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If you are thinking about starting a business, then you should know that a lot of other people are in the same situation as you right now. In fact, 540,000 people choose to start a business in the United States every single month. That being said, not all of them will make it. 80% of businesses fail in the very first year alone, and only half of them survive for five years or longer. If you want to make sure that your business is as successful as it can be, then this guide will help you to find out if now is the right time for you to be taking that next step.
You have a Great Team in Place
Starting a business up with a partner or even a team of professionals can come with its benefits. People who tend to start a business on their own tend to take around 4 times longer to reach the same level as someone who started up with a partner. If you are starting a business with your partner, then you have to make sure that your skills and your experience complement one another. If you start out with someone who is just as experienced as you with the same skillset, then this won’t be doing you any favors at all.
You have a Good Support System
Starting a business can be exhilarating but at the same time, it can be exhausting. You can easily set yourself up for success by simply making sure that you have a good support system. You are far more likely to succeed if you know that you have people who are 100% behind you. You also need to make sure that you are able to connect with other business owners as well. They can understand what you are going through, and they can also help you to build your network far more than you realize.
You’re in Good Shape, Financially
The most common source of money when it comes to starting a business would be for you to use your family or your friends. If you don’t have enough money to get your business started then you need to try and scale back your plans or you need to try and find financing from somewhere else. Running out of cash is the second biggest reason why businesses fail, so make sure that you are debt-free and that you have a good credit score. You might also want to make sure that you have a good support network of people who can help you out if required. Making sure that you qualify for a loan beforehand will also help you greatly down the line. Remember you need to get a startup pitch deck if you want to attract investors.
You have a Business Plan
Think about it, what’s your business model? How are you going to make money from your idea? At the end of the day, your business plan will spell out who is going to buy your product, what it is you’re going to sell and even how much profit you are going to make and more. If you are very serious about making a business, then you have to make sure that you spend a few weeks writing your plan if possible.