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Tips for Starting a Successful Business

Tips for Starting a Successful Business
Tips for Starting a Successful Business.

Start-up Costs
The first consideration is how you will fund your venture. Will the money to start your business comes from your personal savings or retirement funds. It takes 24-36 months for a business to breakeven let alone replace your corporate salary. Are you prepared to go without a paycheck for a year or two?

Business Experience
Having the right business background is extremely valuable as a start-up business. If you are a CPA and you want to start an accounting firm, that’s not a huge leap. If you want to start a business in an industry where you have never worked, such as running a bed and breakfast, a restaurant, e-commerce business or consignment store, you might want to take time to work for a business like the one you want to start to get some experience.

Know Your Customer
If everyone can use your product or service, no one will. You need to have a specific niche target customer.
Use surveys and customer research to make sure you are clear on the market opportunity, competitors, your pricing model, distribution channels and how you will get the word out that you are open for business.

Plan Your Business
Are you confident enough in your idea? Doubt kills more businesses than a bad marketing plan.
By developing a well thought out business plan, you will reduce your fear. By the way, the most common personality trait shared by successful entrepreneurs is confidence. The business world is fiercely competitive, 90% of what you are selling is yourself, so you need to be willing to fight for your share of the marketplace.

Start as a Side Hustle First
Only fools rush in! Unless you are starting a business that is competitive with your workplace, start your business on the side. When it starts making real money, then you can leave the job. Learn the toughest lessons in business while you still have paychecks rolling in.


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