The economy has remained uncertain since the recession in 2008. Despite many positive indicators the disruption of world politics and the ongoing internal struggles of the most powerful nation on Earth have left its mark.
Unemployment is actually decreasing; it is the lowest it has been in 18 years. But surprisingly this is not the whole picture. In fact, many unemployed people have become so disillusioned with the current system that they have started their own businesses.
For many people this was the only option in order to make ends meet. There is no doubt that this is changing the face of the economy. But, are you ready to start your own business? Here are 9 things you should know before you announce yourself open for business
1 .Know Your Role
Starting a business means you need to be prepared to do everything and at the same time know when to back off and let your employees, friends, family and professional advisors help.
This is actually one of the hardest things to do for most entrepreneurs; letting go of the belief that you can do it better than anyone else
2.Know Your Goal
Your ultimate goal may be to be the biggest corporation in the world but to achieve any success you need smaller, realistic and achievable goals. Set these before you start running your business to increase your chances of success
One of the most important people you can hire is an accountant or bookkeeper. They do not need to take over your finances. They simply prepare the books and allow you to see where your money is going. A good bookkeeper will highlight your income, any deficits and advise you regarding leakage across your business.
4. Know The Law
You need to register your business in order to trade legally. You’ll then need to understand the taxes you must pay and what parts of the law you should comply with.
If you don’t know the information yourself it is imperative that you speak to your local tax office; they can help you to comply and stay legal.
Growth doesn’t need to mean increased profits. You can define growth as the number of people you are connected to or the amount of traffic reaching your site.
Make sure you know what you mean by growth before you start trading; that way you’ll have a clear idea of when you are achieving the right kind of growth.
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6. Customer Service
The best way to build a business and attract repeat customers is to provide the best possible customer service. This should be placed above making a profit!
Start your business with the right attitude to customer service and you’ll become a brand that everyone trusts; success will follow.
You need to develop a positive network of business and people round you. This is essential for your future success. Even before you start trading you should be focusing on going to events and making contacts with other businesses where there could be a mutually beneficial link.
8. Avoid Debt
It may not be possible to start your business without borrowing some funds. But, wherever possible you should minimize your borrowing and build your business through profits.
You’ll have a much better chance of long term success.
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9. Don’t Fear Failure
Many successful entrepreneurs have failed in business on more than one occasion before getting it right. To build a successful business there are lessons which need to be learned. If you fear failure you’ll never push yourself or your business to what it could be.
Be aware that failure is always an option but that even failure is simply a stepping stone to success.