Starting Up In Business - The Right And Wrong Ways
Starting Up In Business - The Right And Wrong Ways
Are You Thinking Of Starting Up In Business?
If you're thinking of starting up in business for the first time that's great, but you'll need to know how to do it the smart way if you're business is going to survive and thrive.
Like most things in life, there's a right way and a wrong way to start your new business.
In business it can be quite costly if you get things wrong. That's costly both financially and personally. Having the right business mindset from the beginning can pay dividends.
To help out and increase your chances of success I have some tips on starting up in business the right way, but firstly let's look at how not to do things.
Starting Up In Business The Wrong Way
Many people who are starting up in business for the first time will rush out and try to find a product that they think people will want to buy.
The next thing they do is spend their hard earned cash on either buying or making the product before spending even more money on marketing and selling their product.
Sounds good right? Not so I'm afraid...because all too often the final step is finding out that no-one actually wants to buy their new product and all their time, effort and money was wasted.
Don't worry, I'll explain the correct alternative to this in the next section.
If you ever want your business to give you freedom and unlimited income be careful not to choose a business where you are the business.
A good test for this is if you have a day off will your business grind to a halt? If so, you are the business and it's more a case of your business owning you rather than you owning it.
Starting up in business and planning from the start that it will be able to run effectively without you always being there is a good way to avoid this trap.
Finally, for an example of a real business I saw the other day. Someone was making customised garden spades in his workshop. The interesting part was when he said that they cost around 200 each to make, but they sell for 80 to 90 each!
I'm no Einstein but those aren't good numbers. His justification was that it was a dying trade and he wanted to keep it alive. Fair enough, but it was a dying trade for a reason and with those numbers it's not actually a business at all.
Starting Up In Business The Right Way
So, after a few example of how you shouldn't be starting up in business, let's have a look at how you can give your business and your sanity a much better chance of survival.
Start by creating yourself a definite major purpose so that you know from the beginning what you want from your business and whether it can deliver it.
Write down what you want your future to look like and ensure your business can help take you there.
In the last section I said I'd explain why finding/creating a product and then trying to sell it isn't the way to go. This is my alternative scenario...
Your time, effort and money are valuable resources so to find or create a new product and then discover that no-one wants to buy it is something which you can and should avoid, but how?
The answer is simple, don't find a product then a market, do it the other way around. Find a market first and then ask them what they want.
It's crazy to try and guess what people might want when you can actually ask them and know from the start whether your ideas is worth pursuing. It doesn't have to be a gamble.
Wherever possible try to test a new product or service on a small portion of your market before committing yourself to rolling it out in full.
This also applies to the time you dedicate to a new idea. You don't have to quit your day job and jump in with both feet with a new idea.
Starting up in business in your spare time allows you to try out your idea before committing too much to it. If it works, great but if it doesn't you can drop the idea and move on.
If an idea looks like it's not going to take off then don't be afraid to drop it and think of something else. Dropping a bad idea early isn't failure, it's just good business sense.
The process of starting up in business involves a great number of different skills. Some you may possess, others you may not.
Identify your weaknesses and either train yourself in those areas or find someone else to do those tasks for you. For example, you might want to brush up on your marketing skills but accountancy and legal issues might be best left to the experts.
Finally, choosing a business that you're passionate about will make the whole process so much easier and increase your chances of success. Don't just chase the money, do something you enjoy, provide good value and the money will follow.
Starting up in business might seem risky but if you avoid the obvious pitfalls and follow these guidelines your chances of success will be greatly increased.
Growing Your Low Cost Start up Business on a Budget How to Set Up A Successful Number 1 Home Business The Top 10 Businesses For Home Buddies Launch an Easy Home Based Business to Boost Income and Get Out Of Debt Starting a Business at Home: Top Seven Tips For Overcoming Discouragement How to better manage your business The many benefits of iptv in business Mailing Solutions to Suit the Needs of the Business Customer Satisfaction Surveys Help Grow Your Business More Groupon Like Business, but may be this time it is a bit different Home Business Opportunity – is YourNetBiz worth it? Generate life painless with same exact day cash advance loans What You'll want to Learn about Tiny Business Loans