Introduction of 10 Things You Should Keep In Mind BEFORE Starting A
10 Things You Should Keep In Mind BEFORE Starting A. And for more financial education remember to follow me on my Instagram @ And if you want to get to know me a little more personally and talk about things other than finances, follow me on my Personal Instagram. Very well, the first thing to keep in mind is the following: Surely you have heard at some point that the ideal when opening a business is to add value, offer value to the market, to people, to companies, to anyone that he is going to buy your product or service or to obtain the solution or the satisfaction to that taste.
That you offer. Be that as it may, giving value is always going to be key when undertaking and providing a product as such. But, what many people do not tell you is that it is not enough to give value. Giving value is fine. Giving value is excellent. In fact, many businesses do not focus on giving value, and precisely because of that, what they are looking for and it shows and feels, is to make money … And that is not ideal. One should not have a business just to make money.
Because the chances are that eventually, that business will fail or that you will not feel motivated or inspired to work in that business. Now, when we talk about giving value, what happens? That we have to be sure that the market wants to receive that value, or that enough people are willing to pay to receive that value. Maybe something is super mega-valuable on your part, and that you offer it, and that people are super happy … But that there are 4, 5 people maximum willingness to pay for it.
initially validate the real demand
What I’m talking about is that before starting a business, you have to initially validate the real demand that exists. This can be done in many ways, or by analyzing the competition (if there is a lot of competition, even better). But you really have to be sure that, not only are we going to offer value, but that the market will want to receive the value that we offer. # 2 It is ideally and practically vital to Separate Personal Finance From Business Finance. Have a different bank account, write down everything separately, know that this ticket is not mine.
But my business, and preferably have things completely separate, accountant, or whatever is necessary for the business, other than my finances. What’s more, eventually when after a while we are getting money as profit from the business, which should not be the first year or anything, give us a salary from the business and be part of the payroll, which is what I personally do. Not that the profits from the business are my profits or something, all absolutely separate. That’s the ideal, and if you don’t.
It’s going to be really hard to really handle mixed finances. In fact, for bills and everything else, everything is different. # 3 It is to be clear about your Availability of Time and Other Resources: Your attention, your energy, your dedication, how many hours a day you are going to dedicate to your business, and for how long. Some people dedicate 10 hours a day to their business, and they have been in that business for 10 years, and they do not have a clear plan to retire or to stop being so essential in their own business, so.
first businesses as such and reinvested
They are basically just another employee. # 4 is the Power of Reinvestment. Do not spend the first fruits of the business. If only many of the businesses that start, took the profits and profits of their first sales and their first businesses as such and reinvested them to grow, especially well reinvested (that is, in things that amplify their success and accelerate their path to success), actually many more would be part of the small statistic of businesses that are still open after a year.
The vast majority of businesses, a year later, are no longer operating. 5 years later, like 5% just, or 3% are barely profitable. The rest, everyone else, practically went bankrupt. And many times it is precise because of the issue of reinvestment. If I don’t take it out and bleed my business at the beginning, it will have much more capacity to continue growing at the beginning and then know when to start taking some profit, and it will not be in a hurry. # 5 If Possible, Preferably Do Not Get In Debt. Many people start their own business with the illusion that.
They will achieve many things, and that is very good. That attitude and that drive, and being “thrown forward” and saying “no matter what I do, I’m going to get this business going” … It’s very good. However, they get into debt in a way that if the business fails, they have nowhere to pay. So, or preferably not go into debt, save or have the capital for investment, or even know who to associate with (I’ll also mention some of that to you), or have a very strict and very specific plan on how to pay, taking into account the worst possible scenario. # 6 is to know your client perfectly.
ideal product or the ideal service
There is nothing worse than a business that has no idea who your prospects or customers are, the people who are willing to pay, or the people who are interested in your products or services. And what does it mean to know? Know what really catches their attention about the product, understand how they came to the product (let’s talk about product or service, simply as “product” to simplify), how they realized what one offers, what is the most they like it, what they don’t like, what would be the ideal product or the ideal service that we could offer. Really be on their minds and that.
We can practically read their minds and say “wow, if only there was this”, and launch it as a product. That is not possible, and in fact, it is not easy unless we are in contact with customers. When companies create a department of “customer service” over there, and do not even establish the way to get feedback or feedback from customers, know what they like, what they do not, and simply say “oh, customers complain a lot” and now: They do not have a way to create a product that is truly a success in the market.
ability to make my product exactly
When I listen to my clients when I listen I listen to my prospects when I analyze why those who don’t buy from me, don’t buy from me; why those who buy from me, buy from me; what those who are buying from me would like that they are not receiving, and many other things … That is really where I have the ability to make my product exactly what the market wants. # 7 is Knowing Who to Partner With. If you are going to create a business with a friend, and this is your lifelong friend, with whom we say you have had a very good relationship.
You have to know that this business may take 10, 20 years. Or are you going to start a business and plan for it not to last that long? That is, are you going to condemn it to failure all at once? But if it lasts 10 or 20 years, how is your relationship with this friend going to be at that time? Who could get out early and under what circumstances? How can you be sure that this is truly the person worth partnering with? How can you reduce risks? How can you manage a relationship? conflict in such a case? All this must be taken into account, and preferably start a business alone, or that the person.