5 MAJOR TIPS FOR YOU BEFORE YOU START YOUR BUSINESS
Starting your own business is always time consuming and a bit difficult. The 5 major tips for you before you start your business is discussed below.
Be committed to the business because anything you are committed to is likely to succeed. You may have to forgo or reschedule some cherished holidays in order to make time for your business. At the inception of the business, you are likely to make some lapses but once you are committed, resolving these lapses become a bit easier. In some cases, you may have to also forgo your salary but ensure that the salaries of other employees are paid timely.
Secondly, you should have the drive, discipline and determination to make the business successful. Implementing some things may not work initially but that does not mean that you have to give up. You got to try other means to achieve the desired results. When you plan to do something that will help the business grow, be disciplined to ensure that it is done. If you have staff, motivate them to also develop drive, be disciplined and determined to support the business to grow.
Develop your mind in the business area you intend to go in. Having the start-up capital alone does not guarantee a successful business. Acquire some knowledge in the business area of choice through reading of books, downloading and watching videos on the internet, attending some essential short courses. The length of time spent in acquiring knowledge may not be too important but the quality of information being accessed is what matters. You should be certain on your ability to manage some aspects of the business and engage outside hands to manage the areas you cannot handle.
Get start-up capital for your business. New businesses take some time to start making some reasonable returns on investment, however, during this time, you will be paying salaries, rent, power, depreciation and other running costs. Therefore, the business must make arrangement for all these expenditures and anticipate that at the appropriate time, as specified in the business plan, profit will be accruing. The start-up capital may come from your own pocket or from the bank or from relatives. If the start-up capital is coming from bank or relatives, it must be properly documented in official agreements including the payback period.
Finally, you got to look for support from within – that is, from your home. It is said that most successful businesses are as a result of supportive spouses. Your spouse may provide some of the start-up capital without interest. During the establishment stage, he or she may also work for the business without receiving salary and this helps to reduce the expenditure of the business. In addition to these helps from spouses, they also exhibit emotional support and love which go a long way to help the business grow.
credit to ‘fanpop’ for above picture.