- December 28, 2018
- Posted by: SAMBLOG
- Category: Business plans
10 Tips for starting your business in 2019 Opening your own business is often a learn-as-you-go process. But, the more smart decisions you make early on, the better chance your company has for success. If you have an entrepreneurial idea, try these ten tips.
1. Address excuses Countless people dream of becoming entrepreneurs, but they never do. They’re burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business. Let’s face it.
2. Absorb everything Listen to what others have to say—friends, family, experts, even yourself. When it comes to things that have to do with your entrepreneurial goals, be a sponge. As you learn, start to work out the idea in your head. Write things down. Keep notes from all the resources you come across to develop a detailed plan.
3. Be a solution Rather than starting your idea with what to sell, think about what it will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche. Understanding your motives will help you create a brand and market your company. Know what problems your target customers face and how you can solve them.
4. Keep it simple If you’re like many entrepreneurs, you have a business idea and you’re ready to run with it. Be careful not to let your concept snowball into something overcomplicated. You could end up with an expensive, elaborate end-product that nobody wants to buy. As a new business owner, try to start small and narrow your focus. Learn how to test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations. Cut unnecessary features that water down your offerings and cost you money. As a small business, you don’t need all the bells and whistles of a giant corporation. It will be easier to add to your business as it grows.
5. Count the costs Once you start to develop your business idea, add up how much it will cost. You will need to factor in every business expense necessary to launch and operate. Some costs to keep in mind include your location, rent, supplies, marketing, and more. Come up with the most educated number you possibly can. Then, take whatever you think that dollar amount is and quadruple it. Seriously, quadruple it. You’ll experience unexpected costs of running a business around every corner. It’s better to be over prepared than short on funds when bills start to roll in. When you’re thinking of the cost to start a business, don’t forget about your personal budget. Look at how much money you need to live, including rent, food, gas, healthcare, etc. Lay these expenses out in order of which ones you must pay (e.g., mortgage) to ones that can slide if the money runs out (e.g., entertainment).
6. Imagine yourself with zero money I mean zero. There is a high probability that this will happen Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money? It’s a good idea to come up with a “just in case the worst outcome happens” plan. You might have to go without the comforts that you’re used to. Figure out how you would get by if your business plan went south.
7. Earn while you build If you want to start a small business, don’t quit your day job—yet. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur. As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.
8. Speak up about your business One challenge many business owners face is that they don’t know how to sell. It can be intimidating to share your business with the world, especially when you’re new. If you’re worried about what people will think about your business, you need to get over it. If you can’t convince consumers to buy from you and support your company, it’s difficult to make money. Not outgoing? Fake it ‘till you make it. If you really want business success, you can’t afford to be shy. But, if you want your business to succeed, you need to to get out of your comfort zone. Be ready to speak confidently about your business, even if it makes you uncomfortable. As a new business owner, you will need to market and network constantly.
9. Know the legal requirements for starting a small business Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties. From forming a legal structure to set up an accounting system, you must follow laws. You need to register the business with your state. You must also take care of business-specific tax liabilities. And as you hire workers, you need to follow laws.
10. Balance passion with wisdom One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows. That said, don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction. As your business starts to come together, think of it like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.
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