Thursday, December 27, 2012

Four Things To Know When Starting A Business

So 2013 is the year you are going to do it! You're starting a business this year and you want to know what is in store for your new venture. First, congratulations. Second, say goodbye to your personal life!

I always tell people who want to start a business to ask themselves "why?" This question will help you understand what your goals are. If your answer is "to be wealthy" then head back to the drawing board. Chances are, especially in this economy, your business will not make money the first couple of years. That's right, you may be breaking even for a while. So, put off dreams of wealth until your business is able to survive for a couple of years without a profit.

Next, write a simple business plan. You don't have to write these forty to one hundred page plans anymore. Social media has shortened the attention span of many readers, and requires a lot more attention to other resources when it comes to investors. So, keep your business plans to the point and backed up by good research and financial projections.

Start collecting customers. Just because you open a business doesn't mean people will know about it. I suggest that you create a list of 50 potential prospects that you'll go after and begin making calls one by one. Start introducing yourself to potential clients. Let them know they have an alternative provider for the services/products that you offer.

Lastly, be brave. Owning and operating a business requires courage.

I'm available for business consultations. Find me on Twitter and send a DM for more info.

Until next time,

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