Thinking of starting a new business? Here are some tips

Credit: DaytonDailyNews

Two new Dayton businesses adapted their business plans to the COVID-19 pandemic

Credit: DaytonDailyNews

Starting and running your own business requires a passion for the product or service you are selling. And it takes money and know-how, said Roger Geiger, Ohio state executive for the National Federation of Independent Businesses.

“The average start-up in Ohio, when you start from scratch takes about $5,000,” Geiger said.

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It also requires a lot of hard work and time as well as risk, since the average entrepreneur will fail three times before finding success, according to the NFIB.

Here are some tips from NFIB for starting and operating a small business.

  • Get professional help including good accounting, legal, insurance and marketing advice.
  • Know local, state and federal laws governing your business, including licensing, permits, fees and taxes.
  • Establish an annual budget and stick to it.
  • Your business plan should be realistic and include an exit strategy.
  • Be ready to change strategy and adapt quickly.
  • Have a plan for growth, managing expenses, resources and inventory.
  • Know your competition and differentiate your produce or service.
  • Marketing should include user friendly, attractive social media platforms and customer e-mail lists.
  • Ask your customers, friends and family to help promote your business.
  • Provide excellent customer service and leave customers satisfied with your prices and the quality of your product or service.

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