What You Need to Know to Start Your Business

What You Need to Know to Start Your Business

What is the first thing that we should do when working online to make a living where should one start and how do I go about setting up my business?

These are questions I’ve been asking myself repeatedly as I’ve been trying to find the answer to those questions. I’ve tried countless things before I figured out that the best thing to do is to work online and create my business online. There is no need for me to travel to meet people in person, go to networking events and give speeches just to find out that they didn’t know who I was and what I had to say. I’ve also had many failures, many times when I thought I found a great opportunity that just wasn’t right for me just because I was too fast, too good, too much of anything. I’ve realized that what held me back was a lack of focus. I’d be fast with my ideas and I’d get the job and I’d forget to implement my business plan to sustain my business and then the business would come crashing down.

So here’s how you can create your business online and stay solvent enough so that you can stay with your family and pay your bills and take vacations.

1. Focus on your business. Make sure that you do exactly what you came here to do, create a business that is aligned with your vision and your passions. There are so many ways you can do this. You can hire a business coach, you can do an assessment with your accountant, you can study it yourself, you can learn it yourself, you can listen to tapes and books. The possibilities are endless. But first you have to decide what you love doing, what you do that you are passionate about and focus your business efforts on that.

2. Be frugal. Don’t buy more than what you need to stay solvent, don’t buy caps than you can afford, don’t buy caps in colours than you can afford, don’t buy caps in fonts that are too small. The possibilities are endless. The key here is to be responsible and make sure that you are not wasting money. When you don’t have money to do something, make it a part of your business plan to get it done at no charge or a low cost. You have to get your business transactions done correctly or it will crash and burn. When you do your business transactions right, you won’t have to rely on anyone else to pay your bills, so you will have more money to keep your business going. You can talk to your accountant, your attorney, your bank manager, your supplier, your subcontractor or your manager. What ever it is that you buy, make sure that it will be a benefit to your business.

Here is an example. One of the hardest things for a small business owner is knowing how to deal with bad publicity. We have been at this game a long time, and one of the things we have learned is that the worst thing that you can do is to freak out. Freak out is when you start panicking, losing money, not making money, not having money, not feeling secure, etc. So we have developed a play book that we give to our students that talks about freak outs, so that they know what to do when this happens. This is the kind of knowledge that is really necessary to be successful.

* When it comes to customers, try to have a personal relationship with them. Ask them how they heard of you, what do they think of your service or product, what is their problem or what will make them buy from you again.
* When it comes to suppliers, find ones that are in line with your business. If you want to buy furniture, look for ones that offer this type of product, try to find ones that offer phone support to help you keep track of what is happening with your order.
* Try to find ones that have a good customer service track record.
* When you have found the supplier, make sure that your paperwork is in order, that your deposit is in effect and that your payment is recorded. Then make sure that your materials are available and receive your materials.
* Be available to receive your payment and make sure that you have your accounts payable calendar ready.
* Try to secure your location before you decide to open your doors. Also when you decide to open your doors, make sure that you secure your premises.

Hopefully this will give you some idea of what you need to know to get your business going.

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