You certainly have a business idea you think can make a lot of money but fear the risks involved. We all feel that way but some of us rise above the risks, some of us rise above the fear of running an own business and make a clean break from the past. They stop making excuses and just get down to business! Here is all you need to start your own business!
Don’t fear risk – Risks are present everywhere, successful entrepreneurs only learn to minimize them
There is no activity, no business that is risk free. All you need is to minimize risk and not eliminate it completely. Think of the recent earthquakes in Haiti and Chile, nobody foretold their strike, nobody was prepared, but they still happened.
No matter what you do, risk stalks you everywhere. There is risk on the road, risk in your bedroom and risk in the air you breathe in. All you need to do is minimize the risk!
Start small – You don’t need a lot of money to start a business, start with what you have
Some of the most successful businessmen started with less than 100 dollars, you too can start on very little and expand with time. Don’t wait for the day when you make a million dollars and think that is when you will invest.
The right time to invest wasn’t yesterday; the right time to invest will never be tomorrow. The right time to invest is always now. Do not wait for the market to pacify, do not wait for things to get better, they may actually get worse. Decide and get down to business. If what you have isn’t enough to start you off, well you can always borrow!
Think of a man who wants to swim but is afraid to test the water, well…he gets nowhere in the end. The Chinese have a saying that goes something like: A journey of 1000 miles starts with a single step. Taking that step is the key!
Have a business plan – Business planning cuts your investment risk by half or even more
Some entrepreneurs make a mistake by thinking that business plans are only meant for banks or other money lenders. Wrong. Business planning is a necessary ingredient for any business you may think of. Running a business without planning is like captaining a rudderless ship.
You need to plan for the present, you need to plan for the future, for business requires both short term and long term planning. Do not worry if your plans don’t succeed, you can always change them to reflect the changing business atmosphere.
You need passion – Engage in what you love and not what will fetch the highest
Many budding businessmen may have the capital to invest but end up making very queer investment decisions. They start a business that brought their friends the highest return on investment. How crude. Just because your friend or neighbor succeeded in selling a million bullet proof vests to civilians inside three months does not make it lucrative for every Tom Dick and Harry.
Pick on an idea that you are passionate about, pick on something you love doing or have a very good understanding of, something you can hang on whether times are good or bad for that is what business is all about. Markets are fluid. Auto bodybuilding may be lucrative today and a pain in the neck tomorrow. Stick to what you love most, stick to what you understand best, stick to what interests you, not what makes the most profit.
Referral marketing – Treat your customers right, they know best
This old adage has been repeated so much that it becomes boring to your ears every time it’s mentioned but I will repeat this one more time. Most budding businessmen and women spend so much more trying to attract new customers at the expense of retaining those they get. A bird in hand is worth two in the bush.
What you spend on getting one extra customer can easily be used to retain ten existing ones. When you spend so much on attracting new customers but forgetting your old ones, men and women who decided to give you a chance, you start making stupid loses, stupid because they can be easily avoided. Happy customers refer their friends and their friends’ friends and you spend very little effort and money on this. Its called referral marketing.