HERE YOU ARE…You want to start a business.
NOTE: If you are in need of information about business license requirements in Humboldt County please immediately visit the excellent North Coast Small Business Development Center website http://northcoastsbdc.org/ The people and services there are excellent.
Now…should you already have licencing requirements and such figured out, and now you are wanting to concentrate on learning how to make your new business successful right away…you know, how to create marketing strategies that make sales and generate cash money, how to be profitable, how to make your business easy to manage, and if you need to learn how to interview and hire people to help you as you grow, and how to set sensible goals and make plans you can actually implement, and that will actually work…well that’s what this article is about.
You are about to take the entrepreneurial plunge. Well, congratulations. Start your own business and you will join millions of deliriously happy business owners … IF … you do it right. And yes, indeed you can learn how to start a business and make it successful.
You probably have heard that many new businesses do not go well. Indeed many new businesses fail within the first three to five years. That’s the bad news. For many of these folks who don’t do it right, I say … totally unnecessary.
We know how to make a new business successful. How to start a business and how to make it successful is not a secret. You can read about it here, and in dozens if not hundreds of websites, and of course in books too. It’s good to read a lot of books about how to start a successful business. It’s good to keep reading about how to make a business prosperous and satisfying for the owner. Lifelong learning is essential in my opinion.
Here are a few essential things you must have and must do in order to start and operate a successful new business.
First and foremost, you must have a plan. Your plan must be written down. Your plan must make sense to anyone who reads it. And yes, you ought to have other people read your plan and talk about it with you.
You need a lot of clarity … clarity about what you are trying to do, clarity about your intentions and expectations. Your intentions and expectations must be part of your written plan.
You must be able to communicate your intentions and expectations to other people, especially to those who you will need to help you. You will need to become a master communicator.
You will need some money, certainly enough to get you well started, and certainly enough to live on for the time it takes your new business to become profitable enough to pay all your bills and to support you.
You will need to create a budget describing how you will spend your initial investment of capital. You will need to know where your break-even point is, the point at which you expect profits to begin. You will need to know your burn rate too, that is how fast you will “burn” through or spend your initial investment of money.
Making decisions about your plans for creating and operating your new business in a vacuum is a huge mistake. Don’t keep it all to yourself. It is essential for you to receive input from people who understand what you are doing and experiencing and who can offer you advice and wise counsel. There are lots of individuals and groups of people who can advise you. I created the Master-Mind Alliance® years ago to fulfill this requirement.
In our universe today you probably ought to have a website and an email account for your new business. Not every business needs this, but a lot certainly do. And when it comes to marketing, a powerful website can be a key ingredient.
You must learn to track your financial progress. Learn about Profit and Loss Statements, basic accounting and Quick Books. You ought to talk to an accountant once in a while, they can be very helpful.
You must master marketing and selling of course. And always be striving to get better at marketing and selling. If you do not already know this, marketing and selling successfully is a never ending struggle. As a new business owner, you will quickly learn it’s a big part of the territory.
Most people who start a business do so because they are very good at making, for example, cheese cake. Their cheese cake is delicious. But they run into difficulty almost immediately because they know little or nothing about getting people to buy their cheese cake. As a result of poor sales, they run into money making problems right away and their business stumbles, falters and … if they don’t learn to marketing and sell effectively quickly … it fails.
As your business grows you will probably need to hire people to help you run it. So you will need to learn how to recruit, hire, train, inspire, and supervise the activities of those who would help you. For many people this too is something they have never done before. They may know cheese cake inside and out, but hiring and managing people, about that they know zip, so once again, they have a pesky problem to solve and to solve quickly.
Once your new business is up and running you will no doubt want it grow. You might want to double your business income, and then double it again. Why not? This takes strategy.
There are six ways a business can grow, make a giant leap forward, and become more profitable.
I am intimately familiar with each and every one of them. You need to understand what is possible for you and how to put just the right money making behavior, derived from the appropriate growth strategy or strategies, in just the right place.
Please explore some of the other pages in this website.
In the beginning of your business starting up activity … and even later on … it helps to have a knowledgeable guide to offer advice. Someone with an outside the inner loop perspective who can see things you cannot see.
I know a lot about how to start a new business and make it prosper. I will be happy to give you some of my time and input at no cost or obligation.
Please listen to what my good friend Will Hardwick of A-1 Cleaning Service has to say.
“Well Richard Borough’s Master-Mind Alliance has helped my small business get more organized and helped me brainstorm some of these issues, from HR issues or doubling your income. You never know what you’re going to get at a Master-Mind meeting but you always walk away with learning something new. William Hardwick from A-1 Cleaning Service – to get the job done call A-1.” http://www.a1clean.net
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