7 Steps to Starting a Successful Small Business

7 Steps to Starting a Successful Small Business


Find a mentor. Who do you know who might be able to guide you along your new path? Take the time to meet with your mentor and enlist his or her invaluable help behind the scenes in learning the ropes.


Delve into your network of friends, family, and business colleagues. Tap into LinkedIn and Facebook contacts. If you’re interested in starting a small business, check out StartupNation.com, a site dedicated to small-business groups.


Broaden your mentor search. Get involved your local Rotary Club and contact the chamber of commerce near you. Another way to connect with a reliable person to guide you is through SCORE, a nonprofit association dedicated to educating entrepreneurs and to the formation, growth, and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA). Both working and retired executives and business owners donate time and expertise as business counselors. SCORE mentors will advise you for free, in person, or online. The Association of Small Business Development Centers, a joint effort of the Small Business Administration, universities, colleges, and local governments, provides no-cost consulting and low-cost training at about a thousand locations.


Prime your sales pitch. Evaluate your skill set and be confident. If cold calling isn’t your top move, focus on your best sales technique and hone it to market your new venture.


Be prepared for setbacks. Starting a new business in uncharted territory takes time. It might take off like gangbusters, but in time, you will hit the inevitable setbacks. This not only will require internal fortitude, but also will force you to ask others for help and guidance. This is when a solid mentor by your side comes in handy.


Seek and listen to advice from people who have been successful in the field. They can help you find leads when you’re ready to get your foot in the door, but more important, they can give you a real sense of what their work is like on a day-to-day basis. Use their advice to get a sense of what has worked for them in the past and what stumbling blocks to avoid, as well as a sense of what the work entails and what opportunities might be out there for someone with your background.


Tap into your personal network. You never know who can bring you clients or help you build your business. Reach out, for example, to potential contacts through alumni outlets such as publications, Web sites, or regional associations.