How To Start Your Business Off On The Right Foot

The main thing when starting a new business is to be fresh, new, needed and fruitful. Some might find this easy, while others terrifying, however, for everyone the question stays the same - how to reach it? How to choose in the sea of possibilities, chances and opportunities that one thing that nobody has or that everybody needs?

1. The idea matters. One advice can be trying to create something you need, rather than what you assume others want. That is exactly what Palmer Luckey did, in addition to relying on the skills and competencies of others. He needed one thing he could not get and decided to make it on his own.

2. Business plan is something you should make even before plunging into the process of starting up a business. Why? Business plan will help you explore the market and see are you on the right track. Sometimes it happens that people have everything in place, from a great idea and great prospects to the funds, but what gets in the way is that there is no demand for that great product they came up with.

3. The location sells. When starting up a business, one must make sure that the location is hand in hand with the product and the mobility of people. If your offices or stores are in the place where people do not come often and people are crucial for the turnover, then you are bound to make a mistake. Another thing is the appearance and reachability. A good place, available, reachable and appealing is as important as the idea itself.

4. Red tape. This is a step that exists in every business. If you are not familiar with all it encompasses beforehand, than no matter how much money, ideas and clients you have, you will not be able to put it in motion. Make sure you are familiar with bureaucracy which includes building permits, work permits or safety regulations before they turn into obstacles.

5. Funds can be a big obstacle especially if not dealt with carefully. Those who do not have a substantial amount of capital to start with, or things to profit from on a garage sale, might consider not leaving their jobs or trying to find some for the period while the business is still at its earliest stages. There is always an option for Debt Financing, Equity Financing, Grants or borrowing from family members, but this is something that will come back at you later and you need to predict will you be able to deal with it when the time comes.

6. Cut down the costs. This is a time where any unnecessary costs must be cut down. The number of employees plays one of the vital roles, since they are paid from another vital role called the budget. No matter how meaningless it may sound, you should cut on small costs, such as coffee for the employees, bottled water or office supplies. Cutting down on paper usage should be applied whenever possible since it is not just about the paper but the ink cartridges as well. According to Printzone, using third party cartridges may produce up to 2/3 more copies than original cartridges. There is a number of ways which can help you save money.

Infographic Credit: https://www.printzone.com.au  

7. The piracy. One of the issues that can be easily neglected is the trademark. People tend to leave it for later not thinking about the option of company succeeding and going big, where one small thing such as trademark can cause problems and cost much more.

8. Learn. Listen to other people, filter the information and use the most useful experience. Try to learn about yourself, see your flaws and complement them with other people’s strengths. Success lies in tactfulness and strategy. Do not forget to take all your previous mistakes and failures into account, these show us the flaws and these are our best teachers.

Three things to avoid:

Overconfidence. Definitely do not feel too relaxed and comfortable in the beginning. Even if the start looks promising, it does not mean that the trend will keep up.

Lack of focus. Also, focus on one thing at a time. There is no success where the attention is divides and forces dispersed everywhere.

Cowardice. Be brave but smart at the same time; do not underestimate yourself, rather give yourself time and a chance to succeed and who knows where you will be in a year from now.