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Build a Business With Staying Power!

Build a Business With Staying Power!

Thinking of starting a business in 2019 but don’t know how or even where to start? This article outlines the biggest hurdles to overcome, what you need to start your business and what you need to do after year one!

 Build a Business With Staying Power!
Build a Business With Staying Power!

BUSINESS BUILDING myths

you want to think. Often times, someone decides to start a business with the mindset that they will have more free time, work from home, and have a flexible schedule. Unfortunately, it’s important to avoid these myths. More often than not, starting a business is neither of these.

Instead, long hours, working at home can be distracting, less flexibility, and there are lots of hats to juggle. It’s completely different from working for a company, and it’s important to keep all of this in mind when deciding whether starting a business is right for you. So, let’s start building your business idea!

Build a Business With Staying Power!

Attitude is everything. You should always have a cheerful attitude. Many things will happen throughout the company’s life cycle, both good and bad, and the most important thing is to maintain a positive attitude.

THE BIGGEST OBSTACLES TO BE OVERCOME

The two biggest hurdles newbies face when starting a business are money and reputation. When starting out, you need to make sure you can survive and have a financing tool. And reputation is also a barrier because you don’t have reputation or customers. Unless you start with a group of clients, you often start very alone.

WHAT DO YOU NEED?

SUITABLE PRODUCT

You need to offer a product/service that people will want to buy. It’s important to research similar products/services, see what else is similar to your idea, and then determine how your product will do better than the competition. Bringing experience to the table is also important.

What will make the company is the experience you have. Typically, you want to have a niche so you can take a focused approach and decide what kind of company you want it to be. Finally, you need to consider whether you can sell enough of your product or service to make a living. Can you afford all the expenses and salaries that come with a job?

BUSINESS PLAN

A business plan is absolutely essential. What is a business plan?

Start with an executive summary, which is a high-level description of what the business will do. Next, you need a job description that spells out the job in detail. Next comes the market analysis, who will be your customer and who is your competition? Next is organizational management.

Who will run the business? Will you run it yourself or will you hire an outsider to handle your business? Most of the time you start managing the business yourself. Next, you need a sales strategy, what kind of sales strategy will you cover? Finally, you need to include financing requirements and financial projections. What kind of financing do you need to start the business and how much do you plan to earn?

 Build a Business With Staying Power!
Build a Business With Staying Power!

Build a Business With Staying Power!

A written plan is very important. It is absolutely important that you write the above information on paper.

There are many business plan templates that can help. Even if you’re an established business, you don’t need anything complicated. An additional resource is a simple roadmap. This breaks the monthly projections for 2 years. Which fairs will you attend? How many people will you hire? What kind of marketing campaigns will you run?

Finally, goals are extremely important. To know where you are going, you need to set specific goals in your business plan.

FINANCIAL TOOLS

How will you finance your business? Will you get a salary? What about your non-salary expenses? How many people do you plan to hire in the first year? What about company benefits? Even if you are on your own, you will need benefits and insurance. These are all questions you should think about.

Should you self-finance or take out a loan? Self-financing is usually recommended if you have enough money to keep the job and salary at the bank for a year or two. This option reduces the pressure. Loans will be harder to obtain. If you manage to get a loan, you will need personal collateral and collateral.

Build a Business With Staying Power!

There is also the possibility of a financial partner, but a financial partner can often lead to interference and pressure. It can also cause you to run the business differently than you think. Remember, you’re starting out to make your own spin!

A fourth option is a financing company. This is a convenient option because they will usually do your payroll and billing for you. Sometimes the financing company professional.

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