Representative of the Synagic Group, which provides business back office solutions based in California, USA. In his private life, he is involved in entrepreneurship training programs at universities through NGO activities. Lives in Beverly Hills, California with his family.

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3. Before you start a small business, you must take these steps

4. As the new year begins, this is a good time to consider your career,
review your priorities, and possibly change direction. This new
direction may require leaps and bounds to develop its own
business. If you are considering such a move, you might think of
statistics that many small businesses have not survived their first
year of operation. But don't let this challenge hinder you. You can
clearly understand the opportunities and risks, and focus on your
enthusiasm to achieve success. First, here are some suggestions.

5. The rise of new business
According to various sources, the formation of new businesses in the
United States has been increasing. The U.S. Census Bureau reported that
new business applications have grown steadily. According to a report on
new business by the agency Teleto, new business has increased by 75%.
Compared with 2010, today’s business applications have increased. In
addition, according to the Economic Innovation Group (EIG), most new
businesses start in four industry sectors, including food service, retail,
healthcare, and transportation.
It makes sense for new businesses to flourish, because the pandemic
creates flexibility for people to start sideline businesses and opens up
new markets and opportunities for everything from products such as
masks to services such as applications or technologies, in new ways
Make a connection.
In addition, according to research conducted by Teleto, a company that
specializes in purchasing agents, the World Bank ranks the United
States as one of the easiest countries to start new businesses.

6. Who is starting a business?
If you decide to go out by yourself, you will get good company.
According to a study by Ranstad, 41% of workers are considering
quitting their current job and starting their own business. Other
research by HiBob and Fiverr found that 22% of people are
quitting their jobs to freelance.
According to Ranstad, young employees are most willing to leave,
with 51% leaving between the ages of 25-34, and 20% for those 55
and older. Another Teleto study of small businesses found that,
compared with baby boomers, Gen Z and millennials are 188%
more likely to plan to start their own businesses.

7. Interestingly, according to data from HiBob and Fiverr, those who left to
become their own boss came from marketing (36%), followed by law
(33%), healthcare (28%), and technology (27%) . In addition, former
entrepreneurs are mainly from large organizations (28%), followed by
small companies (24%). All of this is important for new entrepreneurs
because you need to understand your competitors-the role people come
from and the type of company may indicate that they must apply skills
or experience to the new startup.
The market for new businesses and freelancers is healthy. According to
research by HiBob and Fiverr, when companies cannot find new
employees for normal jobs, 32% of the time they will hire freelancers to
fill necessary positions. The irony is that people who leave their own
startups in turn create demand for the services or products provided by
startups.

8. How to successfully start a business
The study of new business and entrepreneurial success and failure
provides insights into what is needed to succeed. These are evidence-
based ways to achieve your dreams when you are out alone.
Know your goals. Most people start their own business because they
want to be their own boss, or because they want to change their career,
pursue passion, or build new things. However, if you want to quickly
become a millionaire, you may need to rethink your reasoning.
According to banking service provider NorthOne, only 40% of
businesses are profitable, and the average annual salary of
entrepreneurs is about $60,000 (although they point out that only about
8% of people start their businesses for financial gain).

9. When you take this step, make sure you know what motivates you so you
can start your business accordingly. Are you involved because you are
passionate about creating special products and want to eventually open
your own physical store? Or do you just want to be the next fabulous
tech CEO? It is important to figure out your priorities.
Be aware of risks. Whenever you enter a new opportunity, it is best to
realize both the advantages and disadvantages (which may include
unexpected failures). According to a report by Teleto, more than 50% of
startups fail in the first year, and 95% fail in the first five years.
NorthOne's analysis found that the most successful new businesses are
in finance, insurance, and real estate, with 58% of businesses still in
business four years later. For your own success, please keep your eyes
open and don't shy away from understanding potential failures-so that
you can increase your chances of success. One way to reduce risk is to
understand your target market. Teleto said that 42% of business failures
are due to lack of market demand. Learn about the market by keeping up
with the latest news and trends, including talking to experts and
potential and existing customers.

10. Raise funds together. According to Teleto, 29% of business failures
are due to running out of cash. In addition, NorthOne stated that
37% of startups are funded by the founders themselves, and 10%
get funding from friends or family. But it doesn't require much
capital to get started. 58% of companies start with less than
US$25,000, and 30% start with less than US$5,000.
Make sure that you plan financially for the near and long-term so
that you can deal with unforeseen changes and changing needs.
For example, if you sell custom beach equipment, you may focus
on summer because winter may not be profitable. Further
consider the need for continued investment over time. For new
mobile phone applications, you need to constantly make new
updates and modifications.

11. From the little things. Most entrepreneurs will tell you to ensure
success by starting small and building gradually. With the increase
in remote and mixed work, it is very likely that you can start with a
sideline and build your business over time. While starting to write
your great American novel, or start to develop your IT skills in the
evening consulting work. Be ethical when using your time-make
sure you are still committed to your daily work, but also use your
extra flexibility to try, learn, and increase opportunities.
Hard work is also important. NorthOne reports that 62% of
entrepreneurial companies have zero employees. This means that
beginner business owners will have to wear several different hats
and be responsible for the success or failure of their business.

12. keep learning. According to NorthOne, only 44% of entrepreneurs
have a college degree, so formal studies are not necessarily an
obstacle to starting their own work. However, you need to ensure
that you are constantly learning about the market, needs, new
innovations, and best practice processes to ensure your success.
Build your path to success by forming an advisory board and
finding successful business people who can share experiences and
lessons.
Perhaps the most important factor in entrepreneurial success is
courage and perseverance. Starting something new can be
frightening and requires continuous effort over time.

13. Be optimistic, hopeful and positive about the entrepreneurial
journey you are about to embark on. You will face difficulties and
setbacks, but as long as you are determined, you are likely to be
rewarded.