Starting Your Own Business? Here Are 35 Important Things You Should Know

Isn’t for the faint of heart. It’s stressful and pretty much demands your complete focus. On the plus side, it can also be a fulfilling experience professionally and personally.

On Absolute Hearts today we decide to share some basic tips on how to make your business come to life:
1. Do a self-inventory.
Not everyone has what it takes to start a company. That’s not to say that your idea is not brilliant. It just means that you may not have the personality traits to handle launching a company of your own. Before investing any time or resources, evaluate yourself and see if you have some the typical traits of an entrepreneur. Are you motivated, able to adapt and confident? Are you resilient?
2. Develop an idea.
Don’t just start a business because something is in vogue and you think commercializing it will make money. Develop a business concept that you're passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance the people’s lives.
3. Test the plausibility.
Once you’ve settled on an idea, figure out how you can make it become a reality. Is the product or service something that people want or need? Can you make a profit selling it? Does the product work?
4. Write a business plan.
A solid business plan will guide you going forward. It’s also needed for presenting your idea to potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.
5. Identify your market.
Even though you may have detected some interest in your business, you need to do more homework. Assess the market, targeting the customers most likely to make a purchase. Perform a competitive assessment.
6. Determine the costs.
Do additional research and find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, investors will want to know this.
7. Establish a budget.
Once you determine how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan.
8. Find the right investors.
You’re going to need some sort of funding to start off, whether from your savings, credit cards, loans, grants or venture capitalists. Find an investor who shares your passion, someone you believe you can work with.
9. Set up a great support system.
You’re going to be investing a lot of time and resources into your new business venture. Be certain that your family is on board. They must be aware that this process will be challenging financially and emotionally.
10. Select a business name.
Decide on a name that best suits your business. Then check to see if the domain name is available online, as well as if it’s free to use in your county, state and in the country.
11. Register your business name.
If your proposed business name is available,register it with at the Coperate Affairs Commission (C.A.C.) have it trademarked at the state and federal levels and secure a domain name.
12. Choose a business location.
Select a location that best fits the needs of your business, one that offers an opportunity for growth, the right level of competition and proximity to suppliers. It should also be accessible to customers.
13. Be flexible.
Chances are that your original idea will have to be modified. Being able to pivotand adapt to create what customers want will determine if your business will fail or succeed.
14. Share your ideas with friends and family.
Your nearest and dearest will most likely be the most honest with you about your business. Don’t hesitate to seek their advice and suggestions.
15. Deliver the product or service fast.
Your business is a work in progress and if you launch your product or service quickly, you will be able to build a community of customers who can provide valuable feedback that can help you improve the offerings. In thewords of LinkedIn founder Reid Hoffman,"If you're not embarrassed by your first product release, you've released too late
16. Offer new products or services.
If you already have customers, be sure to hold on to them by providing new products or services.
17. Be patient.
Always keep in mind that success won’t happen overnight. It’s going to take some time before you make a profit.
18. Blog all the time.
Don’t be ashamed to share both your triumphs and struggles. Customers will enjoy your honesty.
19. Avoid fights with partners
If you have disagreements with partners, then sever ties as soon as possible. In-house bickering will prevent you from focusing on growing the business.
20. Hire a copywriter.
Unless you’re an excellent writer, hire a copywriter to compose emails for highly targeted customers. A copywriter will also prove handy for press releases and other pieces to spread brand awareness or provide business updates.
21. Prepare for meetings.
When preparing for a meeting with a client, read up on everything that’s available, steeping yourself in information about the industry, that firm's employees and its competition.
22. Don’t fear the competition.
Don’t bad-mouth the competition when talking to investors or customers. There’s no need to become an object of pity. In fact, talking in this manner might even point customers to a competitor who may offer a product or service that you don’t. Remember, when competition exists, there’s a market for your business. Use that knowledge as inspiration to outperform a rival.
23. Benefit from word-of-mouth.
Nothing beats some good old-fashioned word-of-mouth marketing. Let friends, family members and influencers in your field spread the word about your product or service.
24. Network.
Don’t be afraid to get out there and show your face to the public, whether at a conference or just being out and about with friend on a Friday night. But try to stay local because travel can dwindle your budget.
25. Provide outstanding customer service.
Interacting with people is a big part of the job. Your business may gain new customers because you made them feel important.
26. Make sure clients pay their bills.
Always be certain to receive payment for your products or services. Debts kill business. Little wonder why the woman selling puff puff in my street says, NO CREDIT TODAY, COME TOMORROW, in which will know tomorrow never ends...
27. Find the right employees.
If you business needs more hands, Hire the right people for the job. Even though it's your business, you won't be skilled at every task, which is why you need qualified people to complete the work.
28. Assign responsibilities.
Distribute attainable tasks to employees. This is all about effective management.
29. Know that honesty is the best policy.
If any issues with employees emerge, be sure that they are addressed. No one enjoys being talked about behind their back.
30. Remember that opposites attract.
Hire people with skills and personalities that are the opposite to yours. They’ll challenge you and will bring different skills and talents to the business that you don't.
31. Say goodbye to your social life.
No one likes this, but if your business is to strive for a long time. You’re going to spend a lot of time devoted to the business. Even if you plan a night out, you may leave early because a lightbulb just went off. Hopefully those closest in your life will understand.
32. Recognize that you'll be the final person to be paid.
As the CEO, you’re the last to collect a check. That’s just how it works until there’s adequate revenue.
33. Arrive at a useful definition of success.
Just because your business hasn’t made you a millionaire (yet) doesn’t mean that your enterprise is a failure. If you’re able to make some sort of profit doing something that you’re passionate about, isn’t that a success story?
34. Realize when it's time to move on.
Failure is inevitable. If things aren’t working out and you’ve done all you can, then put aside your pride and close up shop. Something like this is not easy to accept. But it’s for the best.
35. Don’t just rely on the advice of others.
Despite my offering up all of these tips for you, perhaps the most important piece of advice is something learned the hard way: While many people may offer a startup assistance, recognize that in the end you’re the person running the show and the one responsible for the company's success and failure. If you understand what worked and what didn’t, you’ll burnish the skills and knowledge to run your business.

Another added is "be sure your website functions”. In this world of information technology, you need a website. Potential customers want to know as much about your business as possible and they should be able to quickly access that kind of information on your website.
So don't just seat and wait for people to employ you, you can be become a sole proprietor yourself.
Need a professional website? contact us on 08027922363 or publisher@absolutehearts.com