Time - New Business Start-up Friend Or Foe? Make Time Your
Ally When Starting A New Business
By Aurora Anderson
What's the truth about new business failure rates? If you
have considered starting your own business or are in the process
of making that leap, you probably have heard that half of
all businesses fail in their first year of operation. The
latest statistics released from the Small Business Administration
indicate somewhat better odds: two-thirds of all new businesses
survive at least two years, and 44 percent survive at least
four years.
Still, these numbers can give you cause for pause. Is it
worth the effort? Do you have what it takes to succeed?
Bottom line? It's not enough to have a great idea. You need
to know how to put feet to it.
Whether you want to start a home-based business or other
small business, three things are certain. One, you need to
wear a lot of hats. Two, you probably don't have all the skills
you need to wear all those hats. Three, you don't have time
to wear all those hats.
Bookstores and Web sites are rife with resources to help
you with the myriad details involved in starting a small business.
If you bought everything you needed, you would collect your
own a library of books: ones for developing a business plan,
marketing strategy, accounting system, and computer network.
Other books talk about legal liability, intellectual property
rights, or the right way to interview and hire people. All
these topics and more are important contributors to the success
of your new business.
Adrift in a sea of books or bookmarked Web sites, it's easy
to lose sight of the original reasons why you wanted to start
your business in the first place: passion for your idea and
the desire for freedom.
Some people turn to franchising because many business decisions
are already made for them. But with franchising comes up-front
buy-in fees, restrictions in how business is done and surrendering
part of one's profits to corporate HQ. Again, business freedom
remains elusive.
Much has been written regarding reasons why new businesses
fail. Often, it's from lack of venture capital. Unrealistic
expectations of cash flow-revenues versus business expenses-are
another common stumbling block. Lack of good business management
skills can submarine an otherwise-promising venture. Similarly,
people think that owning a business will enable them to work
fewer hours than before. That may be true sometime down the
road, but not when you start a small business. Temperament
also plays a role in business success. You need to be willing
to learn from your mistakes and look upon setbacks as simply
another bend in the road to success. You need persistence
in measures beyond intelligence.
But often new businesses fail simply because the owner doesn't
have enough time to devote to administrative and technical
tasks: corporate reporting structures and taxes, network setup,
office management, and all the other details that can eat
away at the heart of a promising business venture.
Ideally, you could hire or contract with others to provide
all the administrative, legal and technical services you need.
But you live in the real world, right? And, at this stage,
you can't afford an attorney or business consultant at $200%2B
per hour. Nor can you afford to spend months teaching yourself
every facet of business.
The most economical and time-efficient way to ramp up in
all these areas is to have one source of easy-to-follow, step-by-step
information. Even better is a resource that also tells you
HOW to do it. Now, for the first time, this is available in
a free 60-page blueprint -written by small-business owners
who are experts in legal, technical, marketing and financing
of small companies. The article is called "Business 2.0,
A Blueprint for Starting and Operating Your Business in Today's
Hi-Tech World". Reading this can save you money as well
as many hours of frustration time-and move you closer to the
freedom that you desire in having your own business. This
downloadable free multimedia PDF file is available at Innoventum
(http://www.innoventum.com)
For helpful information on time management with a new business,
check out what the Small Business Administration has to say
(http://www.sba.gov/smallbusinessplanner/manage/makedecisions/SERV_MAKETIME.html)
For FREE articles and videos related to small-business start-ups,
or for more information on developing a successful new business,
consult the professionals at Innoventum (at http://www.innoventum.com)
Aurora Anderson is the Director of Marketing for Innoventum,
Inc. Innoventum is a company driven by business professionals
who have cleared the many hurdles that come with business
start-up steps, including legal, technical, marketing and
funding considerations. Run by three attorneys, all with entrepreneurial
experience and one an eight-time author of technology books,
Innoventum is dedicated to helping new businesses and small
businesses become established in the most time- and cost-efficient
way-with a professional, seasoned corporate image.
Article Source: EzineArticles.com
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