It is every entrepreneur’s dream to see his/her business thrive. For any business venture to succeed, some steps need to be taken in a diligent and consistent manner.
1) Be Passionate
You need to devote a lot of time and energy to starting a business and building it into a successful enterprise; hence, it’s really important that you enjoy what you do, whether it be running fashion design business, doing interior design, or providing financial advice.
2) Don’t Do it Alone
You need a support system while you’re starting a business (and afterward). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start-up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start-up program. When you’re starting a business experienced guidance is the best support system of all.
3) Have a Ready Customer/Client List
Don’t wait until you’ve officially started your business to line these up, because your business can’t survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can’t start marketing too soon.
4) Write a Business Plan
The main reason for doing a business plan first when you’re thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed.
5) Do Your Research
Research comes with writing a business plan, but that’s just a start. When you’re starting a business, you need to adequately informed about your industry, products and services if you’re not already. Joining related industry or professional associations before you start your business is a great idea.
6) Get Professional Help
On the other hand, just because you’re starting a business, doesn’t mean you have to be an expert on everything. If you’re not an accountant or bookkeeper, hire one (or both). If you need to write up a contract, and you’re not a lawyer, hire one. You will waste more time and possibly money, in the long run, trying to do things yourself that you are not qualified to do.
7) Make Sure the Money Is Lined Up
Save up if you have to. Approach potential investors and lenders. Figure out your financial fall-back plan. Don’t expect to start a business and then walk into a bank and get money. Traditional lenders don’t like new ideas and don’t like businesses without proven track records.
8) Be Professional
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone, and a business email address, and treating people in a professional, courteous manner.
Source: https://www.thebalancesmb.com/
