Many people dream of owning a successful small business. That business might be a mechanic’s shop, a restaurant, a niche store, or whatever else. For Nash Habib, owning a small business is a dream that literally came true as he’s now the proud owner of a successful tow truck and roadside emergency company. And now, he’s going to share some tips for aspiring entrepreneurs.
“My first bit of advice is to set aside your daydreams for a moment,” Nash Habib says. “Instead of thinking about success, think about the challenges you’ll face, things that could go wrong, and stuff like that. Think about the consequences of when things go wrong and assume that they will actually go wrong. Do you still want to start a small business then? If so, proceed.”
Unfortunately, many businesses do ultimately end up closing. According to the Bureau of Labor Statistics (BLS), roughly 20 percent of companies will fail within the first year and only about a third of companies will survive 10 years. Nash Habib believes entrepreneurs can survive with the right mindset, but they must come in with a clear vision.
“People might think I’m pessimistic, but I’d argue that I am not,” Nash Habib says. “That said, I think daydreams can be distracting. Instead of dreaming of success, plan for challenges and failures. This way, you’re in a position to respond and survive.”
Markets are often crowded, and small businesses frequently have to compete with a lot of other companies for customers. Nash Habib argues that before starting a business, you should first figure out how you’re going to stand out in the market.
“You can’t offer the same things as everyone else,” Nash Habib argues. “If multiple companies provide the same things as you, why should a customer turn to you? When starting my roadside emergency business, I decided early on that we’d be one of the most responsive and polite tow companies in town. When customers call us, they know they’re getting reliable, friendly service.”
Nash Habib believes that finding differentiators could pay dividends for just about any company in any industry. And ultimately, differentiators may determine whether your company is a smashing success, or a failure.
“Let’s assume you’re starting a restaurant,” Nash Habib suggests. “Many potential patrons already have restaurants they like to go to, so why should they try your restaurant? What makes you different? First, you’re going to need to offer great food. If other restaurants serve better food, why would anyone go to your establishment? You need to offer friendly service and a comfortable environment too.”