There are many things you must consider when you are new to the world of business. It is very crucial that you have a plan and avoid common mistakes almost ALL newbies business owners make. Do not be afraid to try new things when starting a business. Do not be afraid to fail. Encourage failure. The more you fail the faster you will learn what works. When you taste defeat you are going to come back strong and as a better person. Most new business owners will not understand this concept. And it will only through persistence, and the will to not give up, combined with several failures that you will learn this. So do not lose hope yet if things go wrong, just be positive about it and anticipate it So moving on, here is our list of “do’s & do not’s” in starting a business.
Things You Must Do
Consider taking risks. In business there’s no such thing as instant success. You have to go through a lot of trouble and problems to reach the top. There is a reward in failure and success. Every one of you that embarks on the difficult path of starting their own business must understand how much risk is at stake by simply starting a business. Without risk there is no reward however. Not everyone is capable of doing this though and would prefer a safe and stable job that won’t allow them to ever reach their full potential, but to each their own. One way or another your ability to take calculated risks will be the first step in determining if you’re cut out for business.
Take your time in writing a good business plan. It is a must on your part and should never be skipped or rushed. It’s vital that you understand where you’re going and where you want to go as a larger goal. The more time you spend in researching and developing your plan can really help you succeed in business. Do not waste your time on silly things and focus on your work. Those that party now will have to work hard for the rest of their lives and that will never amount to much. But for those that work hard now, can enjoy a lifetime of freedom later.
Understanding that starting a small business can really be time consuming, as previously stated there is no such thing as instant success. You need to have patience, a lot of patience. It is all about timing. It can also cause a lot of stress for your part. This will really test you if you got what it takes to be in business world. Working in the business world can be very complicated; there are many things to be aware of.
You should be aware of government regulations & local laws that may affect your business. They will bite you if you’re not careful. This could be the last thing you want, they can bring down your business with a snap of their finger if you don’t know what you’re doing.
Understand who your target market is. Knowing who your target audience is going to help your overall marketing and ability to sell your services to people who want or need them. Most business fail at this step and eventually lose their customer base because they don’t know who they’re speaking to. You need to understand how your product and service can catch their attention and the only way to do that is by first understanding who they are as a person. A good sales person is not a sales person at all. Instead they are people persons that understand the average person.
Things You MUST NOT Do
In starting a business, do not assume that there is an instant success. You must work your way up. Take chances and having hesitation in every decision you will have to make for your business.
Do not underestimate competitors. Competitors will often look to see what other business in their own industry are doing and seek to improve what they’re doing and do it better. You always have to be one step ahead of the curve. If you underestimate your competition you may not last.
Do not pay yourself more than you earn. Business is an investment. A long term one. Once you start making money DO NOT spend it frivolously. Re-invest it back into your business so that it grows. If your business does not grow your income will not grow and will eventually be sucked dry by reckless spending habits.
I know this mistake all too well and am still guilty of it and is something I’m still learning myself but I know it and am aware of the problem that exists when you start making more money than you ever have before.
I hope these tips helped and give you some good ideas of things to do and not do when first starting your business.