You are one of so many people thinking to start-up a business. You done the research, you have saved enough money to fund it. Then you decide to ask a friend for advice. He/she tells you that is huge mistake. You throwing that money away. Don’t give up your job. Etc. Not helpful answers. Not what you were expecting to hear from your friend. My question for you is: did they change your mind or not? You have decided. Good. There is ton’s of free advice out there on how to run a successful business.Don’t ignore it. You never can learn enough.
Here are some tips to help you start-up and run a successful business.
1 – Start small think big.
You want to be successful, you want a big venture. Whatever you want you start small. Remember even todays global names like M&S, Tesco and many more they started small and grow to be international. You start by baby steps but keep thinking big.
2 – Find a mentor.
Having a mentor from the start of your business is crucial. Remember the mentor is not your teacher or your boss. He/she will be there guiding you every step of the way to success. A mentor will provide you with expert advice on how to overcome bumps and obstacles all along the way. They will take care of the basics of the business and will push you towards growth. It’s easy to find a mentor these days but it would be a good idea to find the mentor in your network, or one very close. He/she should be one who is interested in your success and not how much money he/she going to get.
3 – Insure your business.
It is important that you get the insurance cover for your business, nevertheless what kind of business you running. Even if you starting a home based business still you need the insurance.
4 – Open a business bank account.
You will need one, thought you might have to pay a small fee every month. The income from sales will go straight in to your business bank account, also the out payments like bills or payment suppliers will go out from your business account.
5 – Manage the cash flow.
Always make sure there is much more income money than the money goes out for payments. What you need to keep in mind is
- build a good relationship with your suppliers. Arrange the payment method.
- Have extra cash to pay if there is not enough from sells to cover the expenditure. Don’t assume everyone will pay in time.
- Take care of your bills.
6 – Network.
Don’t underestimate your network. Most people will prefer to buy from someone they know before hand. It give them that confidence on buying. Always talk to them as you do with your potential customers.
7 – Hire smart people.
You know you can’t do everything by yourself. Hire smart people. Don’t be afraid to hire them even if you think they are smarter than you. They all will be part of success, putting their efforts and skills that your business need.
8 – Learn every day. Grow every day.
It’s not going to be easy. You going to work hard around the clock. You going to fail, and maybe fail again and again. Make sure you educate yourself, learn from mistakes, grow from failures.
9 – Have a plan B ready.
With all the efforts and hard work it might your business idea still fail. Your willing to try again and again. But always think for the plan B. Dont waste to much time and energy, sometimes plan B can be your improved idea that will drive you on the right way towards success.
10 – Enjoy the journey.
You chosen the path you love, because you are aware the journey is going to be long. Through hard work mixed with great passion you can achieve greatness, but have some fun along the way. Take some time off when you need it. Enjoy every moment.