50 tips to start your own business

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Starting a business is not for the faint of heart. It is very stressful and requires practically all of your time and attention. On the other hand, it can also be a great experience personally and professionally. Here are 50 tips to help you on your business adventure.

50 tips to start your own business
50 tips to start your own business

1. Discover your skills. Not everyone has what it takes to start a business. This does not mean that your idea is not brilliant, but that you may not have important personality traits to start your business. Before investing time or resources, evaluate yourself and see if you have the typical skills of an entrepreneur.

2. Develop an idea. Don’t start a business just because something is fashionable or because you think marketing will make you money. Develop a business concept that you have a passion for something that you have experience with. Then think of a product or service that you think will improve people’s lives.

3. Test your credibility. If you have an idea, discover how you can turn it into reality. Is the product something that people want or need? Can you make a profit from the sale? Works?

4. Write a business plan. A solid business plan will lead you forward. You also need it to present your idea to potential investors. It should include a mission, a summary, a summary of the company, examples of the service or product, a description of your target market, financial forecasts and operating costs.

5. Identify your market. Even if you’ve found an interest in your business, you need to do more homework. Evaluate the market so that you sell to the people who will make the purchase safely. Conduct a competition assessment.

6. Determine the cost. Do additional research and find out about industry-standard costs. Not only does this help you run the business more efficiently, it is also valuable information for investors.

7. Set a budget. Once you’ve determined how much money you have to work with, find out how much you need to develop your product or service and create a marketing plan.

8. Find the right investors. First of all, you need financing, be it from savings, credit cards, loans, venture capitalists or donations. Find an investor who shares your passion, someone you can work with.

9. Listen to the investors. Whether you like it or not, they will have an opinion when it comes to your business. Listen to their advice and suggestions, but that doesn’t mean you have to do everything they tell you to do.

10. Have a great support system. You will invest a lot of time and resources in your new business adventure. Make sure your family agrees. You need to be aware that this process will challenge you financially and emotionally.

11. Determine the legal structure. Determine what’s best for you: being the sole owner, having a partner, limited liability company, suburban society, non-profit organization, or cooperative.

12. Choose the name of your company. Decide on a name that fits your brand and check whether it is available and whether you can use it freely in your country and state.

13. Register the name of your company. If the name you want is available, register it with the appropriate office as soon as possible.

14. Use resources for free. This can be social networks or even someone who can give you advice and experience to get your startup going.

15. Take out insurance. Make sure you have the right insurance for your company. This can vary depending on the type of business. If you work from home, make sure that your insurance policy includes theft or damage to corporate assets, as well as responsibility for any related damage.

16. Correct the accounting books. Keep track of all the money flowing into and out of the business.

17. Choose the right place. Choose a location that meets the requirements of your company and offers growth opportunities, an appropriate level of competition and proximity to suppliers. It must also be accessible to customers.

18. Don’t worry about an office. If you don’t make a profit, don’t let yourself be put to shame by buying a job, you can do it from home.

19. The patent can wait. Patents can cost a lot of money. Pay this amount when you are sure you have enough customers to settle accounts.

20. Be flexible. Chances are that your original idea needs to be changed. Being able to adapt and change something to offer the customer something they want determines whether you are successful or not.

21. Share your ideas with friends and family. The closest people are the ones who are most honest with you about your idea. Do not hesitate to ask for their advice and suggestions.

22. Ignore the negatives. There is a big difference between constructive criticism and someone who says quickly that your company will fail. The best thing you can do is ignore these people.

23. Don’t be angry. If your idea is rejected by customers or investors, don’t succumb to anger. Find out what they didn’t like, make adjustments, and return to them as soon as you’ve changed what they wanted.

24. Deliver the product or service quickly. Your company is in the works. If you bring a product or service to market quickly, you can build a customer community that gives you valuable feedback that you can use to improve your offer. As the founder of LinkedIn says, “If you’re not ashamed of launching your product for the first time, you published it very late.”

25. Offer new products or services. If you already have customers, make sure you take care of them by offering them new products or services.

26. Be patient. Always remember that success will not happen overnight. It will take some time before you win anything.

27. Deliver more than you first ask. If you have a new customer, you should go beyond that in the first month. You will addict this customer.

28. Post on your blog all the time. Don’t be ashamed to share your triumphs and struggles. Customers will enjoy your honesty.

29. Avoid fighting with partners. If you have disagreements, fix the issues as soon as possible. Fights can distract them from doing things right in business.

30. Don’t worry about losing a percentage of the company. An investor has acquired a stake in your company. Recognize the fact that at some point you will have to give up some control over the business.

31. Hire an editor. If you don’t know how to write very well, hire someone to write the emails for the target customers. This also helps you with press releases and other things that announce the company’s news.

32. Prepare for meetings. When preparing a customer meeting, read everything about the industry, your competition and the company of this customer.

33. Create a meeting agenda. Have the targets you want to touch ready. Send this agenda to your classmates before the meeting so they can prepare for it. Make sure these goals are clear and everyone understands them.

34. Don’t be afraid of the competition. Do not speak badly of the competition when you are with customers or investors. There is no need to feel pity. Indeed, speaking in this way can lead customers to distance themselves from the competition that offers a product or service that you do not offer. Remember, if the competition fades, there will be a market for your company. Use this knowledge as inspiration to do things better than your rival.

35. Benefit from word of mouth. Nothing beats good word of mouth marketing. Let your friends, family and influencers share what your product or service is doing.

36. Provide a customer experience. An experience includes sensory marketing. This means managing colors, lights, scents, etc. Integrate all of these sensations into your offer in such a way that they capture the senses of your consumers.

37. Network. Don’t be afraid to show your face to the public, be it at a conference or just with a friend on a Friday night.

38. Provide impeccable customer service. Dealing with people is an important part of your job. Your company could attract new customers because you made them feel important. For example, Zappos was not the first online store to sell shoes, but the company improved its customer service and convinced many buyers.

39. Make sure your website works. Potential customers want to know as much as possible about your company, so access to them must be quick

40. Don’t worry about your finances. Some of the best companies were created when the economic situation was not the best in the world. So don’t think about it so much and dare!

41. Make sure customers pay the bills. Make sure you get payment for your product or service. Take some time to make the payment instead of being exploited. It also doesn’t hurt you to accept credit cards or pay directly on your website.

42. Find the right people. Hire the right people for the job. Even if it’s your business, you won’t be able to cope with everything. That is why you need qualified employees to complete the job.

43. Assign responsibilities. Delegate achievable tasks to your team.

44. Honesty is the best policy. If you have problems with an employee, make sure that they are resolved. Nobody likes it when they talk behind their backs.

45. Remember that opposites attract. Hire people with skills and personalities that are opposite to yours. They will challenge you and bring new things to your company.

46. ​​Say goodbye to your social life. You will spend a lot of time on your business. Even if you are planning an evening with friends, you can leave early because a headlight has gone out. The good thing is that these people will understand you.

47. Accept that you are the last person to be paid. As the CEO, you’re the last to get a check until you get the right earnings.

48. Don’t expect success immediately. Just because your company has not made you a millionaire (yet) does not mean that your company has failed. If you’ve made a profit by doing something you’re passionate about, it’s a success story, isn’t it?

49. Accept when it’s time to withdraw. Failure is inevitable. If things don’t work and you’ve done everything you can, put your pride aside and close. It’s not easy to accept, but it’s the best.

50. Don’t just trust the advice of others. Though I want to offer you these tips, perhaps the most important thing I learned the hard way: Although many people offer their help, you realize that in the end you are the owner of the company and are responsible for success or failure. from the same. If you know what worked, you have the skills and knowledge to drive your business forward.

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