ADDICTED 4 SUCCESS
BUILDING YOUR DREAMS and INSPIRING THE GREATNESS WITHIN
STEVE MORTENSON - Professional Business Coach
 |
|---|
Starting a business is an exciting time, and many new business owners agree that youwill experience a wide range of emotions: hope, fear, excitement, anticipation, and nervousness. When you are getting started, there are a few things that you can do to increase the success of your business.These tips should guide you in the right direction and help you on this journey by providing you with the top 10 things that you need to keep in mind when you are getting started.
Every business needs at least a little bit of start-up cash, and you should be cautious with your spending so that you can save the money that is required to fund your start-up. Failing to have at least a little bit of money in the bank can result in disaster when an unexpected expense pops up. In fact, one of the most common reasons for failure within the first few years is because the business couldn’t manage cashflow. Take a close look at your operating costs and the funds that will be needed to get started, and set that money aside so that it is ready to be used.
#1. Prepare Financially
#2. Research Your Idea
Just because you think something is a good idea, doesn’t necessarily mean that people will buy your product or service. Do your research to ensure that there is a market for the type of product that you want to sell. Check out competitor websites, and read people’s comments on social media sites and forums. You can gain a lot of insight by seeing what people are discussing. The fastest way to profits is by providing a product or service that solves a common problem. Once you find your niche, it is much easier to obtain success more quickly.
#3. Make it Legal
There is a big difference between a business and a hobby, and too often new business owners skip the important steps of making their business legal. Talk with an accountant and an attorney for advice on the proper way to set up your company. Depending on your business plan, they might suggest an LLC or S-Corp. These options are beneficial, because your personal assets will be protected if the company is sued. Another option is to find a company like Market America and Shop.com which allready have all the legal part of the business taken care of, so you can focus on the fun part which is growing your business.
#4. Build Your Business Model on Paper
Before you can achieve success,you need to map out the steps that need to be achieved. business plan provides the blueprint that you need to identifythe individual tasks that should be completed. Additionally, a clear business plan can be important to helpyou get funding from investors or through bank loans. Take your time when you are writing out this business plan, so that you have a good focus on exactly how you want your business to look.
#5. Get a Bookkeeper
10 Things you must do before you start a business
Managing the day-to-day transactions can be a hassle, especially if you hate working with the numbers. But, these details are critical to help you keep your business running, because you will gain insight about profits and losses. Book keeping is also necessary to make sure that you are keeping your records organized for tax time. You can save yourself a lot of frustration during tax season by managing your books throughout the year. One of the best investments that you can make is to hire a book keeper to manage these details for you. Don’t make the mistake of trying to handle the book keeping on your own, because you are already busy enough with the other responsibilities of running a business. Some home business opportunites have all the book keeping task allready put in place and makes the daily running activities
#6. Open a Bank Account
Part of the financial management should be to keep your business and personal spending completely separate. Open a business bank account, so that you can manage all of the business income and expenses in one place.Many business owners choose to set up their bank account with a checking account, savings account, credit card, and line of credit. Talk with your bank or credit union to learn more about the options that are available.
#7. Setup a Website that Brands Your Business
In our digital world, a domain name can be a foundational element to help you create the right brand for your company. Choose a URL that matches the product or service that you are selling, and sets the right tone for the branding that you would like for your company. Make sure that your website is easy to remember, and pick a catchy phrase that can identify your company as a leader in the industry. It is worth spending the money to hire a professional website designer who can help you create a professional-looking website to match the quality of your product. The Shop.com website business has actually made the Top 100 Online retailers in the world #57 and the company has spent millions of dollars on an incredible website platform in which you have access to building an incredible income with. When you partner up with shop.com you have access to a multi-million dollar website that is setting the standard for which other business will follow.
#8. Find a Mentor
It can be hard to find your way forward if you don’t know what you are doing, and you should expect to make mistakes along the way. But, you can speed up the pathway to success by working with a mentor. Find someone who is already doing what you want to do, and hire them to be your coach. Working with a mentor is very beneficial because they will be able to help you avoid common pitfalls. They already made the common mistakes, and can guide you along the way to overcome those problems and reach higher levels of success in a faster manner.
#9. Develop Patience
Everyone wants their business to be an overnight success, but you need to remember that it takes time to build a business. You might not see the success that you are looking for right away, and many business owners need to wait for several years before their business starts to gain momentum. Don’t let yourself get burned out along the way. Keep your eye on the prize and stick with your goals, because it will be worth the effort when you have achieved the business success that you desire. Working with a mentor, as mentioned in the previous tip, is a great way to help you develop the patience that is needed and stay focused during the hard times.
#10. Have Fun
Don’t take yourself too seriously! It can wear down your health if you are over-worked and not taking time for yourself. Remember that the business is a means to help you build a stronger financial future, so that you can enjoy the finer things in life. Make sure that you are spending time with your family and friends, and look for ways to make it a fun adventure.“Work Hard, Play Hard” is a good motto for new business owners. Put in the work when it is needed, but make sure that you are having fun every day. Don’t forget about the rest of your life along the way, because a successful business is only satisfying if it helps you achieve the lifestyle that you desire.
