Monday, November 12, 2012

Advice to Females Wanting to Open a Small Business

Both Sara and Stephanie Stepford are small business owners who spend their days running their business with very little help from anyone else. This includes husbands or their non-existent employees most of the time! Small business is facing some pretty large hurdles this day and age: we overcome prejudice about our ages, the fact that we are female, the and the misinformed "un" fact that someone else must be helping us because we couldn't possibly do it alone...

Surprise, yes we actually are women. We don't always need help from a man or someone who is older and more experienced. We would however, be lying if we said it was always easy, because it is not!

Everyone is always going to have a first time, and it can take time before you even realize all the things you are supposed to know about. Here are some compiled tips we have put together that can help you become an independent small business owner sooner rather than later.

*You must file your business name and be a recognized business before you can start
*If your business requires commercial property you will need to consider several things:
  • location
  • square footage of the rental space
  • taxes and other city fees
  • are there other successful businesses nearby to attract drive by attention
  • is there a CAM (common area maintenance) fee on top of your monthly rent
  • how long is your lease to last
  • is there a clause allowing you to terminate your lease early (if you go out of business) without additional penalty
  • will your rent be partially based off of a percentage of sales revenue
  • is there a large number of empty commercial properties or is there high occupancy in your area
  • is the space you are considering competitively priced against other commercial asking prices
  • remember, nearly everything in a commercial lease is negotiable. This means price per month, length of the agreement, CAM, what the building owner is responsible for maintaining and replacing, and even money per square foot paid for by the building owner for renovations before moving in. Most will also allow you into the property before the lease officially starts in order to start preparing the space for moving in.
*What will happen if you do not make a profit?
*If you can not hire help, what will you do if you are sick or can't open your business?
*If you do not enjoy your business, how easily can you dissolve it and move on?
*What type of financial responsibility will you be personally accountable for with outstanding debts, borrowed money, or terminated agreements?
*Will there be inspections or other compliance aspects to your business that you will need to consider?

All of these things sound scary, and they can be. Luckily, there are some fun aspects to owning your own business that can make it worth while!

*Pay yourself based off of profits, not someone else determining a salary or pay scale.
* Decide what time you want to go to lunch.
*Allow yourself to become distracted with activities that are not work related (getting on the computer, reading a book, making a personal phone call, etc.)
You could be faced with one of these questions:
*What hours would I like to create for my business?
*What vision do I want to carry out for my business?

The world of entrepreneurship can be certainly unknown. Some businesses fail, others thrive...but the experience one gains from being able to say they owned a small business will never disappear.

1 comment:

  1. Congratulations Sara and Stephanie Stepford for such a great success and your business, Wishing for more success and your business career.

    Small Business Team Coaching


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