Starting Your Own Business – 5 Essential Tips

By | April 18, 2013

Starting Your Own Business may seem like a difficult task but that is not the best word for it. I would like to use the word tedious, the reason being is that opening a business requires dedication, planning and hard work. Taking hte proper steps and finding the right information can make the process of opening a business much easier and help you become successful. Below I will guide you through 5 Essential Tips for Starting Your Own Business.

Tip #1: Preparation. This first tip is the most important and cannot be stressed enough! When you think you’re done planning and preparing, do some more. Prepardness is a constant ongoing situation but this is your primary focus before opening a business. Research can be done for every aspect of your company because the best business owners know their company down to the smallest details. A good reference for a time frame of preparing would be to start at least 1 year prior to opening day, however you can research as long as you need before opening.

Tip #2: Marketing. So you need to get your word out about the opening of a business. A good place to start is through friends and family. Word of mouth and positive reviews about your company are the fastest spreading news and can influence people to come to you.

Tip #3: Online & Social Presence. Being that it is now 2013, starting your own business means you have to be part of the a new era. A social presence via Twitter, Facebook, Instagram, Etc. is increasingly important the further we get into this technological era. Social marketing is a great advertising tool, a great way to connect personally with your customers and can ultimately increase revenue.

Tip #4: Start Up Capital. Having a sufficient amount when opening a business is essential. The worst thing that can happen is that you open and run out of money, so you have to shut down the operation. In order to avoid this scenario I would suggest using the 3 month rule. Before the first day of opening,  make sure you have enough cash to cover at least 3 months of all expenses. This will give you enough time to recover if you’re business is slow to take off.

Tip #5: First Year Success? Probably not.. Do not ever get discouraged if you do not make your fortune after just a year. Over 90% of businesses fail within the first year. Keep this in mind because if you can overcome the struggles of your first year of opening then you have a better chance at success. You have to prepare yourself mentally and physically in case you do not make it in the first year. Do not give up because then you have absolutely no chance of being successful.

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