5 Tips for Launching Your Own Business

Chances are that if you’re reading this article you’ve got a business idea in mind and want to take the next step. Launching a new business can be extremely nerve-wracking but making it sustainable is the real key. To ensure that your business goes the full mile, read our tips on what to do before you launch:

business

Have a clear, defined business plan

A pitfall for many businesses is a lack of planning and research. You can have all the passion and enthusiasm in the world but without a measured and realistic approach to costs and demand, your business won’t survive. Figure out your company mission, objectives, keys to success and have developed financial and marketing plans. As William E. Rothschild once said, “What do you want to achieve or avoid? The answers to this question are objectives. How will you go about achieving your desire results? The answer to this you can call strategy”.

Think big

There’s no doubt that ambition will take you a long way in the business world. Just look at Ron Bakir, the Australian businessman who started his first business at the age of 17 with nothing but hard work, street smarts and a dream to have a million dollars by the age of 21. Work within your constraints to achieve your goal but never let anyone tell you that you are thinking too big.

Spread the word

Imagine a talented author who writes a novel that has the potential to be the next Da Vinci Code or Harry Potter. Without aggressive advertising, promotion and marketing, this novel may never reach a large audience. Wasted talent is a sad thing so remember to sell, sell, sell your business! A recent example of a fantastic marketing campaign is from the team at Compare the Market who used cute meerkats with Russian accents! If you don’t have the biggest budget for this, don’t worry. Tap into social media and use outlets such as Twitter, Facebook and LinkedIn.

Invest in your team

A business is only as good as its workers so take the time to invest in your employees, whether they are providing the services or working as part of the management team. You will naturally be rewarded with high revenue and positive decision making and you will be able to have complete trust in your employees and colleagues. Have that strong team right from the get go and then help them develop their skills and expertise.

Be passionate about what you do

Ask yourself why you are starting this particular business? Is it because you are passionate about the idea or because you think it will make you a lot of money? Ideally, the answer will be yes to both. However, if you only answered ‘yes’ to the latter question, consider how far you will be able to go with your business. Many businesses don’t see a real profit for years and sometimes passion and genuine enthusiasm is all that gets them through. Richard Branson makes a good point about this: “Some 80% of your life is spent working. You want to have fun at home; why shouldn’t you have fun at work?”

Did any of the above strike a chord with you? Perhaps Ron Bakir success story or the quotes from William E. Rothschild and Richard Branson? Or have you recently started your own business? What were the hurdles you had to overcome and what has been the most rewarding aspect of your journey so far? Share your wisdom with others and leave a comment below.

Image Credit:
Ambro – FreeDigitalPhotos.Net

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