HOW TO START A BUSINESS?

Have you ever wondered what really are the ingredients to make a successful business recipe? In a half-full glass view, one must say that owning and managing a business gives the luxury to do the things that really matter to you. However, just like any goal, planning in starting up a business is very important. Because for a business to succeed it doesn't happen overnight.

Let me break down the three tips to consider before starting up a business to avoid the pitfalls that have become the graves of many business owners.

1. Research enough. Running a business without setting aside enough time to do your homework is like a lumberjack refusing to sharpen his ax. In the long run, he is making his job much harder than it needs to be.

Aim to work smarter and not harder. Do not let a week go by without researching ways to optimize your product, knowing your market, and keeping your marketing strategy fresh. The moment you view it as a waste of time is the day you sentence your business to death. Our world is constantly shifting and research is the key to adapting. 

2. Be resilient. Our society gives us a bad education in failure. We are taught from a young age that it's not okay to fail. This is the worst frame of mind for an entrepreneur! Most small businesses fail in the mind of the owner before they have failed in reality.

Failure doesn't always mean defeat. Granted, there are times when an exit plan might be the best option, but don't make it a knee-jerk reaction.

3. Money Management. This is probably the biggest pitfall of all! If you are lacking, even slightly, in this aspect, your business is doomed! As our relationship with failure, we are often poorly educated about finances, or way too late in our lives.

Understanding how to budget and track your finances is the lifeblood of your business. Learning how to prioritize what you do with your money makes all the difference!

For example, knowing when to take out a loan and why, can be the difference in your business soaring or crashing. Learn the difference between good debt and bad debt. This is essential to a business owner, especially in challenging times.

In this information age, you are never short of tools to help your business thrive. Never take that for granted. Make the most of the material on our blog and Facebook page. Whatever challenges you face, we have everything you need to keep your business afloat!