Before you launch your small business startup, the are a number of things you should do to prepare yourself. Properly preparing yourself before you launch your small business startup may increase your chances of success. Most new businesses fail within the first 5 years but you may be able to avoid becoming apart of that statistic if you do the following–
- Research the Industry – Researching your business industry before you launch the business is critical. It will give you a better understanding of how to operate the business and whether or not it’s worth it to start a business at all. There are industry research sites online that you can use to find extensive industry reports about your business industry including IBISWorld and First Research.
- Register Your Business & Obtain Your Tax ID – After you research the industry and decide to move forward with your small business startup, you can register the business and obtain your tax ID. Legally registering your business and obtaining a tax ID for your small business startup will legitimize it.
- Write Your Business Plan – Writing your business plan is critical to the success of your small business startup. Your business plan should serve as a guide for launching and operating your business. The business plan can also be used to help you obtain capital for the business.
- Obtain Capital – Obtaining capital is also critical to the success of your small business startup. If you don’t have the personal savings to invest in your small business startup, obtaining capital from an outside source (i.e. investor or lender) to fund the business. Obtaining capital for your small business startup and investing it in the right revenue generating activities will help your business get off to a fast start.