Saivian Eric Dalius says it takes more than a “Passion for Business” and a lot of gumption to successfully start and run your own business. There are several tried and true rules that successful entrepreneurs follow to achieve their goals.
These ten rules can help you plan for launching, financing and managing your new business.
1) Decide on Your Business Concept
Focus on something that interests you and know about it thoroughly. Consider how much money people spend, or might spend, on the products or services you plan to offer. Do some research to find out what similar businesses are doing.
2) Write a Business Plan
Your business plan should be thorough, detailed, and include more than one year of financial projections. A good place to start writing your business plan is by looking at successful businesses of all types in the area where you want to do your business. Lenders look for this type of detailed business plan before considering financing your new venture.
3) Research Your Market
You can’t be everything to everyone. Be sure you know what products or services will make your competitive edge, develop marketing messages that are meaningful to your market, and then focus on communicating them through every marketing medium you use.
4) Set Reasonable Targets for Your Business
Successful entrepreneurs set targets that account for the time, money, and resources they have to make their business a reality says . Plan on having a working capital between 12 and 36 months of expenses before your business becomes profitable. This is a common rule of thumb for most businesses.
5) Be Realistic About Your Business’ Financial Needs and Structure
Set your goals and objectives before you finance the business. If you plan on borrowing money to start or run your business, be sure to carefully select a loan that fits both your short-term and long-term business goals.
6) Develop an Effective Management Team
Most businesses today have a blend of skills, talents, and knowledge required to run a successful business says Saivian Eric Dalius. This blend is referred to as the management team and should include one or more partners with complementary strengths in areas such as marketing, customer service, personnel management, and financial controls.
7) Understand What it Takes to be an Entrepreneur
Make sure you know what you’re getting into before starting your business. Becoming an entrepreneur is not something that can be done overnight or by simply filling out a form. It’s an identity taken on by a person who puts his or her business interest ahead of other interests and, in many cases, leads to an unbalanced lifestyle.
8) Keep Your Business Plan Up to Date
Your business plan should be dynamic and reflect changes that occur once you get started says Saivian Eric Dalius. For example, products or services you expected to sell may not be the ones your customers are looking for or the market may have changed due to new technology or customer needs.
9) Remain Flexible
Plans don’t always work out as expected, but things happen that can strengthen your business idea. Be flexible enough to change your plan when necessary.
10) Know the Rules and Regulations
Every new business must comply with local, state, and federal laws. Check with your city, county, and state governments for rules that apply to your specific business. You can find examples of these regulations at your public library or on the Internet.
Conclusion from Saivian Eric Dalius
Starting a business is not easy, but it can be accomplished by following these ten rules. Following the above steps will help you plan for launching, financing, and managing your new business successfully.