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Before you start a business...

Discussion in 'General Business' started by varcoe, May 6, 2013.

  1. #1
    I'm going to give you guys a little guide/reference which should be conducted before you pull the trigger on your next business idea..

    The most important thing you should NEVER do when starting a new business is..... DONT QUIT YOUR CURRENT JOB FOR A NEW BUSINESS - NO MATTER HOW MUCH YOU BELIEVE IN IT!!!!!

    I can`t stress that enough, you have bills, you have to survive. You don`t know how much income you`ll generate from your business. Plus, having a income source to fund your business is something you will need. Even if that means working less on your new business. Wait until your comfortable enough to live off your new business, before you quit.

    First thing you should always do is write a detailed summary of your business plan. Include things such as investment, monthly expenses, targeted audience, marketing plan, profit, experience, ect.. You can also ask similar business owners what they would suggest when starting up.

    You need to figure out a way to seperate yourself from the big guys. In other words, recognize your competitors and incorporate an idea or product that seperates yourself from them. This is the hardest thing to do when your a new business.. Because most people would rather use a trusted business, who has been around for a long time.

    Ask yourself the following:
    1. How much time can you invest in the business, and how long is it going to take till you generate a profit.
    2. What are your expenses, and how much is the product.
    3. What will you need to get your business started?
    4. Who will be interested in your product, and how will you get them to purchase it.
    5. Will you need employees at the start, or can you start as a 1 man operation.
    6. How long will it take for your company to start generating a profit.. A good way to figure this out is use fake, but realistic numbers. Example:
    Monthly Expenses:$1000

    Say you get 1 client a day, who pays monthly for a service at $20 per month.
    30 x $20 = $600. In 2 months you will be generating $1200 - but will your expenses increase? Figure out a way to keep your expenses down and your profit up!

    You should also set some goals for your business. Maybe set your first goal as gaining one customer (Its not alot, but when it happens you will be excited), than set your goal for 10,20,30,100,ect.. Don`t put money before your customers, word gets around.. So if you have to take a loss here and there - DO IT! Keep your customers happy, because you would be nothing without them. Remember, happy customers is a happy business owner :)

    Another thing you need to consider is the day to day operations of your business. What will you have to do, how will you do it, how many hours will you work ect.. Do not start your business over night! Gather as much information as you can, plan plan plan, and always leave room for new ideas. Your business plan can change from time to time - so its best to try and leave room for improvement in the beginning. Believe in your business plan.

    New businesses will take a while to generate a profit, so don`t give up after a few months because chances are you still won`t be profitting.. It takes a while for the money to start flowing, but if your idea is good enough and your product is awesome - it will happen one day! Don`t give up! Hope you enjoyed the guide, and if anyone has anything else to add to the guide just post it below.

    Good luck in your new business venture :)
    Last edited: May 6, 2013
    varcoe, May 6, 2013 IP
  2. ninjamtlt1

    ninjamtlt1 Active Member

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    #2
    This is all very important, you need to figure out what it's going to take to succeed in your business, before you actually start it. It's important to know where you're going so you can actually take the time to focus on it and actually get there.
    ninjamtlt1, May 6, 2013 IP
  3. varcoe

    varcoe Member

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    #3
    Another very important point! Never rush your business whether its rushing into a new idea for your business, product, website, ect.. Don't rush - plan everything!
    varcoe, May 7, 2013 IP