How to Start Your Own Offline Business

Published on October 9, 2013 by thomasall

Filed under Work

Last modified March 20, 2014

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Earning a living by dancing to the tune of another is something few relish. The alternative involves freeing your entrepreneurial spirit and starting a business of your own. It takes planning, courage, dedication, perseverance and capital, but armed with dedication and know-how, you can turn your dream of business ownership into a reality.

Research, Investigate, Communicate

How to start a offline businessPre-investigative research is a vital first step before starting a business. At minimum, you need to learn everything you possibly can about your target customers including their spending habits and shopping preferences. Spend considerable time in the vicinity of your proposed store site, on different days and at different times, to ascertain the amount and type of traffic generated in the area. Conduct research to determine the demand potential for your business now and in the future. Discuss the idea with trusted friends who will give you an honest opinion, especially those who are the most likely to be customers in the future.

Do Not Guess – Plan!

Many people who have good ideas experience business failure within the first 5 years of starting a business (Starte eget firma). There are many reasons for business failure, including a lack of planning. Avoid the pitfalls that come with a rush-to-open-mentality by taking the time to develop a thorough business plan. A good business plan will detail every step from concept development to operational procedures 3 to 5 years down the road. It should include sections for startup funding, accounting procedures, business administration, supply procurement, sales and marketing strategies and contingency plans for the unexpected. Monitor the plan continuously and make justified changes when needed.

Get Schooled

Help ensure business longevity by keeping a tight rein on your finances. Enroll in classes if you are unfamiliar with accounting and bookkeeping and the terms cash flow, profit and loss, balance sheet, accounts payable and receivable, and cash or accrual method. There is nothing wrong with hiring a professional to do your accounting: There is something very wrong with lacking the knowledge to check the professional’s work. Further, starting a business goes hand-in-hand with financial obligations to state and federal governments. Learning how to control and monitor your company’s finances before opening day is arguably one of the most important time investments you will ever make.

Organize for Success

Nothing will ruin a good business faster than weak policies, lax enforcement, a lack of organization, poor accounting and a haphazard method of business administration. Starting a business involves work; however, you can avoid becoming a slave to your business by developing procedures that will save you time and money. Use business accounting software to manage your payroll, customer invoices, business expenses, company assets and taxes. Use technology to track time, send automated responses, backup and secure your accounting and other sensitive data, update Facebook and Twitter accounts and to store and share information as needed.

Expect Change

The path to business success involves planning for what you know and for what you least expect. Starting a business according to a well thought out plan is necessary, but refusing to take a detour when mandated can lead to disaster. New inventions, technological advances and changes in consumer tastes can render a business offering useless. Competitors may figure out a way to offer the same product or service in a more time efficient manner. Survive change by staying informed and flexible. Adapt, reinvent, grow, thrive, prosper and repeat. In business, change is a constant.

Starting a business involves personal and financial sacrifices, but when done correctly, the rewards are well worth the costs. Your success will depend on how well you manage your time and resources and the amount of effort invested in planning, execution and follow through.

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