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Now that we’ve moved into the new year you may be wanting to take more control over your life and career. Like many others you’ve decided that your current job just doesn’t cut it anymore and your going to take that big leap of faith and work for yourself. The risks are always going to be high.
Eighty percent of small businesses fail in their first year but if you’ve got the right product or idea and the determination to match then let’s get started. Jump before you’re ready. It’s the best way to stay ahead of the pack.
You’re going to be juggling a lot of problems at the same time so let’s have a look at some you might face so that you’re not completely bewildered when they knock your new office door down.
You have to be frugal
You have to be so frugal with your money from day one. As a small business you will be competing against companies worth billions. That means you need to make everything you spend worth at least ten times as much. You need to be getting bargains on every deal just to survive. If your overheads become to heavy it’s game over.
Big decisions need to be made early on. Those decisions will be what makes you a great leader in your industry. Money spent on one section of your business could be spent elsewhere. Be careful with mistaking profit for cash. It may look like you’re in the green one day but you’re very much in the red the next.
Make sure you know absolutely everything that is going in and out of your business. You have to write it down and keep track of it all day everyday. Take it to bed with you and scrutinize it there if you have to. Control those accounts with an iron fist.
You may find that coffee works for a while but what happens once your I,mine to it. This is going to be a 24/7 occupation. Your eyes will be glued open and your brain will be on overdrive making big decisions everyday.
Don’t run yourself into the ground. Find a balance that works for you as early on as you can. There’s no rest for the wicked but you can’t be productive if you’re dead. Get some sleep.
If the workload is getting too heavy you may want to start delegating tasks. Which is great because it means your company is growing. Taking on new employees comes with a whole new set of problems but will be a necessary step to really launch your business. Time spent on getting the best employees early on is so important.
You need to take on people that fully believe in your product as much as you do if not more. It’s that passion and drive that will see you through your first couple of years.
Once you’re up and running with a couple of employees under your management you’re going to want to take care of them. A happy and healthy employee is much more productive than one that’s on sick leave that your paying for. Other than it being more cost effective you should want to take care of your team.
When you start seeing employees as family members with the same passions for your business that you have then you’ll have a winning formula. Check out this blog post, Proactive Broker Network phmp, for a better idea of what companies are currently offering the best health plans. You’ll notice all of the most successful companies are taking the best care of their employees. You may think the customer always come first but they don’t when your the boss.
If you take care of your staff then they’ll be happy to take the best care of the customer and in return the customer will be taking good care of your rising bank balance. So be kind to your staff and implement the best healthcare possible right from the beginning.
Being popular sells but don’t try to be ‘cool’ because that’s notoriously uncool. If you’re so bogged down in decision making that you forget to look up and see what’s happening in the real world then you’re doomed. Being able to adapt to change will be your biggest strength.
Having a company that’s flexible and moves with the times will always be popular. Don’t let yourself be left behind in the Stone Age. You need to stay current and then go one step further and become the very thing that’s going to be current next. Look for inspiration and then pave the way with your company.
You can’t see what’s going to be the next big thing if your swimming around with what’s going on now. Make a decision on what’s going to be the next big craze and start it yesterday.
Your Target Market
Nowadays it’s all about the niche product. If you’ve got a product worth its salt of a high enough quality you won’t even need to worry about marketing. They will come to you. Focus on making your idea or product the strongest and best option on the market and it will sell itself.
Creating for the masses is over. Create your own niche market and you’ll be creating a band of loyal customers happy to return again and again. Create a cult following for your business. Have an idea behind what your selling. An idea strong enough for others to get behind and believe in. When you gain this sort of popularity the customers will turn themselves into sales advocates and sell your product for you.
Sure it’s going to be tough. It if it wasn’t then everyone would be doing it. If you’ve got the right product or idea then go for it. You could be turning over millions in profit in a matter of years not to mention strengthening your economy and creating jobs for others.
You can’t change the world if you’re not in control of the steering wheel.