Dreaming of owning your own business?
I think it is safe to say that everyone in our community will be rooting for your success. Surely no one would prefer a large national chain moving into town. That said, there is a limit to how much we will spend to keep your dream alive. So, here are some thoughts on what to consider before taking your leap of faith.
First and foremost, your new business must sell a product or service that people want and need. Sound simple? Apparently it isn’t. I have seen too many new businesses trying to sell a product or service that is the utter fascination of the owner and several of their closest friends, but could not be given away to anyone else. This will be the hardest part of your decision. It may be extremely difficult to admit that what you have your heart set on won’t sell. So, try not to be blinded by your personal interests or a headlong rush to become your own boss. Do your research. If you can’t find good examples of your business in other similar communities, there is a red flag to take seriously. Some things you might want to sell just have no demand—like trying to sell pine cones in Evergreen.
If you are confident there is demand for your new business, then examine your reasons for starting the business. Hands down, the most important reason should be that the business will make money! All other reasons that sound like, “We can write off our trips to Mexico,” or “I can get paid to do what I’ve always loved!” represent a going-out-of-business sale waiting to happen. If your business will not make you an adequate amount of money, you will learn to hate what you used to love. Even if you don’t need the money and even if your spouse can support your business, it’s not much fun losing money month after month, year after year.
Be prepared for the long haul. You cannot underestimate how long it will take to get established. Even after five years, there will still be customers who say, “I didn’t know you were here.” What? You’ve been shopping next door for the last five years and you never noticed me? Go figure. Preparing for the long haul is more than having the financial assets to cover the early years. You need to be sure of your own personal staying power. Is this really how you want to spend your days? Starting a new business is usually not the right thing for people with a short attention span.
Finally, can you be tied to your business every day? Unless you’re Taco Bell, our local market demands the owner’s presence. Small-town customers want to be treated as such. They delight in knowing the owner and expect the owner to know them. In a small town, the first sign of small business doom is when the owner who established the business and developed the customer relationships installs a manager.
After all of this analysis, if you still think your business venture is on the right track, then just do it and never look back!
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