For all your online business building info! , 2021-01-27 08:48:00
Don’t Get Stuck at Business Startup
If you’re like most new business owners you’re probably investing a large portion of your life savings in your business, so you need to ensure that your business start-up will be around for long time, right? Follow these 8 rules to help you make sure that the business you’re starting will have a fighting chance to survive.
1. Enjoying what you do
Every starting business owner knows that they have to put in many hours (especially at start-up) each week to make the start-up a success. So it’s very important that you enjoy what the company does and what running a business entails. If you don’t enjoy what you are doing, you probably won’t put in the hours that are needed!
2. Solid Profit Margin
This may sound simple, but this is where many starters go wrong; don’t start if you can’t ensure a solid profit margin! This is vital for long term success. If you have to get by on the slimmest of margins, you won’t enjoy (see 1) owning and doing business.
3. First Business?
If it’s the first business you are starting, then think about buying an existing business instead of starting your own. Why? As with everything in live, doing something for the first time is hardest. You need to learn the business side first, so you won’t have the time to invent everything yourself. Buying an existing business will give you time to focus on learning how to do business.
4. Important Research
Before you start you need to do a lot of research on all kinds of things, but one of the most important things to research is; if you are starting a business in a growing market. So do the research and make sure your potential competitors aren’t all going out of business (what will indicate that there’s no market for the type of product or service you want to sell.) Growth rates are very important, so do your research!
5. Serve them Well
Serve you customers well and they’ll come back! This rule is very important, because repeat business is where the profit is. Getting new customers is hard and expensive, so make sure that old customers want to buy from you over and over again.
6. Recurring Costs
There will be times when you’re first starting out that you’ll have slow cash-flow. So keep you recurring costs as low as possible, you can always upgrade later! So don’t lease that expensive car or piece of equipment, instead search for secondhand and pay cash for it. This way you won’t cripple yourself by committing to expenses years in advance, giving you more breathing room when the cash-flow is low.
7. Good Advice
Every business owner has areas where they lack certain skills or expertise. This is why many business owners hire a good attorney, accountant and business coach. If you don’t have the expertise yourself than it make business sense to hire the best person for the job. Tip: if you hire for example an accountant then always ask why they do certain things, this way you can learn from them and you will over time gain knowledge in their field.
8. Working Hard
As every starting business owner can tell you, you need to be prepared to work really hard for the first year or two. Business is not coming flying your way; you need to work at it. Working at making sales, marketing and networking are vital to build a solid cash-flow and profit. Things will get though at times, but you need to stick with, things should get easier after time.
Ensuring start-up success is far from an exact science. The best tips we can give you are; adapt and keep learning!
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