Tips for

Success in
Starting a
Small Business
Tips for Success in Starting a Small
Business
Recognize your strengths and weaknesses
Start with a simple business plan and grow it
as needed
Focus on something you have a passion for
Understand your target customers and
existing market
Don’t be afraid to ask for help
Recognize your strengths and
weaknesses
 Every small business owner has certain skills,
abilities, knowledge and experience that give
them an edge when it comes time to build up a
business and start operating it. However, no
small business owner is so adept that they can
be an expert in every single process related to
developing a new company.
Recognize your strengths and
weaknesses
 Don’t be afraid to learn how to handle new
responsibilities and workloads – it’s essentially a
requirement for growing small businesses. You
also shouldn’t shy away from working with
business partners, family members, employees,
independent contractors and others to address
major needs and make sure important concerns
are handled successfully.
Start with a simple business plan and
grow it as needed
 One of the first things you should do as a small
business owner is develop a business plan. It’s vital
that you develop this essential document to steer
future work and hold yourself accountable, but it’s
also important to not go too in-depth during the
early stages of developing your concept. ABC News
contributor Tory Johnson said a simple business
plan is often the best approach when in the
beginning stages of developing your organization.
Start with a simple business plan and
grow it as needed
 As work progresses and your idea moves closer
to actual operations, you can expand your
business plan. Over time, include more
accurate estimates, actual costs, longer-
reaching projections, mission statement,
company summary and other elements
commonly seen in fully developed documents.
Focus on something you have a passion
for
 Having a passion for something doesn’t
necessarily mean it’s your all-time favorite
activity or type of business. It does mean that
you won’t quickly grow tired of running that
type of business, that parts of it appeal to you
and, ideally, you can use some combination of
existing knowledge or skills related to parts or
all of the operation to your advantage.
Focus on something you have a passion
for
 Finding an existing need and targeting it is a
major element of starting a successful small
business, whether it’s providing accounting
services to other companies or setting up a
bakery. Pairing that need with something that
excites, interests and motivates you can lead to
substantial development and returns.
Focus on something you have a passion
for
 This piece of advice is relatively basic and
most useful when deciding what type of
business to start as opposed to getting a
specific concept off the ground. Focus on your
passion early on and pair it with a strong
business plan to give yourself the best chance
of crafting an enduring and popular
organization.
Understand your target customers and
existing market
 It’s possible to develop an excellent business
concept and deploy it in the wrong area. That’s
why it’s important to understand the area in
which you want to start your small business as
well as your target customers. An idea that could
work out very well in a large, densely populated
area simply may not get the amount of foot traffic
or number of customers it needs in an area with
fewer residents.
Understand your target customers and
existing market
 Assessing the market for your products or services,
seeking out the presence of potential competitors and
conducting an assessment of how your business will
hypothetically perform can all move your idea in the right
direction.
 You can also look to competitors and similar businesses
for ideas and guidance, although indirectly. Visiting their
stores, looking at their websites and marketing materials
and other intelligence-gathering initiatives can help you
fill in pieces of the puzzle.
Don’t be afraid to ask for help

 Even when a business is on the right track, unexpected

issues and chances for growth and improvement can
quickly pop up. Addressing these problems and
opportunities is critical for long-term stability and
prosperity. As a small business owner, you shouldn’t be
afraid to seek out alternative business financing in the
form of a small business loan from National Funding.
Our fast and easy application process can give your
business a quick decision and the funds you need in just
days.