If you have finally gotten the capital you need to start up your business, then congratulations are in order. What a great time to begin!
However, before you begin, you must note the below tips:
1. Go over your plan again
You drew up a plan, didn’t you? Your plan should entail the services you are offering, how you intend to grow and profit from the business. See Entrepreneur on how to have a solid business plan. Go over your plans for holes and patch them up. Please make sure they are foolproof and ready to go.
2. Be ready for financial constraints
There is a likely chance that you will be financially-challenged at some point, well, unless you had a father or relative the likes of ‘Mike Adenuga’ who can ‘pump’ money into your business. In Santam start-up survey 600+ small companies interviewed said that cash flow was by far their biggest challenge. So, make plans to take care of moments like that, so you don’t close shop.
3. Ask for assistance
There is a reason we network; to meet like-minded people or people to whom we can pitch our ideas. All in all, there is a motive that will help boost you to the level you desire to attain. Ask for purposes and help on how to get out of predicaments.
4. It’s okay to have a mentor
When choosing a mentor, make sure he/she has been where you are about to put your feet into. This way, their advice and mentoring will be focused on making sure you succeed in your start-up. Your mentor can be a family member, boss, pastor, friend or even a blogger, as long as they can earn the title you’ve bestowed upon them.
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5. Purchase only what you need
Starting a new business can be exciting, knowing that you own it all. So much so, you end up with office space too big for your very sparse staff or purchase way more expenditures than necessary. The success of your start-up depends on your cash flow. So, don’t be quick to spend it on frivolities.
6. Your team should be folks who support your dreams
Shade heard you’re finally starting that business and has asked to be a part of your team. That’s alright. But, the question is if Shade shares your vision or she’s just looking for a meal ticket? Do not employ based on pity; your team should include people who support your dreams.
7. Keep educating yourself
Do not get too comfortable when you begin, because you have competitors and niches in the market who are ready to lynch and toss you out of business. Keep developing and learning ways on how to make your services more sorted after.
8. Secure your business
Have you seen where small firms are razed by fire or theft? It can be devasting, especially when it is not insured. Safeguard your business to prepare for an unforeseen circumstance.
Are you starting up a business? What questions would you like to ask before starting?
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