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Tips For Starting A Small Business

by Admin123

Tips For Starting A Small Business

If you want to wait to be perfect before starting your own business then, you might have to wait forever.

Business is a learn-as-you-go venture; you learn along the line, but you have to make intelligent decisions to be miles ahead of others who are learning gradually.

To start a business, you need to ask around for advice — choose the family members or friends you know that are into business already or business oriented to guide you.

The earlier you learn about the tricks and tips of starting a business, the better because when others are busy trying to figure out why plan A is not working, you would have found the reason and either applied the solution or moved to plan B.

Tips For Starting A Small Business

Now let’s have a look at the most straightforward, actionable pieces of advice we can give you, so you can kickstart your new, small business!

1. Be Intentional

Procrastinating is the thief of time; it does no good other than render you useless.

Avoid excuses, be intentional; if you have a fixed date to start your business, start it that day unless unforeseen circumstances that are way beyond you happen.

If you keep making excuses, you will not start, and if you eventually start, the business might not thrive.

Hundreds of business owners also had the chance to make excuses, but they did not; they became intentional and eventually made a breakthrough.

Imagine if Jeff Bezos used an excuse not to start Amazon.

Imagine the number of workers he has under him and imagine what would have become of them if not for that small business that kicked off years ago.

2. Ask Questions

Imagine two strangers on a journey; stranger A asks many questions to people he meets on the road about his destination, but stranger B keeps to himself and keeps on moving even without any idea of where he is going.

Who do you think will have a smooth and stress-free journey? Stranger A, of course.

Ask questions from those that know more than you do and put advice and ideas into use strategically.

Also, implore them to be blunt with you, they shouldn’t give you advice based on who you are, but as a stranger, this will make them give you honest advice.

3. Provide Solution

Having a passion for business is not enough.

Think of it this way – providing a solution for a problem is the key to the success of ANY business.

If you’re not providing a solution to any problem, securing customers will be a huge problem, and without customers, there will be no income.

Top business owners started off by identifying a problem and providing a unique solution.

Amazon, for instance, has eased the burden of queuing in shopping malls to get items; they also reduce the cost of traveling to another country to get items, thereby providing logistic ideas.

4. Know The Cost

Starting a business requires money, and as a small business, it will be hard to get investors at an early stage.

Calculate the cost of the business and multiply it by four — let’s say a sum of $10,000 will be all you need to kick start your small business, then know within yourself that you should have nothing less than $40 000 because of additional costs.

It is better to have a surplus than to be cash-stranded, especially when your business needs it urgently to lure potential long-term customers.

5. Keep Earning While You Build

The mistake many small business owners make is to quit their job after starting a business.

You have to keep your job to supplement your income with the little income you’re making so that you won’t spend more than your profit and after all, nothing beats having a double income.

Keep your job and talk about it to people at your workplace to patronize and refer you to more people.

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