Robert Scott Batchelar on Tips For Starting a Small Business

Many people dream of starting their own business but don’t know how to do so. Starting a business is not for the weak; it takes time and dedication as all companies experience highs and lows. Learning some tips and guidelines before beginning your journey to open a business could save you from some significant struggles down the line. Take a look at these tips to help you succeed when you’re just starting.

Don’t Quit Your Day Job

Although you may want to jump in headfirst, it’s better to continue to work while building your company. Starting a business requires a lot of time, money, and effort without guaranteed success. You may want to quit your job to be able to spend all of your time on your new business. However, keeping your day job can make the difference in success starting out. It is challenging to bring in a regular and steady stream of income at the beginning of starting a business, and your job could help to relieve this stress.

Set Realistic Goals

You may be energized and ready to begin your business but don’t let that passion drive you to disappointment. When creating your business plan, set an attainable growth goal such as growing by 1% every month. Even though this may seem low, it is reachable and sets you up for exponential growth later on.

Find a Mentor

If you are starting your first business, you may feel like you are going in blind. Getting a mentor can provide you with priceless advice and guidance that can help you navigate your new business. A mentor can help you focus your energy in the right areas to help your business get off the ground. One 2011 study even found that having a mentor can reduce stress and decrease the risk of burnout. When trying to find a mentor, take a look at your local community because there may be some resources to connect you with a mentor or network with other business owners. In Marlborough, there are multiple organizations that run events and have the resources to connect you to others who can help with small business development.

Robert Scott Batchelar is a financial advisor from Massachusetts with 25 years of experience in financial services and business.