Starting Your New Rural Business

Undertaking to start a new business can be an exciting, passionate, and all encompassing venture.

start a dog training business

Are You Good with Dogs and They Respond Well To You? That Could Be Your New Business!

It may be the realization of a long-held dream. Perhaps you have been chosen to take over and run a family-owned business. You prefer to be your own boss. Or you may simply be looking for an additional source of income.

Whatever the reason, careful planning and implementation will dramatically reduce your chances of failure.

The Small Business Administration used to estimate that as many as 50% of new businesses would fail within the first year, and 95% within 5 years.

Statistics today are a little more optimistic. Now a new business stands a 50/50 chance of surviving 5 years or more.

The Small Business Administration used to estimate that as many as 50% of new businesses would fail within the first year, and 95% within 5 years.

Statistics today are a little more optimistic. Now a new business stands a 50/50 chance of surviving 5 years or more.

As encouraging as that may be, that still means that 50% will not survive.

The Crash & Burn Club!

We start our businesses to succeed. Of course, none of us wants to become a member of the Crash and Burn Club. It doesn’t matter if your reason for starting your rural business is contentment or monetary compensation, victory is always the goal.

So to be among the 50% that do succeed, planning and strategy are key.

Know the small business trends in your area; be smart about your choice of business. Before investing your money (or someone else’s), your time or other resources, strategize and think things through carefully.

Here are 4 things to strategize before you commit.

  1. Know the potential for your type of business in your area.  Or even in the world. A lot of people are venturing into self-employment these days. Who will be your competition? Does your product/service involve a niche that only you or a few others can provide
  2. Who will provide your investment moneyFor start-up money, will you need to get a loan? Will it come from an investor? A financial institution? A family member or close friend?
  3. Have you considered contingencies or unexpected operating expenses?  It helps to make a list of what could possibly sidetrack your business.
  4. Will you need a website?   An internet presence can dramatically increase your chances of success in today’s market. Purchasing a name and setting up a web presence doesn’t have to be expensive if you do it yourself, however maintaining a site can be very time consuming. Do you have time yourself to work on it, or will you need to hire a professional?

 

The Small Business Administration (SBA) has some fabulous resources to help you plan and think it all through.

Long story short, before walking off the gang plank into business, doing your homework may ensure a successful membership in the Gratifying & Money-Making Club.

But that’s not even the end of things to contemplate.  Below are even more important issues you will want to consider.

What’s In A Name?    Your business name may be cute and catchy, but will people know what you do?

Dollars & Cents

Business Licenses, Permits, Forms & Numbers