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50 Tips to starting your own business

These steps are what every entrepreneur must follow in order for his idea to be successful.

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Starting a business is not for the faint of heart. It is very stressful and demands practically all of your time and attention. On the other hand, it can also be a great personal and professional experience. Here are 50 tips to help you on your entrepreneurial adventure.

1. Discover your skills. Not everyone has what it takes to start a business, that does not mean that your idea is not brilliant, only that you may not have some vital personality characteristics to launch your company. Before investing time or resources, evaluate yourself and see if you have the typical skills of an entrepreneur.

2. Develop an idea. Don’t start a business just because something is hot or because you think marketing it will make you money. Develop a business concept that you are passionate about related to something in which you have some experience. Next, think of a product or service that you think will improve people’s lives.

3. Prove your credibility. Once you have an idea, discover how you can turn it into reality. Is the product something that people want or need? Can you make a profit selling it? Does it work?

4. Write a business plan. A solid business plan will guide you forward. You will also need it to present your idea to potential investors. It should include a mission statement, executive summary, company summary, product or service samples, description of your target market, financial projections, and cost of operations.

5. Identify your market. Even if you have detected some interest in your business, you need to do more homework. Evaluate the market so that you sell to the people who will surely make the purchase. Take a competitive evaluation.

6. Determine the costs. Do additional research and learn about standard costs within the industry. This will not only help you run the business more efficiently, but it will also be valuable information for investors.

7. Establish a budget. Once you determine how much money you will have to work with, find out how much you need to develop your product or service and create a marketing plan.

8. Find the right investors. You’re going to need some type of financing to get started, whether it’s from savings, credit cards, loans, venture capitalists, or donations. Find an investor who shares your passion, someone you think you can work with.

9. Listen to investors. Like it or not, they will have an opinion when it comes to your business. Listen to their advice and suggestions, but that doesn’t mean you have to do everything they tell you.

10. Have a great support system. You are going to invest a lot of time and resources in your new business adventure. Make sure your family agrees. They should be aware that this process will challenge them financially and emotionally.

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11. Determine the legal structure. Determine what is best for you: being the sole owner, having a partner, a limited liability company, an S corporation, a non-profit organization, or a cooperative.

12. Select your company name. Decide on a name that goes with your brand, then see if that’s available and if you can use it freely in your country and state.

13. Register the name of your business. If the name you want is available, register it as soon as possible in the corresponding offices.

14. Take advantage of resources at no cost. These can be social networks or even a person who offers you advice and experience to move your startup forward.

15. Buy insurance. Make sure you have the right insurance for your company. This can vary according to the type of business. If you work from home, make sure your insurance includes theft or damage to company assets as well as liability for damage related to it.

16. Fix the ledgers. Keep track of all the money that comes in and goes out of the business.

17. Choose the right location. Choose a location that suits the needs of your business, one that offers an opportunity for growth, the right level of competence, and proximity to suppliers. It must also be accessible to customers.

18. Don’t worry about an office. If you are not making a profit, do not be mortified by acquiring a space to work, you can do it from home.

19. The patent can wait. Patents can cost a lot of money. Pay this amount when you are sure you have enough clients to pay off the bills.

20. Be flexible. Odds are, your original idea will have to be modified. Being able to adapt and change something to offer the customer something they want will determine whether or not you will be successful.

21. Sare your ideas with friends and family. The people closest to you are the ones who will be the most honest with you about your idea. Feel free to seek their advice and suggestions.

22. Ignore the negatives. There is a big difference between constructive criticism and someone quickly saying that your business will fail. The best thing to do is ignore these people.

23. Don’t be angry. If your idea is rejected by clients or investors, don’t succumb to anger. Find out what they didn’t like, make adjustments, and come back to them once you’ve changed what they wanted.

24. Deliver the product or service quickly. Your business is a work in progress and if you launch a product or service quickly, you will be able to build a community of customers who can provide you with valuable feedback that will help you improve your offer. As the founder of LinkedIn says “If you are not ashamed of the first launch of your product, you made it known very late”.

25. Offer new products or services. If you already have clients make sure you take care of them by giving them new products or services.

26. Be patient. Always keep in mind that success will not happen overnight. It’s going to take you some time before you win anything.

27. Deliver more than they ask for at the beginning. Once you have a new client make sure you go the extra mile for at least the first month. You’ll have that customer hooked.

28. Post on your blog all the time. Don’t be ashamed to share your triumphs and struggles. Customers will enjoy your honesty.

29. Avoid fights with partners. If you have disagreements, fix the problems as soon as possible. Fighting can distract you from doing things right in business.

30. Don’t worry about losing a percentage of the company. An investor has acquired a share in your company. Recognize the fact that eventually at some point you will have to give up a portion of control of the business.

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31. Hire a copywriter. Unless you can write very well, hire someone to write the emails for the target customers. It will also help you with press releases and other things that will bring out company news.

32. Prepare for meetings. When preparing for your meeting with a client, read as much as you can about the industry, your competition, and that client’s company.

33. Make a meeting agenda. Have the targets you want to touch on hand. Mail that agenda to your colleagues before the meeting so they can prepare too. Make sure these goals are clear and understood by everyone.

34. Don’t be afraid of the competition. Do not speak ill of the competition when you are with clients or investors. There is no need to be pitied. In fact, talking this way may turn customers away from competitors who offer a product or service that you don’t. Remember, when the competition leaves, there will be a market for your business. Use that knowledge as inspiration to do things better than your rival.

35. Benefit from word of mouth. Nothing beats good word-of-mouth marketing. Let your friends, family, and influencers share what your product or service does.

36. Offer a customer experience. An experience includes sensory marketing. This means managing colors, lights, scents, and so on. Integrate all these sensations into your offer, in such a way that they conquer the senses of your consumers.

37. Network. Don’t be afraid to go out and show your face to the public, whether it’s at a conference or just hanging out with a friend on a Friday night.

38. Give impeccable customer service. Interacting with people is an important part of your job. Your business could win new customers because you made them feel important. For example, Zappos was not the first online store to sell shoes, but the company perfected its customer service and won over many buyers.

39. Make sure your website works. Potential customers want to know as much as possible about your business, so access to it should be quick

40. Don’t worry too much about your finances. Some of the best businesses were launched when the economic situation was not the best for the world, so don’t think twice and go for it!

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41. Make sure customers pay the bills. Make sure you receive payment for your product or service. Instead of being taken advantage of, set a certain time to make the payment. It also won’t hurt to accept credit cards or have the option of having them pay directly on your website.

42. Find the right employees. Hire the right people for the position. Even if it’s your business, you won’t be able to deal with everything, so you need qualified people to complete the job.

43. Assign responsibilities. Delegate achievable tasks to your work team.

44. Honesty is the best policy. If you have any employee issues, make sure they are resolved. Nobody likes talking behind their back.

45. Remember that opposites attract. Hire people with skills and personalities opposite to yours. They will challenge you and bring new things to your business.

46. ​​Say goodbye to your social life. You are going to spend a lot of time dedicated to your business. Even if you plan a night out with friends, you can leave early because a light bulb went out. The good thing is that these people will understand you.

47. Accept that you will be the last person to get paid. As CEO, you will be the last to receive a check, and that will be until you have the appropriate earnings.

48. Don’t expect success right away. Just because your business hasn’t made you a millionaire (yet) doesn’t mean your business is a failure. If you have received some kind of profit doing something that you are passionate about, it is a success story, right?

49. Accept when it’s time to retire. Failure is inevitable. If things aren’t working out and you’ve done all you can, put your pride aside and shut down. Something like this is not easy to accept but it is for the best.

50. Don’t just trust the advice of others. Although I offer to give you these tips, perhaps the most important is something I learned the hard way: Even if many people offer their help, realize that in the end, you are the owner of the business and the person responsible for its success or failure. of the same. If you know what worked, you will have the skills and knowledge to move your business forward.