Things You Must Know When Starting a Business

1. NOT EVERY BUSINESS IDEA IS GOING TO WORK

When starting a business, we must realize that in the beginning, losing money is inevitable. Following startup costs, the next steps are to build your brand while convincing your audience they will benefit from your services or goods.

That said, another aspect to consider is that not all business ideas are created equal. The thought of creating a successful money-making machine is in constant flux due to market demand, timing, or even viability.

Read this post: ,,50 Small Business Ideas for Anyone Who Wants to Run Their Own Business for some ideas.

2. SALES AREN’T THE MEASURE OF SUCCESS – PROFITS AND MAKING AN IMPACT IS WHAT’S KEY

Are your products/services doing anything to help others? Are you maximizing the profits of your products/services? These are a couple of questions you must ask yourself!

Do not underestimate the impact you make within your business. If you are helping others and making a difference, people will perceive you as a valuable commodity and ultimately desire your work.

Profitability, on the other hand, is determined by what’s leftover after you deduct the costs to perform a service or make a product (i.e. materials, labor, & marketing costs). If your products/services do not generate a decent profit, you may have a hobby – not a BUSINESS.

3. DEVELOP A SOUND BUSINESS FIRST, THEN PROMOTE IT!

All too often, entrepreneurs make the mistake of trying to get more people through the door, gain more leads, or heavily advertise for their business to make it “take off.”

Wasting your time on marketing and sales won’t matter if you don’t have the basics built first. For example, spending your money in the wrong places, or developing products without proper research is just going to blow up in your face in the long run.

Research your Industry, Know your Purpose, and Explain your Why! It’ll take some time to figure out, but this step is essential and must be done to get your business off the ground.

Bottom line:⁣

This is why I am committed to bringing you additional resources that may be the answer to some of your business dilemmas.

I have attached my FREE GOAL SQUARE, which is the 1st step in “Getting Squared Up!”

These are a few techniques I’ve used in coaching business owners and professionals that help solidify clarity and focus by laying the groundwork for growth and success.