Your Top Tips for Starting Up in Business

Let’s Talk Business Starting a Business Your Top Tips for Starting Up in Business

  • Post
    Anthony Pistole
    Participant
    I know this is a general question but I thought it would be a good idea to ask. If you could give a new business owner just 1 piece of advice, what would it be?
    0
    0
Viewing 5 replies - 1 through 5 (of 5 total)
  • Replies
    J. Klien
    Participant
    I actually do have a good piece of advice for that – do things quickly. Procrastination isn’t just wasting time for this project or that project. It’s wasting a life. Suppose you take 5 days to do a project compared to me and I only take 4. Over the course of a career that spans 40 or more years, I’d accomplish 8-10 years more work than you. What could you do with an extra decade?

    One of the most important things I tell people who ask me for advice is that finishing things quickly is one of the most important things a person can do. There’s an added benefit. When you’re trying to finish things, projects tend to be more timely, and languish less. Many people never finish big self-driven projects because procrastination turns into disinterest. So, do it well, but do it quickly.

    1
    0
    Richard Jones
    Participant
    Start your company while still working How long can most individuals live without cash? Not long, and it may take a while to make any earnings for your new company. While you’re beginning out, being employed implies you’ll have cash in your pocket to invest in the company as well as being able to maintain your monthly living expenses.
    0
    0
    Sam G.
    Participant
    The most important thing of all is knowing if you can get customers. Where to get them, how fast you can get them, and how much you can earn from them. It’s always possible to go out and project manage a job you get by figuring out how to deliver – in most small businesses that’s true. But if you don’t know how to get customers then you’re not going to get very far.
    0
    0
    Ellen Parrish
    Participant
    Do proper market research before you just jump into it. A lot of people tend to forget this part but it is essential in my mind. You want to make sure you fully understand the market you are getting into. Who your competitors are. What are the issues taking place in your industry? What are people pricing at so you know if you are competitive. Make sure to do your research.
    0
    0
    Akshay M
    Participant
    To determine whether starting a small business is right for you, it is essential to know what will be required of you to start and maintain your endeavor:

    • Time:
    One of the most important skills you need when balancing a day job with running a small side business is good time management skills.

    • Money:
    Starting a business requires cash (or credit) up front, and buying an existing business often requires a large lump sum payment. Unfortunately, many people want to start a business precisely because they don’t have any money.

    • Patience:
    Drive and ambition are not enough – sometimes the early bird gets the worm, and other times slow and steady wins the race. Be patient, and do not fall prey to these common misconceptions:
    1. Do not Expect to Turn a Profit Immediately.
    2. Expect Mistakes.
    3. Realize That You Cannot Make Everyone Happy.

    • Research:
    An idea does not need to be unique to be profitable – if there’s sufficient demand for your product. In fact, a unique idea will not necessarily translate into big sales. There is often a reason nobody sells a product like yours, and that reason may be that nobody wants one.

    • Business Plan:
    Creating a basic business plan can be tedious, but it is very important, especially if you seek financial backing from investors or a bank. It’s also a great litmus test of sorts to see if you’re really interested in running a business – if you can’t take the time to write a basic business plan, even if it’s just a single page, you probably are not prepared to undertake the running of a real business.

    0
    0
Viewing 5 replies - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.