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Things to Consider when Starting a New Business

Ok….I’m going to call it out….starting a new business is not easy and being an entrepreneur is not for everyone….. but every company has a beginning point. From coming up with a name to raising capital to finding an office….there’s a lot to do. There are many reasons why startups struggle and sometimes are not successful. On the flip side, there are many success stories from those the make it and while there is no secret formula, there are a few things to consider when starting a new business and keeping it alive. Here are a few thoughts:

Be Realistic with Your Goals, Plans and Expectations

Every business owner has a vision which can often be lofty. Everybody has to crawl before they walk and walk before they run. A common mistake that happens a lot of the time is when the “I’m going to hit the home-run” mentality takes over rational thinking. Before you even think about starting a business, you need to have a realistic plan of action in place. Take some time to map out your business goals and the ways in which you plan on achieving them. Be prepared to make mistakes. From funding to marketing to location to personnel….every component should be thought out. Think about the competition, cash flow needs and economic conditions while writing your plan, as this type of knowledge will play a huge role in whether or not your company succeeds. At the end of the day, the good planning rarely fails.

Be Prepared To Put In the Time

Building a successful business owner takes hundreds and hundreds of hours. With that being said, entrepreneurs starting out should prepare themselves for long work days and longer weeks. It is also important to keep your life in balance. A rested mind and a powerful mind.  If you want to your company to thrive, focus on the priorities and manage your time well.

Stay Focused

When things get rolling and we have to multi-task it’s easy to get distracted and lose focus. Keep a daily list of the “Working Things To Do” and don’t deviate from it. Keep your priorities in line and don’t move onto the next task until the current one is complete and well done.

Don’t be Ashamed to Ask for Advice

Where do we obtain wisdom and advice? Answer: from those people around us that have “Been there and Done that”.  In other words, seek guidance and business counseling from those with experience and proven track records. More times than not, good sound advice and guidance will help an entrepreneur avoid critical mistakes. Find a mentor or two and learn from them. Form a small group of “go to” advisors that you trust and even consider setting up a board of directors. We all need a sounding board from time to time. Stop, Look and Listen...before making crucial decisions. Believe me....it works and if nothing else, will prevent a lot of stress!

Starting and owning a business can be incredibly rewarding. It requires planning, determination, hard work, salesmanship, good intuition, good product, good timing and good people. It’s not always easy and that’s real challenge.

Is cash flow a concern? Have you any interest in factoring your invoices?  We would love to hear from you.

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