Don’t Let Your Business Become Grounded
Posted by Dave Thomas on July 11, 2011 in Business Financing, Business Start Up Advice, Business Valuation [ 1 Comment ]
As the Space shuttle Atlantis rocketed into space from Kennedy Space Center at 11:26 a.m. ET this past Friday morning, it marked the last launch following three decades for NASA’s storied fleet of shuttles.
Headed to the International Space Station one last time, Atlantis’ trek marked the end of missions for a fleet that saw a pair of doomed flights – Challenger and Columbia – something Americans will never forget.
With the culmination of NASA’s space shuttle program, the space agency now turns to other providers in order to get to space.
According to NASA chief Charles Bolden, “American ingenuity is alive and well, and it will fire up our economy — and help us win the future.”
The much talked about flight of Atlantis was the 135th and last for the U.S. space shuttle program, leaving Russia’s space capsules as the sole option for astronauts heading back-and-forth to the International Space Station
For those of us old enough (I was a little kid) to remember man first walking on the Moon, the retiring of the shuttle fleet is bittersweet.
Yes, the price to get people into space is ironically astronomical, but it is sad that we now turn to a country that was once our sworn enemy to assist us in reaching new heights.
While your small business isn’t likely to be dealing anytime soon in the monetary terms that NASA has had to deal with in the shuttle’s history, there are some parallels to draw here.
For one, are you looking into the future, even a year from now, in order to make sure your business is alive and well or are you living on a monthly basis, just hoping to make ends meet?
It comes as no surprise that many entrepreneurs begin their business off by quickly falling into debt. Given that many new businesses fail within the first five years, there are some tips you should think about employing to keep your business soaring.
- Begin slowly – Start your business on the side instead of quitting your full-time job. Work some night and weekend hours to grow the business. If things progress nicely, then you can consider possibly pulling the plug on your FT job.
- Buy the right priced equipment – While everybody would love to have the best of this and the best of that, you don’t have to run up a huge debt setting up your company. Whether it is office furniture, computer ware, or other supplies, start out with the basic stuff necessary and then add to it as time goes by and you’re in better financial means.
- Log the extra hours – While many new entrepreneurs would love to have able staff at their side, it obviously costs money to employ people. Yes, you’re going to put in extra hours doing it on your own, but consider using family members or friends not looking to get paid if you need help early on. Employ outside individuals only when you feel comfortable to budget them into your expenses.
- Have a game plan – As we saw with the space shuttle program, NASA did not have something in the works once the shuttle fleet would in their minds become obsolete. Business owners must always think the next step ahead so that they’re prepared for what is going to come down the road.
While this last launch proved very nostalgic, I have little doubt that we will once again return to space on our own terms sooner rather than later.
Americans make it their business to be the leaders in many different areas, and space is no different.
When it comes to your small business ventures, take flight with the right plan and attitude so that you can soar past the competition.
Photo credit: Indyposted.com