ADVICE FOR POTENTIAL NEW BUSINESS OWNERS
Are you going into business for yourself? Follow the information below
to ensure that you are getting involved with something that is going to be
enjoyable and profitable! We also suggest you read
section detailing setting up a first-time business.
You've got to love what you do
Of course your goal is to accumulate money from owning your own business.
But unless you look forward to going to work each day, you will soon lose
your energy to continue. Choose your journey wisely so that each morning you
are happy to go to
work. Positive energy will be the foundation for your new business.
Research what the public wants
You can't gamble on knowing what people will pay for when you start your own
company. You can't randomly choose something you think people will like and
hope to be successful. Do your research first. Find out what people are
interested in. What are
new and useful things the public is responding to? Watch television and surf
the internet to familiarize yourself with up and coming ideas. Ask friends
and neighbors questions regarding your business ideas. Don't assume that an
item is what the public wants just because you like it. Don't assume there
is a need for your skill without doing your homework.
Make sure you have the funds
Don't be naive and think all you need is a good idea for a new business. You
need money. It is not enough to have the funds to open your business. You
have to plan for the fact that you have to wait to get paid once you start
selling. You need a flow of cash to last you through the trials and
tribulations of trying to collect money that is owed to you. Plan carefully
regarding your own cash, loans from banks and/or partners or investors. Some
people keep their current jobs and start their companies on a small scale,
working nights and weekends. If you think you are going to need financing to
get your business off the ground,
learn more about
the start-up loans we offer.
Network, network, network
These days it is easier than ever to connect with fellow entrepreneurs. With
social media like LinkedIn,
Pinterest, you can reach out to
endless numbers of people who can benefit your start up. Information, advice
and marketing ideas are yours for the learning if you make the effort to
network with other people who share your business goals and/or have relevant
knowledge to offer.
Get advice from business veterans
Don't be too shy or proud to ask for help. People who have successfully
begun their own business have valuable information that they will likely be
happy to share with you.
Be sure you have what it takes
For the first months, even years of your company's start up, you should
expect to work harder than you have ever worked in your life. You must think
one day at a time and make sure you stay in business until the next day.
Each morning begins a new
opportunity to expand your knowledge and customer base. Be prepared to alter
your lifestyle physically, mentally and monetarily to support this new
Don't overestimate yourself. Be realistic about your knowledge, abilities
and weaknesses. Decide if you need support from others in order to make your
business work. Your business has a better chance at succeeding if you are
clear about what you
can do yourself and what you need help with. You may need to reach out for
assistance from others.
Once you commit yourself to developing your new company, pace yourself.
Although you are going to want to jump in and hit the floor running, it is
important to realize that if you work round the clock and wear yourself out,
you will then fail. Plan a work schedule that includes time to sleep, eat
and take care of yourself. This will help you have the energy and drive to
keep striving to make your business a success.
Don't do everything yourself
Although you will probably be tight for cash, you still need to try and
afford help. Your time is valuable. If you can find a student or an intern
to work for you a few hours a week to do paperwork, that would free you up
to work on marketing, promoting and developing your business.
Slow and steady wins the race, and succeeds at business as well.
Keep your head in the "game". Remind yourself that your business is not
going to take off overnight. As a general rule a new business does not
really show profit for about 3 or 4 years. So expect to plod through the
first few years and keep your eye on the prize. Your unrelenting dedication
to your new business will produce a successful enterprise before long.
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