If you have decided to let go off your “so called” secure job and take a leap of faith onto that rocky road of being an entrepreneur; it might mean that you’ll often blaze your own trail. There are no career guides, counselors or maps, to guide you through your way to success. Although there are no hard and fast rules for success on this road less traveled, the following tips may actually help you to forge ahead into this unchartered territory.
Have a game plan
So you are planning to be your own boss by following your dream and giving up your job? Have a well laid out plan so that you can analyze after a number of hit and trials on paper, the best strategy for your business. No amount of passion can help unless you have a carefully laid out plan on how to start and run the business.
Location is the key
When it comes to small business startups, the mantra is “Location.” Choosing a good business location plays a crucial role when starting up a new business venture. According to a study small towns are actually the best place to start up your business as they offer tax benefits and have low regulations as compared to big cities. Check out for perfect location at listings for businesses and offices and you are good to go.
A debt free start is the best. So try to invest as much of your own money as possible. We all know that new business might take months or even years to generate a profit and as such if you are covering up your initial capital investments through loans, beware of the fact that loan payments can become a ball and chain. To make sure that your startup doesn’t sink before it can even bear fruits, try saving up as much as you can yourself instead of leaning on your partners.
Baby steps are the key to walk miles and thus, starting small in your business with handful but skilled employees, a small location and limited revenue can help you in the long run. Do not compromise with your ambitions and goals by trying to run before you learn to walk. If you start small you learn to handle the hiccups that are bound to crop up in any small business and by learning from your mistakes, you can scale new heights.
Finally! What about profit
Profit being the ultimate objective of any business, needs to be examined beforehand. Keep in mind all the expenses like rent, stock, remuneration for employees etc. and then evaluate how to generate profit. Starting a business is a major decision and your success is determined by what you learn from your failures and how you improvise. Failure is not the opposite of success but a part of it. So, learn from your mistakes, rely on your instincts and keep that passion of yours alive.
This post is written by Ella Rich. She is an advertising expert who writes about internet marketing, social media strategies and how to build business successfully using local Australian business directories. You can connect with her on ellarichMBC.