Businessinsider.com states that fifty to sevety percent if all small business tend to fail in the fisrt eighteen months. There are endless risks associated with being an entrepreneur, however in the same article they also state, almost every entrepreneur believes the it is worth the risk. If you feel the urge to take that risk, here are five crucial business to keep in mind:
1. Ask the Hard Questions
It is important to not fall for instant gratification, take the time needed to watch and research the market and ask the hard questions such as: Will I be able to make money? Is there a space that I am filling? How can I make money? Who are my competitors? How am I different from them? It may be hard to realise what the answers to those questions are, however in order to be successful, they must be asked and answered. You can research your competitirs and potential business partners through Gov Capital Directory in a matter of minutes.
2. Overestimate Cost and Time
It is important to have an estimate of the money and effort this will entail, after that, just for good measure, ass 10%. Keep in mind that starting your own business could possibly be the hardest thing you will ever do. That being said, do not gamble, have a solid plan as well as the money and effort that you will require.
3. Handle Your Paperwork
Yes, there is an unglamorous side of owning a business of your own and that is the paperwork. It is important to get everything such as taxes, business licenses, accounting, etc in order before the IRS comes around, it will happen and sooner than you think so be smart and have everything in proper, legal order.
4. Visualize Your Success, Be Prepared for Setbacks
Confidence is key to a successful business, there will however be challenges, many you will not see coming soi be prepared. A bumpin the road does not mean you failed, you have to earn your stripes by even in the midst of challenges, accepting, overcoming and always flourishing.
5. Sell Yourself
Perhaps you are not a salesperson, maybe even the word is unpleasant to you, sales however are a crucial part of starting a business. Advertise yourself everywhere you possibly can, with advertisers, customers, investors, family, friends and even on Facebook, never stop selling and promoting what it is you do.
These five steps may seem to be quite basic, they are however crucial to starting a successful business and becoming an entrepreneurl.