Studies show that many businesses never celebrate their fifth birthday. There are several reasons, and as entrepreneurs we can learn from their mistakes and possibly avoid them. Thus helping us succeed in our own businesses. I have gathered twenty tips on how to start your own business and be successful.
1. Start your business in your spare time. It is relatively risk free
2. Research thoroughly the industry you want to start your business in.
3. Work at home, at least initially to cut costs. Get a separate phone line, printer, computer, software and answering machine.
4. When working from home, set up a daily routine for starting and stopping.
5. Network, network, network! Tell everyone you meet about your business.
6. Be enthusiastic and optimistic. Keep you hopes high and don’t allow the challenges stop you from succeeding.
7. Do not allow Doubt and Fear to come in. Replace the negative emotions with positive ones of ambition and drive. The mind set you have going into your business will determine whether you succeed or fail.
8. Work hard and play hard.
9. Keep your eyes and ears open for new earning opportunities.
10. Reduce your debt.
11. Build a cash reserve. Ideally, it should be equal to about six months living expenses.
12. Plough as much revenue as possible back into the business in the beginning to help the business to grow.
13. Have a Plan B in case the business goes through some rough time.
14. Know your marketplace. Continue to assess your market, your competition and your ability to meet your customer’s needs.
15. Live by the golden rule of customer service. Attention to the small details brings loyalty to your business.
16. Act as a professional. If you are in business and no longer enjoying it, it is time to re-focus and re-think if this is the right business for you.
17. Follow your intuition. Your gut feelings are often your best guide.
18. Involve your children (if you have) in the business. Teach them to become entrepreneurs.
19. Start a business in something you are passionate about and money will follow.
20. Never give up on your dreams.
Your comments are most welcome. Share your thoughts in the comments section below.
