10 Facts About Starting Your Own Business – What You Need to Know

These 10 Facts About Starting Your Own Business will help you understand what you need to do to get ahead of the game and keep from digging your own grave!

1. Planning

Planning is the first and foremost topic you need to address when you are looking to start your own business. Have you researched all aspects of start-up costs and on-going expenses? Do you know what your monthly projections will be and how you plan to reach them? Do you have enough capital to carry your operation in case of a loss period rather than a profit? Are you prepared for the the excessive amount of hours you may need to work? Do you have the management skills necessary? It is absolutely essential to have perfect planning when starting your own business. Precise execution of your plan is the most important aspect of the planning process. It would do you no good to have a formal plan of action and not follow it.

2. Attitude

Attitude is always discussed when it comes to success. It applies just as much to a business as it does to a person. Not only must you have the right attitude personally, but you must reflect your positive thinking onto all of your business aspects. Everything that a customer sees, hears and knows about your business contributes to your image. As a business owner you must also have the attitude that you have all of the answers to every question that your prospective customers have. You need to be able to think on your toes. You need to be someone your customers can depend on. If you have confidence in yourself then your customers will have confidence in you.

3. Responsibility

Responsibility is the keyword for business management. You no longer have someone watching out for you. In fact the only person who will look out for you is you. Now there is no excuse for your shortcomings. The bottom line is that when you run a business you need to be 100% responsible for your business, your customers and yourself. You can no longer sleep in late or skip work. When you work for yourself the person you are cheating is staring right back at you in the mirror. So before you take the plunge make sure you can fulfill the obligations required of you on all levels.

4. Money Management

Be prepared to put some revenues back into your business. No excessive spending. Stick to a budget and forgo vacations until you have a comfortable margin of profit. Don’t use the business income on personal spending and watch your business and personal debt, it can kill your new business. You can also protect your assets by forming a corporation or an LLC. These will also give you certain tax advantages.

5. Location

You have undoubtedly heard the saying, “Location, Location, Location!” Can your customers easily find you? What about visibility, image, parking, room to expand? This is a key ingredient you can not leave out! This not only applies to your standard bricks and mortar business but also to internet business as well. If your webpage is tucked away in a far corner of the world wide web, you will never get any traffic, which in turn means no customers.

6. Target Demographics

Supply and demand changes frequently. Will you have the foresight, flexibility, resources and ingenuity to adapt your business to the changing trends? Diversification will protect you against the fluctuation of business currents. Make sure you have plenty of options to fall back on, this concept will allow you to be a little more versatile.

7.Competition

Check out your competition, know who they are, what they offer and what makes your products or services better or worse. Hold true to the saying, “Keep your friends close, and your enemies closer.” Though your competition is not necessarily your enemy, rather an ally. Do not over step your boundaries but be aware of whats going on, and the changes that are constantly being made in business.

8. Customer Service

Once you have a client, you need to keep them this is done by flexing your relationship marketing skills. You have to pay attention to the customer, fulfill their needs in a timely manner, return their phone calls and emails promptly, bill them properly, utilize a win-win problem-solving attitude and BE NICE!

9.Portfolios

A business must have references and your references will always be the work you have done in the past. The key is to begin building a very professional portfolio of the work you do or the products you sell. These will be your guarantee of future business. When you are just beginning you obviously will not have a portfolio, so you need to focus on your transactional marketing to begin your customer base.

10. Entrepreneurial Burnout

Owning a business can cause a great amount of stress. You need to make sure to take time off to rest, relax and rejuvenate. While your business may be your main focus in life, do not let it be your only. Take time for your friends and family, keep active and healt

 

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