034- Things You Need to Know Before Starting Your Own Business

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The economy has been strong for a while, so it might seem like the right time to start your own business.  Before you do, be aware of the pitfalls that could sink your dream before you get off the ground. 

​0:45      Introduce episode: 
Start up business failure continues to be high, around 52%.  In fact, more businesses close each year than open.  If you plan to start or open a business, understand the reasons why so many don’t make it before you launch your dream.  In this episode, we’ll cover many business development stats from an article in Small Business Trends written by Matt Mansfield.
 
1:15   Who benefits from this show?  
Anyone who is thinking about starting their own business, purchasing a business or becoming a partner to an existing business. 
 
2:00   Talking points: (8:00 mins)

1. Discuss some general stats about small business start-ups
2. What are some reasons for potential failure?
3. What reasons for failure are beyond the owner’s control?
4. What industries are the best and worst for starting a business?

 
10:00 Tips for improving in this area or overcoming this problem: (7:00 mins)

1. Is this the best time for you to start your own business?
2. What do you know about running a business or the particulars of the business you want to start?
3. How will you finance your business?
4. Do you understand marketing well enough to attract clients?
5. Should you take on a partner to help grow your business?

 
17:00 Final Take-aways: (2:00 mins)         
 
19:00 Closing comments: 
Give us your thoughts, ideas or suggestions for future show topics. We would love to hear from you.
 
20:00 Show ends 
 
 
Resource Information:
Start Up Statistics- The Numbers You Need to Know.  https://smallbiztrends.com/2016/11/startup-statistics-small-business.html 
 
17 Statistics Every Business Owner Needs to be Aware of- https://www.fundera.com/blog/small-business-statistics