In the article “The Essential To-Do List for First-Time Entrepreneurs,” the top 2 reasons small business start-ups don’t succeed are because of lack of business experience and running out of cash. Did you encounter these setbacks as you built your company or are you encountering these problems now? The article gives some great suggestions about how to help your business succeed, including:
- Overestimate (generously) your costs to start up
- Know your break-even point
- Realize that you can’t make up in volume what you lose in profit – so price accordingly
- Build your financial team
- Find a mentor or business coach
- Conquer your fear of financials
Here are a few more:
1. If you can’t find a mentor or business coach, find a support group.
Having someone who has been on the entrepreneur path to bounce ideas off of is a helpful way to stay on the right track. Look for networking or educational groups around town to connect with other business-savvy people. You may even meet a potential mentor or business coach – or someone that has a good recommendation – while networking. Check out our past blog post called “Entrepreneurs Need Mentors” for more tips.
2. Read up.
There are a lot of great resources out there for entrepreneurs. We put together a list of resources for industry news a couple of months ago. Texas Entrepreneur Network is also a great resource for news and tips. Far West Capital also posts new blogs and interesting articles on our social media sites weekly. Check out our website and look us up on Facebook, Twitter and LinkedIn.
3. Talk to someone about your financial options.
We frequently talk to people who are unaware about their options and even have clients that were amazed when their perceptions about factoring were changed. Our blog post last week described some of your financing options, but if you’re having trouble understanding asset-based lending, asset-based revolver, or other terms, give us a call and we’ll discuss your company and your financing options.
What is your greatest challenge as an entrepreneur?
