Starting a business is one of the most exhilarating things a person can do. But unfortunately, a few bad decisions and some poor breaks and it can also be one of the most stressful and disappointing events in a person's life and a complete waste of time and money. What one piece of advice would you give anyone starting a business to increase their chances of starting a successful business?
1st Year Is Just Break Even
- Plan to lose money in the 1st 4 -6 months....then just break even from month 7-12. It will take at least a year (if you are lucky) just to advance this much. But after the 1st year it gets better.
- —Guest sid
- My suggestion would be to have one employee in charge of each department of your business from inventory to knowledge for sales. Also reward your employees; don't just have a staff meeting about the negatives. Keep morale up and keep your employees wanting to continue to work there.
- —Guest Billy Howard
think+plan+action = result
- Thinking, planning, and taking action can give you a result but that's not that we want. We need an excellent result so we need to think logically, plan accordingly, and execute effectively to collect an excellent result; that's what we needed. Right!
- —Guest mirza
One piece of advice
- Have a goal; find your target; think of your goal every minute; find a path to your target which will lead you to your goal and take RISKS.
- —Guest Sabaoon rahimi
- 1) Don't wait until everything is perfect to get started...because then you'll never start. Get going and you can learn, make improvements along the way.
2) Be sure you love what you do, because you'll be spending a lot of time doing it.
3) Hire professionals for the areas you're not an expert it. You don't have to know it all.
4) Keep working in your day-job if you can because it might take a while to get your business going and you don't want to feel the financial pinch.
5) Failing is your greatest teacher! Don't be afraid. Embrace.
CEO and Founder
- —Guest rentinginternational
Books to read
- 4 Hour Work Week, Referral Engine, and E-Myth had the BEST and most practical examples of successful businesses and instructions on how to be like them, from using Social Media to networking clubs to build business. In 4 Hour Work Week Tim points out there's a market for dwarf entertainment. Your job is to figure out what market you can best serve, then develop a strategy and budget to go after them.
- —Guest chowsr
Starting a Business Takes Determination
- You must make up your mind you want to do it; no looking back.
Also, consider your abilities, capabilities and funds. Focus on your strength and work on your weakness. "You don't have to be great to start but you have to start to be great".- Zig Ziglar
- —Guest Bayo Farinade
Passion and Excitement
- There are three things which you should ever consider when you start a business and want to succeed: Passion, Excitement (motivation) and Faith. If you don't love what you do, if you don't put passion in it, and feel motivated to wake up early in the morning, that business will never grow. It will find a way to survive in time but will never grow.
- —Guest CJ
Don't Run Away From Initial Failure
- One thing you must know that when you are starting a business it won't start giving profit instantly from the time you start it. Hence you must wait and learn and apply new ways of doing business to succeed, not leave it after initial failure.
- —Guest sagun
- Don't let money get in the way of vision. Ideas and concepts are free. Do the legwork prep work and homework yourself. Prove to the people around you that you are dedicated and committed and they will want to invest in YOU, not your business.
- —Guest silver
Learning From Others
- Learning from others' mistakes is perhaps the best way to strategize Success.
- —Guest nut
Don't Look Behind If Starting a Business
- If you want to grow with your own business, just make sure first and than don't look behind. Always remember, loss and success fly together, so don't be disheartened about little things. Be brave and never be downcast.
- —Guest saman
The very first step is missing
- About all the articles I must say, they are 2nd or 3rd or later steps in starting a business. What is missing and what causes even highly motivated and gifted people to fail, is a good strategy as the very first step in considering self employment. In my time-management-use.com site, I cover under Biz Time what I call meta time management and give a short description of the EKS ® Strategy (a bottleneck concentrated behavioral and guidance strategy) of the German business economist Wolfgang Mewes. Unfortunately found no better english description so far. I do not want to devaluate the countless useful points of view of all the authors. However, without the right strategy they miss informing business starters about the inevitable solid foundation Following the well meant advice and tips is nice, but do not secure a successful start.
Know Your Industry
- I do believe that all of these comments are true. Because when you start a business you need to know your business you want to start. Its very important to know where you stand. Always be on top of the game.
- —Guest mw
Base Your Business on Respect
- Respect your customers and treat them well; because of them is what you are. Always be respectful with them for them to feel confortable with you and increase the trust they have in you.
- —Guest slatter