Starting a Business? A few things You Need to Know
I’ve been in business now for 17 years. I’ve been very lucky because it’s been estimated that up to 85% of new businesses fail within the first four years or less. Some studies state as high as 60% of new businesses fail within the first year. During the past two decades, I have seen many examples of why small businesses fail and I’d like to share those with you if you have considered diving in and trying your small business. Here are the things that you should ABSOLUTELY NOT DO if you don’t want to fail IMMEDIATELY.
Starting a Business? YOU MUST HAVE … PASSION for What You Do
Start Your Small business: Have you ever been in love? REAL LOVE? The kind that makes you forget the rest of the world exists and EVERYTHING is about the other person? You can talk on the phone for hours to them but it seems like minutes? You leap out of bed ready to take on the day with a huge smile on your face because you’re experiencing true happiness? Unfortunately, for most, this feeling is temporary but not if you small your small business. Why? Because business is the SAME WAY! “Do what you LOVE and the money will Come” is exact and true. What is it that you LOVE to do, that you could do ALL DAY, that when you are doing it, it feels like you are not working? There’s your potential business!
Starting a Business? YOU MUST … Have a Budget
Start Your Small business: I would STRONGLY suggest not taking out loans if you don’t have to for two reasons. I don’t like dealing with middlemen, they can rob you of your passion and it’s always best to start off NOT owing someone. It ALWAYS helps if you have money stashed to start your small business because you start off is the same way you do business and the way you end it. If you start of begging, your entire business will most likely be based on you begging. If you have to beg people to convince them of your value, you are in the wrong business. They should SEE the value.
Starting a Business? … Have a Vision…