One of the great things about the internet is that there are sites like this one to help answer some of the questions people have who want to start their own business.
My father was in the floral business for many years, and he used to travel to nearby towns and learn the business from other florists that were willing to share the business secrets withhim.
I still think thats a good idea. Find someone whos doing what you want to do, successfully, and do what theydo.
According to the SBA (Small Business Administration) there are hundreds of thousands of small businesses that start eachyear.
Add home based businesses to that list and its probably in the millions.
For most people, starting a business means that youre going into uncharted territory.
Sort of like going on vacation to a strange place and just about the time you are ready to leave you begin to know your wayaround.
Unlike a vacation, there are certain risks to avoid when starting a new business and starting one in a small town has more risks than the same business in a largercity.
For one you have a smaller customer base to work with and that may take longer for the business to become self-sufficient.
There are other risks involved that may take your business down before it even begins. This article will help you deal with some ofthose.
Lower Your Risk ofFailure
Years ago, many business experts used to say the principle reason for business failure was location, location, location.
With the internet and various types of mass media advertising that old adage no longer applies. In my opinion, the most common reason for failure is management skills.
Most new business owners are extremely talented at what they do. If they create a product, they normally do it verywell.
But because theyve never been in business before they are often at a loss when it comes to actually running thecompany.
Before starting your new business, consider taking some management courses at the nearest University.
Yes, you can become a student and take one or two classes in theevening.
Check out your local business section of the public library and see what books they have available on management techniques. YouTube is another goodsource.
As Ive said many times, school may have ended for you, but learning is a lifelong job. Read as much as you can about your business or industry. And, best of all find amentor.
Someone who is successfully managing your type of business and do what theydo.
There is a ton of helpful information on all kinds of businesses at your local library andonline.
Also look at SBA.gov for management, business plan, and other helpfulinfo.
Successful Small Town Business Owners Are GoodPlanners
I dont care how small your business is you need a good businessplan.
Your business plan will give you focus and direction. Just like a map will tell you how to drive cross country your business plan is a road map tosuccess.
You Need the Support Of Those Who LoveYou
In order to be successful you need the support of family and friends. This is not always easy to accomplish.
Starting a business is going to infringe on some of their time and you need to come to an understanding that a new schedule of your time with them will need to becreated.
Be sure to make time for family while your business is growing. Find the time to make the soccer game or the school play. You still have the responsibility to be a good parent andpartner.
Be Prepared to Give Your Business Enough Time ToWork
Ive seen so many businesses fail that were right on the verge of success because the owner became discouraged that success took longer than they hadplanned.
Very few businesses are overnight successes. There are sometimes years of discouragement before there is that one special event that takes your business to anotherlevel.
Youre all alone in your business start-up and the constant decision making takes its toll on somepeople.
After years of having decisions made for you now its your turn to make them and experience the resulting consequences.
How Much Time Should I Give My Business?
I ask a lot of people this question and the most common answer is six months. My answer is three to fiveyears.
What can happen in six months? Your advertising and marketing plan is just starting to work in six to ninemonths.
You need a couple of years to establish some trends and develop a customer base. Dont quit too soon unless its going to put you and your family at financial risk.
Look Before YouLeap
Another problem for the small business owner is decision making. Are you the kind of person who assembles all the facts before making a decision?
Or are do you make decisions by the flip of acoin?
Decisions that are well thought out are often much better for the health of your business than those made on the spur of themoment.
In the beginning of your business, you might want to sleep on major decisions. If they still seem right the next day they probablyare.
Do What You Like to Do and Delegate theRest
Many times, on this site, I have spoken of the value of a good bookkeeper or accountant. These folks are worth their weight ingold.
Do the things that you do well and let someone who is good with figures take care of yourmoney.
The same with an attorney. Have the people who make their living doing these sorts of things to adviseyou.
Yes, there may be a cash outlay larger than you would like to start with but in the long run they are very inexpensive for the value theyreturn.
Dont Be Too Proud to Pack ItIn
Sometimes the best ideas just dont work. They look great on paper but in the light of the real business world they just dontsurvive.
Its ok to be persistent. Its not ok to be stupid and keep pouring your hard-earned money into a business or service that no onewants.
The Last Word on Small Town BusinessStart-up
While youre online look for similar businesses in other cites your size. You want to look for businesses like yours that are already established.
How do they advertise? How did they overcome the hurdles of small-town business start-up?
No one has all the answers, but you can learn by the mistakes ofothers.
Most small business owners like to help each other unless they happen to be direct competitors. Call businesses in other towns and ask theiradvice.
Most will be happy to share their success story withyou.
Take a look at Tom Egelhoffs Amazon Best Selling Small Business book, How to Market, Advertise and Promote Your Business or Service in Your Own Backyard.
Subscribe to Toms New YouTube Channel??The Art of Learning Small TownBusiness
Listen in on Toms weekly Saturday radio show 8 am to 11am Mountain Time Open For Business on AM 1450 KMMS Radio, Bozeman. Go to kmmsam.com and Click Listen NOW. You can call the show or textTom.
How To Start a Successful Small-Town Business was originally published in Startup Stash on Medium, where people are continuing the conversation by highlighting and responding to this story.
