Starting A Business Can Be Hard - Hopefully These Tips For Starting A Business Will Make It Just A Little Easier On You.
Starting a business can be hard. Here are the top tips for starting a business that I wished that I had known five years ago before starting my own business.
Starting a business can be hard.
I know from experience as I have been working for myself for the last five years.
I decided to go into my own business out of necessity as opposed to desire.
But, how I wish that someone would have given me these tips for starting a business during my business start-up phase.
Yes, I have always desired to have my own business, complete with a store front and staff…
However, my journey hasn't taken off to that point in the five years that I have been working with the marketing realm.
I have seem much success from my marketing attempts while working for a marketing company, but now doing it on my own certainly has its risks and rewards.
I am very independent and never liked the idea of someone telling me how much I or my work is worth.
This is a strong reason as to why I continue to do my own business.
Now in it's fifth year, I have learned some great do's and don'ts that I wish I would have known five years before.
If I were to give advice to how to start your business, my first big piece of advice is the start off with a strong foundation.
In fact, this is one of the greatest tips for starting a business that I can give you.
So, here's what I challenge you to do.
Review the tips for starting a business below, and ask yourself these crucial questions before jumping out on the business ownership highway, as traffic does move fast!
1. Is my service or product unique?
If anyone can do your service or it is widely known who to do your service, I would stay away from it.
Trying to compete with others within the field that you are trying to go in can be costly in marketing, promotions, and your cost of doing business.
2. Do I really love the business that I want to do?
As a business owner, you will work more than a regular 9 to 5 job.
Make sure that you and your family are ready for long hours, research and time required for you to go away.
3. Do you have the money to do your business effectively?
Money is important.
The saying goes you have to spend money to make money and I haven't heard anything more true.
Yes, there are some instances that you can get something for nothing, but I always operate on the system of GCF (Good-Cheap-Fast).
In this, I am saying, you can only get two of the three in any project or business.
If you don't have any money (CHEAP) and are trying to rush your business start-up (FAST), it most likely will fail because it can't be GOOD.
Likewise, if you have a GOOD idea or business plan and have money to do it, you can set your business up pretty quickly.
4. Can you qualify for grants?
As you notice, I didn't say loans…and that is because you have to pay loans back.
Thus, you should always look for opportunities that won't tie you down.
5. How confident are you about your business/service and your dedication?
Most businesses will take a while to start and a lot of door-knocks and smiles to get what you want.
If you don't have the drive to continue when you have doors slammed in your face, stay away from owning your own business.
These are just some of the few tips for starting a business that I think are needed for knowing if you will start with a strong foundation.
The foundation that you have should also consist of the following:
A. A business plan written out, complete with a budget, target audience, marketing strategies, profit/loss, etc for at least three years.
Also understand that most businesses will be in the red for at least the first two years.
B. Knowledge of your audience and competitors.
Not knowing your marketing with prove costly as you may end up spending money to get in front of people that have no interest in your product or services.
Wasted advertising is the worst and easiest way to lose money.
C. If you are not an expert, make sure you have one on your team.
Your team that you put around you is a key component of your success (or failure).
I always put people around me that had more knowledge that I did in a particular subject.
Allowing people to do what they do best gives you the opportunity to manage them and do what you do best, which is run your business!
D. Learn about taxes.
Uncle Sam does not take not paying taxes lightly.
Make sure that you have an accounting program like QuickBooks to handle your budget and tax payments.
All and all, owning your own business is great...but it is not easy.
Thus, you must take these tips for starting a business to heart.
Starting a business requires hard work, tireless hours, financial losses and sometimes loss of friends.
If you are not passionate about your new business, no one else will be.
Hopefully these tips for starting a business will help you to develop the strong foundation that's needed for your success.
Keeping your direction and eyes on your goal will help you get to your business off the ground.
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