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10 tips to start a successful business

Discussion in 'General Business' started by Sencuart, Aug 5, 2017.

  1. Sencuart

    Sencuart Well-Known Member Registered Active Member

    What is the difference between those who are successful and those who fail in business?

    The simple fact that you have found a brilliant idea and that you want to be successful is not enough to set up a sustainable business. In fact, statistics show that an overwhelming percentage of start-ups go bankrupt in the first year of operation. How can you increase your chances of success?

    Here are 10 tips that can bring you closer to success.

    1. Do what you like
    Once you make the decision to open your own business, you will have to invest a lot of time and energy in developing it, so it is very important to like what you do and to find satisfaction in the work you are doing.

    2. Start your business while you're still engaged

    Since you can not live long without money and your new business will not become profitable from the start, it is preferable to start your business while still having a job and a stable source of income. This will give you a form of comfort and help you focus on vital aspects of business development rather than just making money for your own survival. Once the business begins to become profitable and occupy you more and more time, you can resign.

    3. Don't start alone
    The existence of a support system both during the start of the business and during its development is very important. Try to find support among your family and consult with them when you want to make decisions and need advice. Ideally, it would be to find a mentor to offer you his experience.

    4. Start finding customers
    Do not wait until you launch your business to get customers or consumers because they are the central element that determines the success or failure of your initiative. Do as much networking! Collect contacts! Offer samples of your product/service! It's never too soon to start marketing for your business.

    5. Write your business plan
    The main motivation to write your business plan before embarking on the road is to save time and money later in the course of business development. In addition, the business plan helps you clarify your business concept and gives you a general map on which to invest in growing your business. There is no need to make a detailed and busy business plan, focus on those essential elements of the plan to help you through the development of your business.

    6. Do a market research
    In order to substantiate your business plan, you will have to do a market research, but that's just the beginning: to increase your chances of success in business, you need to become an expert in the industry, products or services that you deliver, that's unless you are already. A start-up solution would be to join professional profiles.

    7. Appeal to professionals
    An entrepreneur is not and does not have to be a man - orchestra: you can not be an expert in everything and you do not have to propose, so you learn to work with professionals in those areas that you do not master: accounting, Marketing, business consulting, etc. You risk losing a lot of time and money if you try to learn to do all the things a specialist should do, so do not hesitate to call on experts whenever you have a specialist problem.

    8. Make sure you have a minimum capital
    Before launching your business, make sure you have some money: make savings, borrow from family and friends, or address potential investors. Make a financial backup plan. Learn to make a budget for your business. Do not expect once you start your business to get funding from a bank because they are generally reluctant to finance start-ups.

    9. Proof of professionalism from the beginning
    You, as an entrepreneur, are the best marketing agent for your business, so everything you do and communicate needs to inspire professionalism. That means everything from clothing and attitude to business cards and behavior needs to be impeccable and to provide confidence to potential customers and collaborators.

    10. Adjust legal and tax issues from the beginning
    Perhaps the least interesting activity of an entrepreneur is that of legal and tax matters, but these are essential for both business success and the entrepreneur's peace. In addition, it is much more difficult and costly to try to repair the mistakes later, so together with your consultant or accountant and advice are needed, what is the tax regime, etc.

    The 10 rules above will not automatically ensure success, but will help you put your business on your feet in a healthier and less stressful way.
     

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