you consider detours, road construction, and

other road blocks that might keep you from arriving successfully at your destination.

A marketing plan should be designed to map out when you will market, who you will market

to, how you will market, and where the money will come from to pay for the marketing.

A strategic plan should be in place for your first year of business. Written out in a weekly

and monthly manner to begin with will help you keep focused on where you want your business

to be at the end of your first year. Then longer term strategic plans should be put in

place as you move into your second year. Combining short-term and long-term strategic

plans will help keep your business organized in the short term and focused in the long term.

You don’t have to be an expert in all of the areas of your business to be successful. By

working with people who specialize in business administration, you can increase your

chances of success and save money by utilizing their skills.

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