Small business start ups can help you to take back control of your financial future. Developing a small business is not only possible, but is an excellent strategy to use in 2011. Having your small business become successful is not beyond your reach. There are people doing it all the time.
Backcountry.com, a strong, successful company based in Utah, began in 1996 by two-time Olympic Nordic ski jumper Jim Holland, and writer-entrepreneur John Bresee.
They started their business in their garage, with $2,000, a website and no inventory. Now the company sells premium outdoor gear online and has become a major player in the outdoor gear niche. Today they have over 700 employees and sell products from over 1,000 different brands.
Jill Layfield, the new CEO of Backcountry.com reports that growth in their business has gone from a high of 3,000 orders in a day to new high of 40,000 orders in a day. Her advice to business startups is to stay hungry and stay nimble.
Starting a new business is not without struggles, challenges and hurdles. Amy Cosper, editor in chief for Entrepreneur.com says that the biggest mistake small business start ups make is not financially planning properly. Funding the startup business is one of the biggest hurdles you will have. Lines of credit are disappearing. Banks are not loaning money. However, if you do have a good business plan and can communicate it effectively, the money is there and you can find it.
The second mistake is not having a clear picture of what your business really is. “If you cannot tell me your business idea in two sentences or less, you really have to rethink it.”
Cosper’s best advice is to really know the market you are going into and understand the competitive landscape and the financial modeling. “The biggest pieces of advice I have to give you is to never take no for an answer and follow your gut. It’s more gut than it is spreadsheet.”
Entrepreneurs need to realize that there really is no ceiling on the amount of money they can make. Income ceilings exist in salaried jobs, but entrepreneurial risk takers enjoy the sweetness of life without the politics of others “opinions” about your job performance.
