5 Tips On Starting Your Own Business

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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