Facts and information the start up business owners must know
It's not a secret that starting a new business can be a painful experience. The great business ideas can sometimes keep you awake during the night. The agony only begins to lessen after the idea comes to brightness, but even then obsession, tears and sweat don't go away. Here are a few points start up business owners must know throughout that painful initial period:
"Do it right the first time"
Do not cut corners. For instance, do not contract an inexperienced graphic designers just because they're less expensive. If they created a bad graphic design and you've got to redesign everything you will find yourself spending double and you will have lost precious time and energy.
"Keep it simple."
Most new entrepreneurs have 5 awesome ideas. Rather than 5 awesome ideas, concentrate on 1 good idea. Do not end up like people who jump from 1 shooting star to another until they fail.
"Location. Location. Location."
Location isn't only important for real-estate businesses. If you'd like your business to be seen then make it be located in an area that is relevant to your customers. If you're going to compete against bigger fishes within your industry try not to be based out of some little village.
"Great performers borrow ideas, smart performers steal them."
No great idea is ever truly that unique. Tweeter is actually a kind of "microblogging," one thing people had been doing on facebook.com for a long time prior to Twitter existed. Before that everyone was adding captions to images which could have been regarded as being tweets. Quora is just a new type of forum. Pepsi cola is the new coca cola. ipod is a new audio player. Get the idea? It is all right in case your idea, product or service is not that original. The personal approach is the matter that's important.
"Words versus numbers"
Don't waste weeks on creating a business plan. The business plan needs to be a spread sheet rather than a word document. Calculating the numbers is way more important than writing down how you will use social media. All of that stuff will adjust with time. For the present time concentrate on the numbers.
"Sales are secondary"
Sales do not equal cash-flow. In case you have a limited amount of capital, cash-flow is what it requires in order to survive.
"Employ staff members that not only look through the story but could create it, too."
Choose those who will not only work but rather will contribute value towards your business. Serious people will not disappear in the important initial years.
"The unhappy customer is a great source of learning."
You will be able to learn much more from customers' complaints rather than customers' compliments. As you really are a new starter most buddies, relatives and associates probably won't be able to give you the cold hard truth. Your clients will.
"Remember: Your Life Plan is more important than your Business Plan"
Take care of your personal budget first and then your company's financing. Always organize your own plan before advancing with the grand business idea otherwise you won't ever succeed and obtain the solutions you need to make your business prospering. Your business is a way to help make your life better, but your life is not a way to make your business better.
"Showing up fashionably late is okay, although existing does not function in the same way."
Finally create a good escape plan and try to make your business transferable, self-sustaining or sellable. You should know when to hold it and you should know when to fold it.
Time is even more precious than wealth. Wealth does not make us completely happy in our lives, but for some reason people want to find out this the hard way. Following an idea you lose sleep over could be painful sensation, but if you get the ball rolling you're going to live a much healthier and successful life.