colleagues discussing a project to their boss

A Guide to Opening a Small Business

Are you ready to become an entrepreneur? Besides having the passion and determination, you also need to have a good sense of what you can offer to your future customers. It’s also essential to be prepared with other costs to run it like a well-oiled machine. These questions can give you more ideas on how to prep for entrepreneurship:

1. Should It Be Online or Offline?

It seems everybody’s selling online. You should do the same thing, yeah? Don’t ignore those brick-and-mortar stores yet.

A 2017 survey among 1,000 Americans revealed that about 84% of them still loved to visit a physical store, or they combined both online and offline store. Many people do prefer online retail due to the ability to read reviews or view recommendations. More than half, though, also pick brick and mortar because of the experience. Fifty-three percent said they loved the opportunity to touch or see the product before making a purchase.

A growing trend is also the combine online and brick and mortar. For example, customers may be able to place their orders on the Web but pick up the item from the store.

2. What Payment Options Can I Give?

Whether it’s an online or offline shop, you want to make the ordering process as quick and as comfortable as possible. One of the strategies is to offer many payment options.

For starters, you can focus on the big three: cash, debit card, and credit card. The challenge with the latter is issuers may be less trusting on startups. You can then explore a credit card service for small businesses.

3. How Much Do I Need to Open and Run the Business?

One of the biggest challenges for any entrepreneur is money. After all, it is a finite and limited resource. The good news is that the sky is the limit when it comes to business ideas. You just need to be creative and innovative. You can begin with less than $5,000, especially if you’re in the service industry.

Capital, though, isn’t the only cost to think about. You also need to mind the licensing fees, business permit charges, and, of course, taxes. To make the business more affordable for you, consider scaling. You increase your budget as your company grows. Second, you can implement bootstrapping. You can also start a business at home, which can cost significantly less than renting an office or shop. Don’t forget to maximize your tax breaks as well.

4. How Much Time Can I Allot for the Business?

colleagues discussing a project to their boss

You can have the capital, niche, and people, but if you don’t pay attention to your company, it will collapse before you know it. But how long do you need to work? It depends on you, but if you were to believe some millionaires, you should set aside at least 14 hours a day. That’s about 95 hours every week!

Before millions are the struggles and birth pains, and not everyone will survive them. That’s why entrepreneurship is a road less traveled. These questions, though, should give you an idea of what’s in store. This way, you can plan.