10 Tips for Starting a Business

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Experienced businessmen share a common way of reaching their dreams through their business. And with the ten tips that they have given to their fellow business minded persons, they can surely reach the same success eventually.

There are different business success stories that have been shared in television; and published in magazines, books, and newspapers. But are these stories realistic?

What made those businesses and owners succeed for a long time now? Those entrepreneurs have followed several tips passed on by experienced businessmen. There are guidelines and tips that are applicable in earlier times and may still be applicable to present. Those advise and stories are very helpful for you as your inspiration to start up your own business. Here are some of the helpful tips shared to you by different entrepreneurs that have succeeded through time.

Learn How to Save Money

No matter how small your money is, it is still part of your financial resources. There is nothing wrong in spending some of your profits for yourself. But too much spending can pull your business down. That is why it is wise for you to divide your profits into three. One part of your profits must go straight to the bank. And once it is already in the bank, consider it gone because you will not touch it no matter what. On the other hand, the other part of your profits will be the one you will add up to your company’s resources. As for the other part, you will use it in any way you want for your needs. In that way, you can save up fast and easier without too much pressure.

Start a business on what you love to do.

You are more motivated to work if you are doing what you naturally enjoy doing. Actually, you don’t look at it as a job or work but as a hobby which you love doing. And you are lucky enough that you can make money out of it.

Research Well about your Business

Do your own research regarding different feasibility studies regarding the business you plan on taking. You must realize the different benefits of the business you want to get in to. And if you are joining a business group, you must also know the track record of your associates and the business itself. You must analyze whether the business and you will benefit in your decisions.

Start off with Legal Bases

Make sure that you will register your business the right way. There are fraudulent fixers that you might meet in the licensing agencies luring you to have your license processed in a faster and easier way; you’ll just have to pay him for all the transactions. That is very risky because you might be sued for fake license and transacting with fixers.

Starting Small is the Best way to Go

Do not push your luck by going straight to a big business because you wouldn’t like the pressure and the tasks connected to it. It is even better to start with a small business even if it is operating in your home as long as you can keep it working smoothly as you gradually grow.

Be Competitive

Enroll in certified training and education related to the business you want. You will be more trusted if you have enough credentials and advanced educational background.

Document Everything

For all of the transactions and agreements you might get into, make sure it is put into writing for further referencing in the future. Keep sufficient records of receipts and contact numbers because it will be useful to you later on.

Hire the Qualified Staffs Only

Know what you want from your workers. Make a system for hiring your employees so you are sure to get the right people for the job you have made for them.

Be a Responsible Citizen

Pay your taxes and other bills on time so you will not be piled up of bank statements and termination letters which could ruin the reputation you are making for yourself. You will be even supported by the government and other companies when you can pay them on time.

Keep on Planning and Dreaming

If you have a dream, it is easier for you to plan what you want from your business. The business plan you will be plotting will showcase all of your planned undertakings and visions for the company. Having those in mind, it is easier for you to go about all the steps to reach all of it.

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6 Comments

James Odenyo said on October 11, 2010
excellent ideas. will definitely apply in my new business
Mr K.E Samson said on February 2, 2012
I would like to open cleaning material shop In Kuruman operating from home.
grace apondi said on March 3, 2012
i would like to open a shop in BONDO town centre,and tailoring college school what advice can you give me?
shahbaz said on August 2, 2012
i would like to open poultry farm in tema please advice me
gugu said on February 26, 2013
Hi I'm in east rand of johannesburg South Africa. My partner and I are planning to venture in Sound hiring and event planning business. What hi-ups should we look out for and what's the best advice market means we can make use of. Thanx.
lucky gupta said on June 10, 2013
sir, i have a mini mustard oil mill and i want to make large it business. and have no idea like to take a brand ,agmark, company registration , advertisement, finance, other requirements and other govt. rules. and sir i have done only 8th fail in education but this is my interested business. plz help me about it. india rajashthan jaipur