Tips for Your New Business
Advice to consider when starting a new business
Opening a new business is not a simple task, especially if you don’t have a plan. It’s shocking how may actually crash and fail within the first year.
If you’re just starting out, learning how to build a successful and thriving business all begins with a little research. First things first - jot down everything you want to accomplish, from the name of your business to the purpose behind your business. Is it tied to a passion? Will this business help achieve your personal and professional goals?
“This is what will navigate them through all the tough work that he or she needs to do to grow the business. If there’s a purpose behind starting the business that’s tied to a passion, they’ll have much greater perseverance,” says Michael O’Grady, founder of Sales-Psychology LLC.
Every new business owner must identify exactly what their business purpose is as an extension of themselves, as well as, what the definite chief aim or end result of the business will be. Once your identity has been clearly defined, you’re now in a position to share your vision with others and to focus on where it is you’re going. The vision you have for your business must be backed by a burning desire and sincere passion for its fulfillment.
The next step is a crucial one, creating a solid business plan. This guide will keep you on track, focused and better equipped to make solid business decisions, which you’ll need to do on a daily basis.
“When developing your game plan (business plan) it is important to plan action steps that continually move you in the direction of your clearly defined identity,” says Will Miller, entrepreneur, business owner and business coach.
Once you’ve got your business plan completed, Miller says it’s time to communicate your vision. This means marketing and introducing your identity and vision to the right people - your partners, staff, investors and so on.
“Create an alliance with one or more people that will encourage you and hold you accountable. Nothing great can be accomplished on your own,” says Miller. “Reward and recognize those around you that help you to achieve your greatness.”
Financially, the owner must be prepared for all possible expenses like operating costs, wages, insurance and licenses. Sources of funding can include private investors, business loans, business credit cards and business leases on equipment to operate the business. These finance options must be considered carefully.
“I’d suggest a new business owner to discuss all the options with a financial advisor before making these decisions,” says O’Grady. “Becoming profitable is probably one of the most important things on a business owner’s mind. But I see many business owners not making the right decisions to become profitable. Time management is one of the biggest obstacles in becoming profitable.”
Building your network of people who are important to your business and can help you spread the word, is key. Partnering in mutually beneficial ways with no money exchange is a great way to help your business grow.
These motivational tips will help lead you to start one the right track. Good luck!
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