10 Funny BEST EVER BUSINESS Quotes

When thinking about starting a small business you want to think about “Why are you starting the business?” Often times someone decides to start a business with the mindset they will have more free time, work at home, and also have a flexible schedule. Unfortunately, it is very important avoid these myths. Most the time, starting a small business isn’t any of these things. . Instead, it is long hours, working at home might be a distraction, less flexibility, and there are lots of hats to juggle. It’s very different then working for a company and it is important to keep all of this at heart when deciding if starting a small business is right for you. If it is, then let’s dive into getting started off with your business idea!

Attitude is EVERYTHING. You should always keep a cheery attitude. A lot of things are going to happen during the lifecycle of the company, both bad and the good, and the most important thing is to keep a positive attitude.

BIGGEST OBSTACLES TO OVERCOME

Both biggest obstacles startups face whenever starting a business is money and popularity. It is advisable to make sure you have the ability to stay afloat and have a means of financing when starting out. And reputation is also an obstacle because you don’t have a reputation or customers. Unless you start out with several customers, usually you are starting out very alone.

WHAT YOU NEED?

VIABLE PRODUCT

You need to provide a product/service that people want to buy. Researching similar products/services is important to see what else is out there that is similar to your idea and then determine how your product will be much better than the competition. It is also important to be able to bring experience to the table. It’s the experience you have which will make the company. Typically, you would like to have a niche in order to take a focused approach and decide what sort of company you need it to be. Lastly, it is advisable to consider if you can sell enough of your product or service to make a living. Are you considering able to cover each of the expenses and salaries that include a business?

BUSINESS PLAN

A business plan is completely essential. What is a business plan?

Start with an executive summary, that is a high-level description of what the business can do. Next, you need a business explanation that lays out the business enterprise in detail. Then, comes the market analysis, who is going to be your customer and who is your competition? Next, is organization management. Who is going to manage the business? Are you going to manage it yourself or will you hire someone from the outside to handle your business? More often than not you are starting off managing the business yourself. Next, you will need a sales strategy, what sort of sales strategy will you encompass? And lastly, you have to include funding requirements and fiscal projections. What type of funding do you need to start the business and how much do you project to make?

A written plan is critical. It is absolutely essential you jot down the above info on paper.

There are many business plan templates available to help. Even though you are an established business, its not necessary anything complicated. An additional resource is a very simple roadmap. This breaks out month by month projections for just two 2 years. What trade shows will you attend? How many people will you hire? Which kind of marketing campaigns do you want to run?

Last, goals are really important. You must set specific goals in your business plan so you know what your location is heading.

MEANS OF FINANCING

How will you finance your business? Some of the key questions to ask are how much money will you need to stay afloat? Will you be going for a salary? Exactly what will your non-salary expenses be? Just how many people do you plan on hiring the first year? What about company benefits? Even if you are by yourself, you will need benefits and insurance. These are all questions it is advisable to think about.

Should you self-finance or take out a loan? Self-financing is often recommended in case you have enough money in the bank to float the business and your salary for per year or two. This program reduces the pressure. The final thing you want is pressure from creditors. Loans will be difficult to procure. If you manage to get a loan, you will need to personal guarantee and you will need collateral.

There is also the chance for a financial business partner, however, a financial business mate can often lead to meddling and pressure. In addition, it may cause you to run the business differently then you envisioned. Remember, you’re starting the business to put your own spin on it!

A fourth option is a funding company. This can be a viable option because they will most likely perform your payroll and invoicing for you. Sometimes the funding company provides a basic ATS system aswell that could help you start. The downside to a financing company is often it is hard to breakaway. You should pay off loans with interest and often it is not financially feasible to breakaway. If you use a funding company, you want to ensure you understand the agreement and know very well what it takes to step from the funding company.

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