So you think you’re ready to go into business? That’s great! Forbes contributor Jeff Rose calls entrepreneurship one of the best ways to build wealth fast, and if you make the leap, you’ll count yourself among the 28 million U.S. business owners who are driving 40% of all retail sales in the country.
But before you go all-in on your entrepreneurial vision, take a step back and check out the resources below. The U.S. Small Business Administration reports that 50% of small businesses fail within the first year. The more research you do ahead of time – and the more answers you come up with – the more likely you’ll be to fall into the 50% that succeed.
The considerations described below reflect decisions you’ll need to make before officially launching your business. It may be tempting to skip some of them in order to bring your idea to the masses as quickly as possible, but be careful. Failing to plan properly at this point in the process can result in disaster down the road.
Take the time to start your business off on a firm foundation with each of the following steps.
While many entrepreneurs begin their ventures to capitalize on their own “great ideas,” others cut the startup stage short by opening a franchise location or buying an established, independent business. Use Intuit’s guide to help make the decision: “Buying a Franchise Versus Starting Your Own Business.”