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Starting a Business – Key Points to Keep in Mind

10 January 2013 3 Comments

While many people in their younger years, 20s in particular, are more interested in schooling or traveling, there are many who would entertain the idea of starting a business. Starting a business can be an exciting venture however, this dream of starting a business is not always laced in gold. Though if approached carefully and thoughtfully it could end up being one of the best decisions you could make. There are some key points you will want to keep in mind if thinking about starting a business.

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1. You will want to be true to yourself. If you are thinking up a business idea what many people overlook is if you are just looking for the money or if this is something you actually have some passion for. While it is every businesses goal to make money, doing so in a way that will make it somewhat enjoyable for you is very important. Often people who simply just go for the money end up loosing passion for their business and it later shows. An example would be if you love coffee opening up a coffee shop may be an idea because you will naturally be interested in this and your passion will show. A successful business is driven by passion.

2. In relation to point 1, understand who you are regarding your strengths and weaknesses. If you are not a very social person, opening up a store front business may not be the best for you. Perhaps something where you would be a little less involved with the public may suit your style more.

3. Know your appetite for risk. While every business is a risk, some are considered more risky than others. You also need to know what you can afford to lose financially. While no one ever enters a business and envisions it failing, we all know the truth that they do. If you are not prepared to deal with the possibility of losing your money invested into it. You could be setting yourself up for very difficult times. This is not to be negative and focus in on the ramifications of a failed business but just to be aware of its possibility.

4. Build relationships with others in similar businesses. These contacts, friends or acquaintances may provide valuable insight or could even become future employees or business partners if your business does well enough. They are also a great source of information or for people in similar businesses to bounce ideas off each other, without giving away their secrets. While creating a vision is important to direct your business in the way you want it, sometimes due to personal interest and the market, your visions may change along with your business and knowing people in the industry or related industries is always valuable.

5. Set yourself up for success. While every business is different some require certain things more so than others. For example, a business colleague created barcoded plastic cards for his specialty produce store that offered a points collection system that could be reveled for discounts and other promotions. He really tried to make these promotions very worthwhile. As a result his business grew and the price he paid to implement this was minimal in comparison.

3 Comments »

  • Chris@Thecreditcat said:

    In my opinion a business is all about relationships so when starting out you should definitely make as many friends in the sector as possible, this will guarantee custom and rapid growth.

  • Mark Perrys said:

    A classic point. But in turn, you'd preferably want those relationships to turn into networks

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