Becoming an entrepreneur is hard work. But if you're dedicated and have excellent organizational skills, it can be rewarding: Sometimes, a small business can grow into a multimillion-dollar company! Neale S. Godfrey, author of Ultimate Kids’ Money Book, shares these tips for starting a successful business.
Step 1: Have an innovative idea.
Suppose you like dogs, have free time and compassion for people with busy schedules. Why not start a dog-walking service?
Step 2: Find out if your business has a chance of succeeding.
Come up with questions and do a market survey. Ask prospective clients about their likes and needs. Find out how much they would be willing to pay for your services. The responses to your questionnaire will help you decide if you should move forward with your plan. Also, check out the competition. If there's another dog-walking service in your neighborhood, your business has a smaller chance at success.
Step 3: Compile a business plan and a budget.
A detailed business plan says what product will be sold, how it will be sold, who the customers will be and how much it will cost to start. A budget outlines your finances in detail.
Step 4: Contact potential customers.
Reach out to anyone who might need you. Then, set a work schedule for yourself. Finally, you have to actually start walking dogs!
Step 5: Keep tabs on your business.
Once your business is up and running, look at how it’s doing. If you have money left over after your business expenses are paid, you’ve made a profit. You can consider yourself a successful entrepreneur!