If You Follow These Steps in Starting Your New Business - You will Never Fail

If You Follow These Steps in Starting Your New Business - You will Never Fail

No matter what kind of business you’re looking to build, there are ten things you need to do before you start up. When I started up a business I did none of these things. This is why most of my business never achieved financial self-sufficiency. Once I stopped just starting a business based on an idea and applied these ten steps my results changed. 

Starting a business for the first time and worried about failure? Follow these steps and you will never failed.

1) Be passionate about what you do

You don't have to love whatever your business is about (and probably shouldn't), but you do have to be fired up about it.

You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice. Make sure you're on the right track by asking yourself these three questions before you do anything else.
  • Do you really want to operate independently and be the person making all the decisions and shouldering all the responsibility?
  • Are you willing to work hard and make the sacrifices that starting a small business will entail?
  • Do you have the self-confidence and self-discipline that will enable you to persevere and build your new enterprise into a success?

2) Start your business while you're still employed

How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting a business means money in your pocket while you're going through the start up process.

3) Don't do it alone

You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable.

Even better, find a mentor or if you qualify, apply for a business start up programs. When you're starting a business, experienced guidance is the best support system of all.

If You Follow These Steps in Starting Your New Business - You will Never Fail

4) Get clients or customers first

Don't wait until you've officially started your business to line these up, because your business can't survive without them.

Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon.

5) Write a business plan

The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed.

Remember, you don't have to work through a full scale business plan for each new business idea you come up with; ask these 5 Questions to Discover If Your Business Idea is Worthwhile.

1. Is there a market for it? 
2. What’s the profit potential of this business? 
3. Is the market saturated?
4. What are the obstacles to my business plan and are they surmountable? 
5. Do I have what I need to see this through?

6) Do the research

You'll do a lot of research writing a business plan, but that's just a start. When you're starting a business, you need to become an expert in your industry, products and services if you're not already.

Joining related industry or professional associations before you start your business is a great idea.

7) Get professional help

On the other hand, just because you're starting a business, doesn't mean you have to be an expert on everything. If you're not an accountant or bookkeeper, hire one (or both).

You will waste more time and possibly money in the long run trying to do things yourself that you are not qualified to do.

8) Get the money lined up

Save up if you have to. Approach potential investors and lenders. Figure out your financial fallback plan. Don't expect to start a business and then walk into a bank and get money. Traditional lenders don't like new ideas and don't like businesses without proven track records. Be creative.

If You Follow These Steps in Starting Your New Business - You will Never Fail

9) Be professional from the get-go

Everything about you and the way you do business needs to let people know that you are a professional running a serious business.

That means getting all the accouterments such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

10) Get the legal and tax issues right the first time

It's much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you need to have Workers' Compensation Insurance or deal with payroll taxes? How will the form of business ownership you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

Make a Smooth Start

Following the business tips above will make starting your new business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.

Thanks for reading.

Feel free to leave a comment below or reach out to me with any questions.

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