Building your own business is a very exciting activity. Once you’ve discovered your passion, and committed yourself to its vision and mission – nothing else will seem to matter, and you’ll feel unstoppable. Today we have five tips that will help you in ensure that yours will not just be a statistic, it will be a successful venture
Failure is key to your success and jumping into your fear is very positive for your future business. How you pick up after failure and learn from your mistakes is the key to great success. Don’t be afraid to fail.
Most startups underestimate the value of a branding their products. A big number of entrepreneurs think a simple logo covers this. A brand is a deeper, more articulated definition of your business. It is also a guiding light and a guide on the values your business represents.
Paying yourself too little or too much is a prerequisite for failure. It’s often easier to determine the salary for a new hire than determining an owner or partner’s pay. Paying yourself too little may give you a wrong impression that the business has enough money, while a high pay may starve the business of cash and grind operations to a halt. It’s advisable to pay yourself a realistic percentage of your revenue that will not starve the business but at the same time pay your bills.
The biggest mistake a startup can make is hiring employees too soon. Nowadays it is very easy to run a small business with part-timers, sub-contractors, and the services of other professionals. As a business owner, you should always focus on revenue-generating activities rather than wasting time in “less-essential” tasks which you could just easily outsource to others.
The importance of market research can never be overstated. Doing some preliminary due diligence into the market of your business idea helps evaluate whether the business concept is sustainable or just a viable in the short term. Ventures such as the infamous quail farming ended up being ponzi schemes where would be farmers ended up with useless tiny birds with no market for the equally tiny eggs. Markert research could save you from loosing your life’s savings and wasting your all- important time.
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