Make sure you have:
1) Overwhelming belief in your idea
2) Framework of real friends to help encourage you during tough times
3) Accurate business plan including debt repayment for credit cards or loans
4) If you plan to use bank financing, talk to the banks before committing to your project or quitting your job
5) If you have a family, discuss the project. Explain your commitment. Do not expect them to understand any drastic change as they may not be able to do so. Do ask them to mentally support the project and if needed, in a spousal situation, also physically or financially support the project until it gains momentum.
6) Set specific hours of work - at least forty a week but no more than sixty. Remove yourself from the business one day a week for spiritual rebirth. Do something totally away from work.
7) Eat properly. You will need massive amounts of mental and physical stamina.
8) Be certain you have at least twice the capital you think you'll need.
9) Design ways to market without using paid advertising. Find venues for meeting people and hosting free or personal events to spread the word about your business.
10) If you hire people, don't hire them on a permanent contract at the beginning. Hire them on a temporary contract or as an independent contractor (check the IRS rules) until you are sure you can support their salary over the long-term.
11) Pay yourself. Even if you only pay yourself a paycheck of $25 a week during the start-up phase. Use that money to purchase something you need and give thanks that your business is providing sustenance. This feeling of goodwill toward your business will spur you to stay focused on making a profit.
12) Expect great things - but be prepared for at least a three year start-up phase when you will learn about yourself and your business with either a very small income or a loss. It is the long-term that will pay off for you. Most business fail because they get discouraged and quit trying. We have all experienced being a customer where the business owner is negative. It is a one-time sale because we generally never return for a second visit.
13) Hire a good accountant and an attorney when you need them. Let them know your financial limits. Some professionals will help you now in order to have your business as a client when the potential profits arrive.
14) Remember, business is a simple matter of earning money. The ups and downs are not personal. You need an overriding, correct goal which helps your community or target market in some way. It must be top quality and competitively priced.
15) Be committed to excellence. If you are, you will be far ahead of your competition. At the same time, excellence is not perfectionism. You will never be perfect - and this goal will only weigh you down. Do your best! Learn from your mistakes. If what you are doing doesn't work, adapt and change to find the solution as quickly as possible.
Did you know Riverbender.com is free for you thanks to our awesome advertisers? We noticed you're using an ad block software. Please give our sponsors some exposure by disabling your ad blocking service for Riverbender.com.
