5 tips on starting your own business
TRANSCRIPT
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5 Tips On Starting Your Own Business
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•Starting your own business can be
quite a hairy proposition and you
are entering the neo-liberal market
place, a place wrought with
dangers, speed bumps and never
ending wells of disappointments.
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•Getting started
on your money
making venture is
not easy – allow
me to reiterate
that one more
time. Not easy
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•The competition is stiff even in
the most niche of markets and you
really have to give it your all and
work hard before you can start
seeing results.
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•While there are
hundreds of pages of
advice I can impart on
anyone wanting to start
their own business, here
are 5 tips on starting
your own business that
you can use.
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•One. A focused strategy. Your
business model must have a
strategy that is focused and that is
detailed.
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•You must know exactly
what you want to do
and what you have to
do to get it. This is not a
one page report and the
more detailed it is, the
better.
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•Don’t skimp on even the smallest
things, because it can be your
undoing.
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•Point A must be your
groundwork, point B
your core strategy and
Point C is the profits. All
successful business are
surviving on a focused
strategy, one that can
be implemented easily.
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•Know your role. Especially when
you entering a partnership, it is
important for you to know what
your duties are and the role you
are going to play in the business.
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•Don’t deviate but
don’t be afraid to
diversify when you
need to.
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•When everyone can play their part
and play their part well, then the
business will be well on their way
to writing the chapters of success
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•Have everything in
black and white. Write
everything down. Deal
with clients through
emails and documents
are your friends.
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•This raises the level of
accountability on both the clients
and the business side and you will
have something to fall back on if
anything goes wrong.
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•It also gives
you a clear idea
on where the
point of
weakness is
and how you
can repair it.
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•Excellent money management is
absolutely essential in starting a
business.
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•Research the
market and
ensure you are
getting the best
quality at the best
price you can get
that quality at.
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•Every dollar in the world of
business is crucial and you should
not be frittering investment and
development dollars away at non
essential items.
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•Have a stash of
risk capital at
the ready
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•This is important when you need a
bailout or when you need to pump in
money quick to either make the
business resurface of change the
strategy to hit an emerging market.
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•Having risk
capital at the
side means you
have a backdoor
in case things
get awry.
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•These are just some of the quick
points to note when you are
thinking of starting your own
business.
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•The last advice I will give
anyone is not to rush into
things and attack your
business plan from every
angle possible, only then
will you find out the flaws
before they find you.
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