Starting a new business is a serious matter. Isn’t it? Although statistics show that one-third of new businesses fail in two years, yours shouldn’t. Looking to start a business? this article keeps things pragmatic and straightforward and shows you how to secure your business for the million-dollar spot.
Assemble a Winning Board of Directors/Advisors
Surround yourself with business mentors. Many businesses struggle because the founders try to be and do everything. Sadly, there is a limit to what one person can do by himself/herself. If you want to build a million-dollar business, assemble a winning team. Get a lawyer, a strategist, a marketer, and a financial genius on board. Your team should not be less than three people. The scripture says that two is better than one. It is true in business.
Choose a Proper Business Name.
Get a name that is unique, yet memorable, unique; your business name is as important as your product name. You know that you’ve created gold when your brand or idea is very unforgettable. Think about Google, Yahoo, Myspace, iPod, and YouTube. Your brand name has to grab people’s attention.
Inventing is the new gold.
One strong reason so many start-up businesses fail is that many businesses are “copycats.” rather than innovators. They want to reproduce what others are currently doing. The world is always hungry for new inventions, be it a product or service. Focus on a problem and improve on what others are doing around you.
Do not start any business until you’re sure that you can do something your competitor cannot do.
You don’t necessarily need to offer something new; you could improve on something that’s on the ground and make it better. By creating a unique way to meet the need of a particular market, you set yourself apart and primed for success.
Protect your assets.
Get business insurance or form an LLC, if you don’t protect yourself, a creditor can go after your assets, such as your car and your house, to pay for any debt or liability you may occur in business. You can also get a patent or trademark to protect your ideas.
Where’s your Business plan?
Creating a business plan makes you look serious to banks and investors, and allows you determine what your projected start-up costs are (how much money you’ll need to save) and what your marketing strategies are and potential profit.
If things don’t add up on paper, you won’t be able to make them work in real life.
Put all agreements on paper:
Employ the habit of getting and giving receipts for all goods, services, and deposits, regardless of how much. People may lie, but the signed document will not write. You can start your own business today from scratch or join one of many thousands of franchises and business opportunities, in any field you want.