Corner Office

Corner Office - Available Now

San Francisco
(Financial District), CA

100 Pine Street Suite 1250
San Francisco, CA 94111

by Townes Haas
4/8/2015 11:35:39 AM

There have been a few dust-ups in the political scene in the last year where critics of current economic policies have claimed that nine out of ten businesses close within a year. This is a myth. According to the U.S. Small Business Administration, about half of all new establishments survive five years or more and about one third of new businesses survive a decade or more. In fact, the probability of survival increased with a firm's age, as one would expect. So the numbers aren't against you. Yet while starting a business can be a fun and thrilling ride, you still want it to be a success. Here are some of the key factors that might be holding you back.

  1. The Market. This is probably the strongest factor to consider when you are thinking about launching a new venture. Experts advise that rather than simply playing to your own strengths, take the time to analyze your community's market and see where there is a so-called “gap in the market." If you are thinking about starting a small niche or neighborhood business, be it a dry cleaner or a pizza shop, you want to make sure there's enough business there. Bear in mind that spotting gaps in the market can also happen by chance.
  2. The Economy. It's an old story: someone feels that their skills and dream go hand-in-hand with the need for what they want to provide. All the odds are in their favor. And then their business fails anyway. If the economy is down or a certain market segment is still recovering after a recession, timing, business size, and revenue to operating costs all need to play a factor in your decision to launch.
  3. Your Backing. Whether it's a matter of working through the Small Business Administration to get a loan for startup capital, finding the right business partners to help launch your enterprise, or seeking out venture capital interested in your brilliant start-up, the fact is that starting a small business costs money. Unless you're Richard Branson or Bruce Wayne, you need to consider whether you have the financial reserves to make things go your way.
  4. Your Day Job. One factor that huge numbers of entrepreneurs fail to comprehend is just how much time it takes to launch, run and operate a business. If you're trying to sneak in a start-up while you're still grinding it out as a graphic designer for someone else, you'll just find yourself failing on both ends. If you're going to start a business, commit.
  5. Your Personality. This is a critical element to consider when thinking about starting a business. You may not be that crazy about your day job, but if you like going to the office every day, working with a team that supports you, and applying your skills in an environment where the entire operation won't come crashing down if you screw something up, entrepreneurship may not be the road for you. It can be an exciting opportunity but running a business also requires long hours, time spent alone, and the thrill that comes from having to learn accounting, payroll, taxes, and marketing, sometimes all at once. If the idea of these issues stresses you out, the thing that's holding you back from starting a business might just be you.
  6. Lack of Passion. One of the funny things about starting a small business is that it's not something you can just luck into or network until you get it right. You have to really, really want it—enough that you're willing to accept considerable risk and the potential for failure. Do, or do not. There is no try.
  7. Your Triggering Event. In their book What's Stopping You? Shatter the Nine Most Common Myths Keeping You from Starting Your Own Business, authors Bruce Barringer and Duane Ireland have the insight that most new small businesses are born out of an event that finally pushes an entrepreneur into the market. This can be a positive moment, such as having a “lightbulb moment" that pushes an idea into your head, or a negative one, such as the loss of a job. But by knowing that this phenomenon exists, you can be more aware of the factors that are affecting you mentally and emotionally, and hopefully recognize when a triggering event is happening to you.

Additional Resources to Help Grow your Small Business

White Paper

How Mail Services Help Entrepreneurs Succeed

In today's mobile economy, digital entrepreneurs often work from varying locations. While this can help save money and increase agility, it comes with one big drawback:

Read More >
White Paper

Virtual Assistants Provide a Competitive Edge

Countless small business owners rely on remote assistants or offsite receptionists to help with critical organizational duties. While some are content to offload simple tasks to self-employed, stay-at-home support people, others demand more comprehensive services...NULL

Read More >
White Paper

Virtual Assistants & Remote Assistants: A Comparison

While the traditional virtual assistant is likely to work from home, an executive-level virtual assistant is part of a greater brick-and-mortar presence. This fundamental difference opens the door for extensive training opportunities that broaden the professional's support capabilities.

Read More >
White Paper

Overview of Virtual Offices, Executive Suites and Co-Working Spaces

Work has changed. In an age of instant communication, cloud-based applications, and workplace versatility, the era of the traditional office culture has come to an end. Providers of virtual offices, executive suites and co-working spaces have effectively liberated the nation’s work culture, adding dynamic and energizing new choices...

Read More >
White Paper

Part 1 of 4: Introducing the SBA

For entrepreneurs and small business owners, navigating the tricky terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a major challenge. Fortunately, American entrepreneurs and operators have access to one of the most effective resources in the worldwide market...

Read More >
White Paper

Part 2 of 4: Starting a Small Business

Navigating the complex terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a challenge for entrepreneurs and small business owners. Fortunately, American entrepreneurs have access to one of the most effective resources in the world via the Small Business Administration (SBA).
... Click to read more

Read More >
White Paper

Part 3 of 4: Managing a Small Business

Congratulations! You have gotten your small business up and running. Now what? This part of our four-part series on leveraging the Small Business Administration to help you launch and manage a small business will focus on the operational aspects of running a business. Whether you need leadership strategies, day-to-day decision making skills
... Click to read more

Read More >
White Paper

Part 4 of 4: Marketing, Sales and Contracting

Understanding marketing and sales as well as the technical complexity of our Internet-driven society gives entrepreneurs a distinct advantage over the competition. This final segment of our four-part report will take a deeper dive into the logistics and philosophy of marketing and sales and their impact on your business success.
... Click to read more

Read More >
White Paper

DIY Marketing Tools

If a business isn’t marketing, its potential customers are not finding it. Small to medium size businesses often struggle with spending hundreds of thousands of dollars on marketing. New DIY marketing tools, however, have eliminated the need to spend astronomical amounts on online and traditional marketing. These tools
... Click to read more

Read More >
White Paper

Virtual Office for Legal Professionals

Law firms (large and small) and solo legal practitioners alike can use virtual office services and spaces to run their entire legal operations or as a supplement to a home office or traditional brick-and-mortar offices. Virtual office services can be particularly useful during trial preparation
... Click to read more

Read More >
White Paper

Finance & Tax Professionals

Finance and tax professionals, whether they work solo or as part of a larger firm, can use virtual office spaces and services to stay on top of their workloads, especially during the busy tax season. Professional virtual office spaces can be particularly useful when back-to-back client meetings are necessary...

Read More >
White Paper

Traveling Entrepreneur

As business people and entrepreneurs continually strive to grow their business, doing so frequently involves traveling around the country to attend networking or tradeshow events, meeting clients and prospects on their own turf, and getting some face-time with colleagues, contractors or employees who may operate in a remote location. Preparation
... Click to read more

Read More >
White Paper

Virtual Office Eguide

Have you ever wondered why some small businesses are successful and others are not and what do these successful companies do to gain an edge over their competition? Through our years of experience
... Click to read more

Read More >

Additional Intelligent Office locations near San Francisco, CA