Here are some simple tips, although often ignored, to consider when starting a business:
1. Everything starts with a plan
There has never been a reason for bad planning. The plan must be a lively document that periodically updated over time along with changes in business and markets, which are inevitable. The business-positioned business to anticipate changes in market conditions will be the most prepared to take advantage of the opportunities that arise. The main focus for every start-up business plan must be in setting a positive cash flow – the blood of the business life.
2. Research, Research, Research
Even though you might convince your idea is a definite fire winner you will ask for a lot of problems if you don’t do a significant market testing. Offer what people want to buy, not just what you want to sell. Too often, entrepreneurs build business around the services or products they feel they will succeed than being proven to have a market. Test and measure – everything!
3. Trusted advisor
Lifting the Advisory Board of people who have expertise in marketing, accounting, sales and law are a very good way to access the intellectual capital needed to navigate the complex business world. This counselor or coach can be objective because it is outside your business and can provide immeasurable value.
4. Positive attitude
Managing your own business can be one of the biggest and most tiring challenges that you will face. Believe in yourself, very motivated, and has trust in business is all important elements to be successful.
5. Be conservative
Even though it is important to think outside the box, you must be conservative in your plan. Always underestimating income and costs exaggerating because usually costs will be much higher than estimates and income will take longer to achieve.
6. Time management
Time is a limited resource and is very important to master your time spending skills in the most effective and productive areas that have the highest return on investment. Mastering the art of saying “no” for non-productive and inefficient activities is one of the best time management techniques available.
7. Communication without defects
Develop the ‘statement of value proposition’ which is briefly summarizes what you do. Understanding strong reasons why people must use your product or service are one of the advantages of sales effectively.
8. Provide value – not a discount
It is important to provide perfect customer service and exceed basic expectations. Giving customers with sufficient and consistent value is far more important to be recognized as a low cost provider. Discounts are often not recognized and less valued and unfortunately, take money directly from your bottom line.
9. Leverage Resources.
Most people are very rich, not necessarily from a financial perspective, but rich in valuable networks. Associations, industrial colleagues, business relationships, and social contact are the field of influence which all can help build solid businesses and grow companies from time to time.
10. Maximize technology
The internet has revolutionized how people communicate and how business operates. Understanding all available technology tools and utilizing social media and major web-based platforms can truly improve business efficiency.