Over the years I have stressed the importance of having a budget for your business. The majority of my clients contact me after they have already started a business. A new start up, depending upon the business, can start for under $200, according to a Wall Street article this morning. The paper cited three businesses that started for less then $200 each. All three started in the home with an idea and a dedication to “making it happen”.
I want to endorse the possibility of starting a new venture with little or no working capital. The following are points that must occur in order to be successful.
- First and foremost, you have to embrace the business concept with your whole mind and heart. It has to become part of you.
- You exchange the start up funds needed for hours of hard work. You must be willing to sacrifice a lot of your time and dedicate it to the new business.
- You must have an income source to sustain you while you are building your business.
- Your must have patience. Stating a new business does not result in instant gratification.
- You must create a business plan and follow it.
- Education in marketing and an awareness of how your product or service benefits the end users is essential.
- Learn about direct as well as on line marketing and take advantage of the “social media” marketing opportunities.
- Last but perhaps most important is to have support for the undertaking, from your family, friends and if possible a mentor.
As you grow your business, all the suggestions ( see previous blogs )that cover customer retention, getting new clients, etc should be incorporated into your business plan.
Am always available to talk about a new business start up and to listen to your ideas.
The great thing in this world is not so much where we are, but in what direction we are moving.