by
Abby Evans
Your dreams of starting your own business may be the result of one or more factors; a life âlong desire to make a career out of something you’re good at or a need to supplement your current income are two very popular reasons. The jobs we have may not always be the jobs we want and starting your own business, be it small or medium sized, may provide you with the career enrichment or financial autonomy you’re hoping to achieve.
Your Input Determines Your Outcome!
But donât be fooledâ¦donât think that starting your own business will be any easier than working for someone else. The only way to guarantee your own success is by hard work. Sometimes the input required is more arduous than jobs(https://www.jobs.ca) youâve had or have. At any rate, it requires dedication, thoroughness and a follow-through attitude. Here a five key tips to give your business starting efforts the jump start they need to be rewarding and triumphant!
1. Give The People What They Want!
It is a regular occurrence that when starting their own business, many people center it around a product or service they think will be successful rather than on an already existing idea that has a proven and functional market. Think about it â itâs much better to grab a slice from a large, thriving market than from an industry with no market standing at all.
2. Keep Your Costs As Low As Possible
Stimulating a steady cash flow will be moot if youâre spending more than you’re making. Especially where starting a new business is concerned, you donât want to spend the formative portion of its inception in debt. One simple standard to adhere to at any stage of your businessâ development is â Donât Pay Retail! Wherever possible try to source wholesale prices on your purchases and always try to negotiate a discount. Trust us, it adds up.
3. Too Much, Too Littleâ¦
This oneâs pretty basic but is a useful maxim to apply when youâre starting your own business â overestimate your costs and underestimate your revenue. Being conservative in your incoming revenue expectations isnât saying that this is what you’re hoping of aiming for; at the start of your own business it just gives you a greater wingspan with which to maneuver. Likewise, overestimation of your expenditure is just plain smart â how many times have you PLANNED on spending XXX amount of dollars on something and by the end you have to shell out three times that amount?
4. Testing Testing!
Whatever you spend your money on must directly and consistently prove and maintain value. Donât let emotion or tradition be the rationale behind what you fund within your business. Test that what youâre paying for is actually commensurate with a real, functional value. For example, donât spend hundreds and thousands of dollars on a marketing scheme that isnât bringing customers to your door for the sake of it. Constantly evaluate the return statistics of every level of investment you make in your business.
5. When In Doubt, Ask!
If youâre worried about making a certain move or you just plumb donât know what something will mean to your bottom line, seek professional help. There are a plethora of free SMB mentorship programs available that can pair you with seasoned professionals. These people provide valuable advice and perspective and can save tons of money and prevent you reinventing the wheel.
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Thank you for adding to the conversation!
–ME “Liz” Strauss
Work with Liz on your business!!