Have you ever considered starting your own business in Michigan? You’ll need passion, knowledge and a determination to succeed. Most new businesses do not survive the first five years. How are you going to beat the odds? Here are 4 steps you can take to start:
Self assess: There are certain qualities that successful business owners share. Among them are an entrepreneurial spirit and a great work ethic. You need to be confident and believe in your dream and your abilities to fulfil them. You need to be a great communicator to convince others of your mission. You’ll also need to be able to adapt to the ups and downs that any growing business will experience.
Research: All successful businesses provide solutions to the problems of their consumers. You might think your product is the best thing in the world, but if no one needs it, you’re not going to succeed. Once you have your great idea, do some research and see if it’s business-worthy. You might be able to turn your hobby into a business but you won’t be sure until you ask yourself some questions. What is the demand for your product or service? Who are your competitors? Do you have the financial means to make it happen? What sort of time and staff will you need? Can you go the distance?
Use Your Resources: Your local library has lots of good information about all kinds of businesses. Investigate the industry you’re entering through books, newspapers, magazines, online sites and trade journals. Attend mixers with like-minded professionals. And check out Michigan’s Small Business Development Center for personalized assistance as you start and grow your new business.
Get some training and experience: Do you know how to determine profits and losses? Or how to use software like Microsoft Word, Power Point and Excel? Another important component to running a successful business is understanding how businesses run. Take courses in business and then get some experience in a real world setting.
If you’d like to learn basic business concepts and begin on the path to a career in business, check out the business programs at Career Quest Learning Centers. We’ll provide you with training for an entry-level career in business. Where could that career lead you? Call us in Lansing at 877-481-4930 or Jackson at 877-365-8144 to learn more.