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What To Expect When Starting Your Very First Business

You Will Need To Do Research

If you want to be successful in your business, you will need to spend some time doing market and demographic research up front. Your demographic will vary widely depending on which part of the state in which you start your business. You will need to find out if your selling your product or service is viable your area. Starting a business in a tourist-dependent city on the west coast will require you to market to a vastly different population than, say, rural areas in the panhandle.

You Will Make Mistakes
Expect to make mistakes as you begin, and you won’t be bothered so much when you finally do make them. When you start your own business, even if you have years or a lifetime of experience in your industry, you’ll find lots of details that need taking care of that you hadn’t planned on. You’ll likely also find that you need licenses you didn’t realize you needed, or that partners, collaborators and employees sometimes don’t follow through on their promises.

You Will Run Out of Money 

Most people who start their own businesses fail to accurately estimate the amount of capital they’ll need to make the business run while they’re building an initial customer base. Many businesses fail within the first six months of being open, and lack of capital is usually the reason why. Additionally, because some states collects no income tax from its residents, the state government tends to nickel and dime small businesses with fees and special operating licenses. Planning for more than you think you’ll need and networking with potential investors as you start your business can help prevent you from going under when money gets tight.

You Will Have To Work When You Don’t Feel Like It

 Many people don’t realize that running your own business, especially a start-up business requires a ton of time and dedication. Contrary to popular belief, you don’t always get to make your own schedule and work when you feel like it. You often have to work when you don’t feel like it, to ensure that you meet deadlines, keep your customers satisfied and pay your bills.

You Will Have To Budget Your Time Wisely

Because starting a business requires so much time, you’ll have to use your time effectively. You’ll learn to become more efficient as you work and even during your off time. Also, you will frequently find that you have to say no to requests from friends even if you want to say yes, because the business requires your immediate attention.

Author bio:  Mike Martin blogs about business.  He currently is working on starting a business in Florida and supports Florida business incentives.

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