In the U.S., small business (fewer than 500 employees) accounts for more than half the non-farm private GDP and around half the private sector employment, reveals Bevan Wilde. Wilde is a founder and executive wealth strategist of Personal CEO, LLC. Since 1995, he has specialized in macroeconomics practicing in the financial and insurance industry.
According to “The Family Business Review”, “There are approximately 17 million sole-proprietorships in the U.S. (an unincorporated business owned by a single person).” There are 22 million small businesses, and they are creating the most new jobs into the economy.
Sadly, over 90% of small businesses fail within the first two years. The primary reason is many owners fail to plan their needs. Small businesses have one thing in common; low startup costs and many are carried at home. When it comes to startup costs, time outweighs money. In the early stages, businesses require more time than they do money. When you own a small business, you are founder, CEO, financial advisor, and accountable for success or failure.
Bevan Wilde Shares Simple Steps to Ensure Success
There are some simple steps that one can follow to ensure long-term success. Bevan Wilde shares his top tips when starting a business in 2014:
● Be Passionate - Select an idea where you have particular insight, based on your knowledge, skills and interests. You will be spending a lot of time and energy with your new business, so do what you love.
● Define Your Goals - Are you looking for financial independence, building your business to sell in the future? Do you want something small and sustainable and love doing?
● Find a Niche - Find a market for your idea and identify a narrow segment - a niche - uncover a specific want of this niche.
● Do Your Research - You will need to become an expert in your industry, products, and services. If you are not already an expert, joining related industry or professional associations is a good idea.
● Create a Name - A creative name can define your business idea. Creating the perfect name is a process; don’t let it hinder you in the early phases, as you may change it several times.
● Don’t Do It Alone - You need a support system while starting a business. Two people bounce ideas off each other, often creating great “ah ha” moments. A friend will listen sympathetically to the latest business crisis. The ideal scenario: find a mentor, who will give you experienced guidance.
Everything about you and the way you handle your new business needs to be professional. Your business needs to let people know that you are serious from the outset. Bevan Wilde shares the following advice:
1. Create a Business Plan: A business plan is a road map that summarizes in a single document what you need to launch your business. It serves as a guide for investors, bankers, and other interested parties to help them decide if your business is viable. Your plan needs to include your business description, who you will be selling to, and how you will deliver your product. Describe your product, its features and why people will want it.
2. Form a Business Entity: For tax purposes you will need to decide the type of business entity you want to be. The vast majority of small business owners will need to form one of the following; a sole proprietorship, a limited partnership or a limited liability partnership.
3. Get Professional Help: Bevan Wilde notes that you do not have to be an expert at everything. You will waste time and money in the long run trying to do things yourself that you are not qualified to do. Accountants, bookkeepers, and lawyers are experts that you may need to consider hiring.
Bevan Wilde recommends new entrepreneurs spend the time developing an excellent social media presence. It is critical to participate, and have accounts on Facebook, Twitter, Pinterest, and Twitter. Wilde recommends that you choose business accounts and keep your personal accounts on social media separate.
A website is essential. It is your face to the world and to your potential clients. It needs to be professional and it needs to work with ease. Bevan Wilde recommends you hire professional designers. It may cost upfront, but your site needs to work seamlessly with Smartphone technology.
You cannot know everything when starting a new business. Bevan Wilde, an expert in finance is passionate about teaching and coaching people to reach levels of success.