This is a guest post by Jessica Sanders who is an avid small business writer touching on topics from social media to background checks. She writes for an online resource that gives advice on topics including payroll processing for lead generation resource, Resource Nation.

So you’ve got this great idea and you’re going to start a business next week. Your passion and zeal for the project is enough to get you started – or so you think. According to the SBA, over 50% of small businesses fail within the first five years. The reasons for this bounce all over from lack of funding to loss of interest. However, it isn’t uncommon for failures to result from a lack of education on how to properly start your first business. Because of this, it’s smart to invest in yourself and your business before you give it a go.

“With the right planning, funding and flexibility, businesses have a better chance of succeeding.” – Investopedia.com

Invest: In Your Finances

While the internet has made it quite easy to start a business today, often times you’ll need more than that. This is when it becomes important to have your funds or sources of funds set up. There are many unseen costs that go into starting your own business, and your success hinges on being financially prepared for that.

• Plan: Write up your financial plan – research how much you’ll require, any potential pitfalls and loan options. Then estimate what you’ll need to get there. 

• Start saving: If you are working now, start putting a small amount away every month. Even in 6 months time this could be a better start than had you not waited.

• Start connecting with investors: Take this time to network with investors. Develop of a great pitch and start generating interest.

Invest: In Your Education

Although we read about a new startup every day, heck we’re on Facebook 10 times an hour – and look where he started. Successful businesses like that don’t just come out of nowhere. The people that grew those startups had the right knowledge and know-how to navigate and handle obstacles. Even if you’ve already acquired your four year degree, it’s important that you invest in some business-related education now, before you need it and don’t have it.

• College courses: You don’t have to go back to school to take a few courses at your alumni university or local community college. Take one a semester, and you’ll still be benefiting.

• Online courses: Sites such as Udemy.com offer free courses from college professors and niche professionals. Course options range from personal health to basic HTML coding. This is an excellent place to gain valuable knowledge without spending a penny.

Invest: In Social Networking

When your business is getting off the ground, online marketing and social networking will be one of your greatest tools. As a way to reach thousands of people you would otherwise never know, this is critical to your success. Take some time to establish your presence here.

• Connect: Start connecting and networking with like-minded individuals, professionals and successful business owners. There is valuable knowledge to be shared, and you want to get as much as you can.

• Blog: Start a blog, and get some good traffic. You can blog on a topic that is relevant to your potential business so the transition will be smooth once you’ve started up.

Investing in yourself is the best way to guarantee your success. It’s easy to start a business when you are bursting with excitement. But two months down the road, when you hit your first financial snag, it’s going to be a whole lot harder to push forward. Take the time to learn, save and connect so you’ll be able to handle anything that comes your way.

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