1. Start Smart:
Don’t compete to be the lowest cost provider. Look for what makes your product or service unique and adds a special value for the client and charge for that value.To start smart, you should like the idea of the business. The way to earn a good income and build wealth is by serving clients well.Test your ideas.
2. Plan Ahead:
Have a proper business plan.Plan things well in advance.The first rule of a start-up is put some of your own money in the business. As the owner you must be willing to capitalize the business. The second rule is put as little of your own money as possible in the business. Prepare your plan and look for funding for your business from multiple sources, which can include a business loan or business line of credit.Build a team and if possible ask for a mentor from the industry.
3. Set up Systems:
The most basic system every business should have is a good financial system. Ask yourself how am I going to generate enough income to support myself and my family. Begin here. Put together a personal budget, so you know what it costs you to live.The start-up expense plan, operating budget and your accounting software are vital to your success.
4. Seek out Sales:
This is one of the most challenging tasks of any startup.Since you cannot afford big ad budget,you need to get out and speak to more and more people about your product.Join organizations that would have clients for your product or service. Become a visible part of your market, and then ask for the sale. You begin the sales process with people that you know. Yes, it’s ok to start with friends and family as your first customers, and then broaden from there
5. Aim for Growth:
Creating a company is not like getting another job.You own the company and hence you need to foresee the growth of the company in terms of sales,employees,profit over a period of time,which would help you grow faster.
6. Leverage Opportunities:
As a business owner, be very clear about your core focus for the business and how it serves clients. Your core business is what pays the bills.Always consider if a good opportunity is the right fit for your business. If something looks great, but it’s not in sync with your long-term plan and budget, think carefully before committing your company’s resources.
7. Plan Your Exit:
Someday,you may want to sell your business or retire from the business.So,know the valuation of your business so that you can know the value it brings to your future wealth.
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