Facing Reality in an Age of Risky Business

This week I've been following a lot of small businesses that have jumped into the icy cold reality of capitalism to discover they'd only planned partway towards their future as a business. Flashy colors and good branding might bring a round of local first-timers, but are you offering what people need, what they'll come back for, are your spreading the word? Even with all these questions answered many small businesses haven't fully considered the risks of entering this volatile market. Bolt Insurance Agency has put together a great infographic to evaluate some of the things that might be holding your small business back and what, if you're lucky, can be done to salvage it:

Via: BOLT Insurance

"Mom n' Pop" shops spring up all the time here in Orange County, faceless little nail salons or restaurants with more image than substance, businesses that haven't distinguished themselves or considered the broad range of factors that take to run a successful business. There are a wide range of resources available to help evaluate whether or not you're ready to run your own business, in fact SBA.gov has references up the ying yang, but few provide insights to determine whether your concept possesses enough creative zing and stability to weather tough critics in a tough economy. 

Being realistic is just as important as being creative, what niche and need are you filling, what makes you different, what is the best way to capitalize on your ideas, incorporate, partnership?

Facing reality is the first step of success in a small business. Understand it's going to be tough, understand the risks.