1. Develop an idea. Do not start a business just because something is fashionable or because you think marketing it will give you money. Develop a business concept that you are passionate about something in which you have some experience. Then think about a product or service that you think will improve people's lives.
2. Discover your skills. Not everyone has what it takes to start a
business, that does not mean that your idea is not brilliant, just that you may
not have some personality traits vital to launching your business. Before
investing time or resources, evaluate yourself and see if you have the typical
skills of an entrepreneur.
3. Test your credibility. Once you have an idea, discover how you
can make it happen. Is the product something people want or need? Can you make
a profit by selling it? It works?
4. Write a business plan. A solid business plan will guide you
forward. You will also need it to present your idea to potential investors. It
should include a mission, executive summary, company summary, service or
product samples, a description of your target market, financial projections and
the cost of operations.
5. Establish a budget. Once you have determined how much money you
will have to work, find out how much you need to develop your product or
service and create a marketing plan.
6. Determine costs. Do
additional research and know the standard costs within the industry. This will
not only help you manage the business more efficiently, it will also be
valuable information for investors.
7. Identify your market. Even if you have detected some interest
in your business, you need to do more homework. Evaluate the market so that you
sell to the people who are sure to make the purchase. Do a competitive
assessment.
8. Determine the legal structure. Determine what suits you best:
be the sole owner, have a partner, a limited liability company, a nonprofit organisation or a cooperative.
9. Select the name of your company. Decide a name that goes with
your brand, then see if it is available and if you can use it freely in your
country and state.
10. Register the name of your business. If the name you want has not been used, register it as soon as possible.
10. Register the name of your business. If the name you want has not been used, register it as soon as possible.
11. Find the right investors. You'll need some sort of financing
when you start, whether it's your savings, credit cards, loans, venture
capitalists or donations. Find an investor who shares your passion, someone you
think you can work with.
12. Listen to your investors. Whether you like it or not, they will have
an opinion when it comes to your company. Hear their advice and suggestions,
but that does not mean that you have to do everything they tell you.
13. Choose the right location. Choose a location that fits your
business needs, one that offers an opportunity for growth, the right level of
competence, and closeness to suppliers. It should also be accessible to
customers.
14. Have a great support system. You will invest a lot of time and
resources in your new business venture. Make sure your family agrees. You
should be aware that this process will challenge you economically and
emotional.
15. Take advantage of resources at no cost. These can be social
networks or even a person who offers you tips and experience to get your
start up going. Look out for those resources and make use of them
16. Buy insurance. Make sure you have the right insurance for your company. This may vary according to the type of business. If you work from home make sure your insurance includes theft or damage to the assets of the company as well as liability for damages related to it.
16. Buy insurance. Make sure you have the right insurance for your company. This may vary according to the type of business. If you work from home make sure your insurance includes theft or damage to the assets of the company as well as liability for damages related to it.
17. Arranges accounting books. You have to take account of all monies that goes in and out of the business.
18. Do not worry about an office. If you are not making profit,
do not be in a hurry to buy a space to work, 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 the bills.
20. Be flexible. The odds
are that your original idea has to be modified. Being able to adapt and change
something to offer the client something you want to determine.
21. Do not rely only on the advice
of others. Although I offer to give you these tips, perhaps the most important
is something I learnt the bad way: Although many people offer their help, realize that in the end you are the owner of the business and responsible for success
or failure of the business. If you know what works best for your business, you will have the skills and
knowledge to get your business going
22. Share your ideas with friends and family.
The closest people are the ones who will be more honest with you about your
idea. Do not hesitate to seek their advice and suggestions.
23. Ignore the negatives. There
is a big difference between constructive criticism and someone saying quickly
that your business will fail. The best thing you can do is ignore these people.
24. Do not be angry. If your idea is rejected
by customers or investors do not succumb to anger. Find out what they did not
like, make adjustments and return to them once you have changed what they
wanted.
25. Deliver the product or
service fast. Your business is a work in progress and if you launch a product
or service quickly, you will be able to build a community of customers that can
provide you with valuable feedback that will help you improve your offers.
26. Offer new products or services. If you
already have clients be sure to take care of them by giving them new products
or services.
27. Be patient. Always keep in mind that success will not happen overnight. It's going to take some time before you win anything.
27. Be patient. Always keep in mind that success will not happen overnight. It's going to take some time before you win anything.
28. Do not be afraid of
competition. Do not talk bad about the competition when you are with clients or
investors. There is no need to be pitied. In fact, talking this way may cause
customers to go with the competitor that offers a product or service that you
do not give. Remember, when the competition is tough, there will be a market for
your business. Use that knowledge as inspiration to make things better than
your rival.
29. Benefit from word of mouth.
Nothing beats good marketing by word of mouth. Let your friends, family and
influencers disclose what your product or service does.
30. Provides a customer
experience. An experience includes sensory marketing. This means managing
colors, lights, aromas, and so on. Integrate all these feelings into your
offer, in such a way that they conquer the senses of your consumers.
31. Do networking. Do not be
afraid to go out and show your face to the public, whether at a conference or
just hanging out with a friend.
32. Give impeccable
customer service. Interacting with people is an important part of your job.
Your business could win new customers because you made them feel important.
33. Make sure your website works. Potential
customers want to know as much as they can about your business, so access to it
must be quick.
34. Do not worry too much about
your economy. Some of the best deals were launched when the economic situation
was not the best for the world, so do not think so much and dare!
35. Make sure the customers pay
the bills. Be sure to receive payment for your product or service. Instead of
taking advantage of you, set a certain time to make the payment. It will not
hurt to accept credit cards or have the option to pay directly on your website.
36. Find the right employees.
Hire the ideal people for the position. Though it is your business, you will
not be able to deal with everything, so you need qualified people to complete
the job.
37. Assigns responsibilities.
Delegate workable tasks to your work team.
38. Honesty is the best policy. Yes will have problems with some
employee, make sure they are resolved.
39. Remember that opposites
attract. Hire people with skills and personalities opposed to yours. They will
challenge you and bring new things to your business.
40. Say goodbye to your
social life. You will spend a lot of time dedicated to your business. Even
though you plan a night out with friends, you can leave early because your have other things to do. The good thing is that these people will understand you.
41. Accept that you will be the
last person to be paid. As CEO, you will be the last to receive a check, and so
it will be until you have the right winnings.
42. Do not expect success
immediately. Just because your business has not made you a millionaire (yet)
does not mean that your business is a failure. If you have received some kind
of profit doing something that you are passionate about is a success story.
43. Give more than you are
asked at the beginning. Once you have a new client make sure you go further for
at least the first month. You'll have that customer hooked.
44. Publish to your blog all the time. Do not be ashamed to share your triumphs and struggles. Customers will enjoy your honesty.
44. Publish to your blog all the time. Do not be ashamed to share your triumphs and struggles. Customers will enjoy your honesty.
45. Avoid fights with partners.
If you have disagreements, fix the problems as soon as possible. Fights can
distract you from doing things right in the business.
46. Do not worry about losing a
percentage of the company. Recognize the fact that eventually at some point you will have to give
up a portion of the control of the business.
47 Hire an editor. Unless you
know how to write very well, hire someone who writes emails for target clients.
This one will also help you with the press releases and other things that will
announce the news of the company.
48.Get ready for meetings. When you prepare
for the meeting with a client, read everything you can about the industry, your
competition and that client's company.
49.Failure is inevitable. If things are not working and you have done everything you can, put aside your pride and close. Something like that is not easy to accept but it is for the best.
