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Sunday, 29 March 2015

The Hardest Part of a New Business


The Hardest Part of a New Startup is the First 2 Years






1. Thinking Out The Box


Businesses fall into 3 primary categories... Those that think local, those that think regional, and those that think global... Technology is changing and the world is rapidly evolving closer... Opportunities come only when your small business is found.



The internet is the best platform to showcase your product regionally and globally, cost efficiently. Google is a great platform for any new small business to gain exposure.




The audience is larger and the scope widens. Investors and competitors allow you to value and analyse where your business ranks locally regionally and globally. Innovate, Mutate and Evolve. Do Not follow the Herd.


“Business is About Being Found”

  


2. Asset Building


Asset Building takes time and is an integral part of StartUp formation. The sacrifices you make now reward you later. Not many new businesses possess enough initial assets to apply or successfully acquire bank loans. The simplest method is to start small.



You would be surprised how much your 'will and determination' will progress you. Purchase and prioritise your asset list. Do not offer services out of Your Current Scope of Work.


3. Client Building


Clients are sourced using methods and tools like newspapers and advertising however the good old word of mouth is the key. If you provide an excellent service, your client list will organically grow.

This is a great indicator than the foundation of your business is strengthening. As your StartUp acquires more clients you will find the confidence of your staff and business grow proportionally.


4. Prioritise Responsible Spending


Shy away from extravagance. Employees cost money hence develop efficient Working Systems. Each employee must earn and bring in his worth. Prioritise your spending according to your working systems.


“More Working Systems = More Income



More working systems = more money...

What are Business Working Systems?



An office or Shop front is an essential part of any small business. If a business cannot afford a small portion rent then it should not exist. Trust and Professionalism is also maintained. People spend when they feel secure and see value for their money.



5. Your Product Has to Target Ordinary Individuals


Would you utilize your product if you had stumbled upon it?
And how would you stumble upon it?
What is the Long Term sustainability and feasibility if you invest in this product?



“If The Idea is Good,

Money Becomes Another Given Variable”


  

6. Analyse Market Failures


Pre StartUp spending carries the highest risk of failure.
For example... There's no point forking out 500k for a restaurant if your clientele are the less fortunate hard working citizens. Target your customers according to their unique needs while providing value for both your monies. Failures make you smarter only if you learn from them.

Learning from others failures saves you a lot of time and money. Another example is… There is no point running your small StartUp at an operating cost of 20k a month when your turnover is 23k per month hence making a minimal 3K profit at full steam. The side that wins the war is not that which fights the hardest but that which fights the smartest.
(K=Thousand 1000)


7. Never Undervalue Your Achievements...


For example… if you saved money by implementing new Working Systems and the resultant outcome is the same as competitors who spent full budgets developing... You Win…

The Final Question Now Being How Does Your New Startup Make Money while you Sleep…?


28 March 2015


@Zaheer_Bux


Startup Creator - Investor - Adventurer - Founder | Geo-Solutions ®  
| | StrengTest Concrete™ | | 

Contributor

South Africa

Email               Website - www.create-A-startup.com



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