Welcome to the City of Saco’s Economic Development Department’s “Business Buzz.” Each month we will feature information about programs, opportunities and highlight Saco’s business sector.
My New Year’s Resolution is “I want to own my own business.”
If you’re considering starting a business, 2024 could be the perfect time to take the leap. With the world gradually recovering from the pandemic, there are plenty of opportunities (and challenges) for small businesses to thrive.
As you read this article and thinking about starting up a business in the City of Saco, please reach out to the Economic Development Department at tdesjardins@sacomaine.org or tgorman@sacomaine.org as we are here to assist and guide you through the process.
Here are some reasons why you should start a business in 2024:
- The economy is rebounding
- Increased consumer spending
- Possible access to local, state, or federal funding
- The rise of online shopping
- Personal fulfillment
The Mindset of Starting a New Business
Starting a new business can be both exciting and intimidating, especially for those who have never been a business owner before. It requires a unique mindset that can help you navigate the challenges and uncertainties that come with owning your own business. So, what kind of mindset does it take to venture on your own?
Here are some key mindsets to keep in mind when starting a new business:
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Be willing to take risks: Starting a new business involves taking risks, and being willing to take calculated risks is essential to success. It’s important to be comfortable with uncertainty and be willing to learn from your mistakes.
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Embrace failure as a learning opportunity: Failure is a natural part of the business journey, and it’s important to view it as an opportunity to learn and grow. Instead of seeing failure as a setback, use it as a chance to pivot and improve your approach.
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Be adaptable: The business landscape is constantly changing, and being adaptable is crucial for success. Be open to new ideas, be willing to pivot when necessary, and stay ahead of the curve by embracing new technologies and trends.
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Have a growth mindset: A growth mindset is one that embraces challenges and sees them as opportunities for growth. This mindset can help you stay motivated, persevere through tough times, and ultimately achieve success.
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Stay focused on your goals: Starting a new business can be overwhelming, but it’s important to stay focused on your goals. Keep your eye on the prize and don’t get sidetracked by distractions or setbacks.
By adopting these mindsets, you can approach starting your own business with confidence and set yourself up for success. You also have to ask yourself some serious questions and answer them honestly to see your venture through.
Sustainability and Ethical Business Practices
As the world increasingly focuses on sustainability, your new business should too. Adopting ethical business practices and sustainable methods isn’t just good for the planet – it’s what modern consumers expect.
This could range from sourcing eco-friendly materials or reducing waste to ensuring fair labor practices. These efforts not only contribute to a healthier environment but also build trust and loyalty among eco-conscious consumers.
Why do you want to start a business?
You are the only one who can answer this, but if you have a clear answer and you want to go for it, by all means, do. There are many benefits to owning your business if you are willing to put in the hard work.
The rest of the questions are just as important because together, they will help you make a more informed decision in learning more about how to start a business. This is not in any particular order.
Are you ready to be a business owner?
Much goes into running a business, especially during the initial startup phase. Find out what it entails and see if you are willing to commit to it. If it seems daunting, don’t get discouraged. After all, there are other people doing it.
What are your expertise and skillsets?
Many small business owners start with a particular skill or expertise. If this is your case, find out your proficiencies across the board and determine how you can improve or complement them. It can be as simple as hiring another individual or learning about them.
Do you have passion for your business idea?
Listen to successful entrepreneurs, and the one thing they tell you is to follow your passion. Passion for your business will carry you beyond the long hours, slow season, and hiccups along the way.
This is a summarized article written by: Michael Guta published in Small Business Trends on December 28, 2023. You can click on “How To Start A Business in 10 Easy Steps: A 2024 Guide” for the complete article.
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