Seven facts about starting a business in America that many are not ready for
If you strategize and plan as much as possible before starting your business, you will be on the right track. Entrepreneur gives seven valuable tips to help you start your business and be ready for the unexpected.
"You're crazy!", "Are you sure?", "It's going to be hard." This is what entrepreneurs hear when they talk about starting a business. The critics are not wrong; it will be difficult, but that shouldn't stop you from being successful in your business. Here are 7 tips to start your business the right way:
People start their own business for a variety of reasons. One of them may be due to the fact that you initially did not have the necessary contacts to get a job where you wanted.
Unfortunately, starting a business alone is not without other people. You will need partners, perhaps, and at least other business contacts to help you advertise. Do not delete your contacts because they are not needed. Believe me, you will need help with what you are doing.
2. You want to quit
As passionate as you are, there may be times when you feel like giving up. Even if you "do what you love", running your own business is very difficult.
Work can tire you out, so be sure to take breaks. Even if it's short breaks between phone calls or meetings, it's important to give yourself some breathing space. Contrary to what many people believe, breaks do not reduce productivity. It's quite the opposite. Timely and well-deserved rest will energize you and help you get through the rest of the day faster.
3. Non-stop mode
When you start your own business, there is always work to be done. When you can always work, and no one limits you, you will work all the time.
Do not do that! Set boundaries for yourself and for your work day. Some days you will have to work longer or less than others. If you can, schedule meetings or consultations only during your personal work hours. If you have to work late one night, make sure you stick to your limit the next day.
Burnout is a big reason why companies find it hard to get started, or never start at all. Don't let your hard work go to waste!
4. Everyone will have their own opinion
If you have children, you know that everyone has something to say about their upbringing. The same thing happens when you "raise" a business.
You can tell a friend that you're having a problem with something to let off some steam. Then, when all you need is to feel like you're being listened to, they suggest ways to solve your problem.
They want to help you, but you should not listen to them or take their advice. Seek advice from trusted advisors and mentors who have been in the same situation, so there is still some wisdom in alternative opinions.
5. You will have to ask for money
If you thought you had enough capital, or you underestimated the required loan, you will have to ask for more. This is true for a reasonable percentage of startups.
Asking for money is difficult, especially if you are asking for more from the same person/organization. Don't feel guilty about this - although it may seem like it's all your brain wants to do. Come up with a plan for how you will use the money and how you will return it.
If you borrow from the same person again, show them that you have a plan for how you will use their money so they don't run out again. Being able to show how you'll spend money shows that you've taken the time to define forecasts, runways, timelines, and go-to-market strategies, all of which are key to building credibility for your company.
6. You can't pay twice for clients
Many people make the mistake of thinking that their first customers will be their friends and relatives. While this is true for about 20% of your personal network, it doesn't mean you can count on them to run your business.
You must invest in marketing, both digital and traditional. Where can you go and promote your business to interested clients? Too many small business owners spend so much on start-up expenses that they forget to advertise themselves.
This is the kiss of death for new business. Using at least 10% of your marketing budget will ensure you don't set yourself up for doom.
7. You will need to reinvest
It's great when you first make a profit as a business owner. You've shown all along that you can pay everyone, rent, buy supplies, etc., but turning a profit is a big step in operational achievement and synergy.
Of course, you may want to spend your profits on rewards for yourself or something new and interesting for your store. But stop and think: how can I reinvest this profit back into my business? You might buy more ad space and increase your budget. You may need to hire a new employee or pay off a high-interest debt.
Your profits should cover your costs and then immediately flow back into your business to make big profits next month or create operational efficiencies to scale. Don't worry, once you do this the first month, you may be able to invest a little less next month or create/update budgets.
You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.
With these tips in mind, some capital and the right business strategy, you are ready to start your business. It won't be a straight road to the top and it's okay if there are obstacles along the way. We all face them, even experienced businessmen.
When problems arise, it is best to seek advice from a network of mentors and consultants. Strive to learn more things unique to your niche and ask your consultants the tough questions to help unlock the first secrets of starting a business.
Read also on ForumDaily:Subscribe to ForumDaily on Google News
Do you want more important and interesting news about life in the USA and immigration to America? - support us donate! Also subscribe to our page Facebook. Choose the "Display Priority" option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram and Instagram- there are many interesting things. And join thousands of readers ForumDaily New York – there you will find a lot of interesting and positive information about life in the metropolis.