5 Things to know While Starting New Business

Have you ever dreamed of starting your own business, realizing your own ideas and implementing your own creativity? Do you think you have the potential to come up with a very innovative and promising business plan?

If you follow the wrong tips, you might find yourself in a mess. Here are the five tips by which you can start your business successfully. These advices are geared towards small business owners, particularly people who are just starting or about to start their own business and even for those who have been doing it for awhile.

1. Never make Sales to the wrong Clients: While sales are important for the survival of any business, you don’t need to push your business on everyone you meet, including friends and family. Furthermore, it’s a waste of time to try selling to people who simply don’t need what you’re offering.

Just because someone is interested in doing business with you doesn’t mean you should accept. Do not hesitate to say no to a client that is suspicious to you because it might result in trouble rather than profit. Better spend your time on strengthening your business ties with your reliable customers and invest your whole energy on satisfying them. Learn to say no to the weak opportunities so that you have the capacity to say yes to the golden opportunities.

2. Never give out misleading Information: If you’re a newly self-employed person, don’t pretend you’re anything else. Price your products and services fairly for your level of skills and talents. Trying to fool your customers will only backfire. It is never a good idea to give misleading or even false information to potential clients as they will eventually find out in the future. If you can’t provide real value and charge fairly for it, don’t play the game of business. You should also never pretend to be higher skilled or better educated in a field than you really are.

3. Never spend too much money:
Until you have a steady cash flow coming in, don’t spend your cash unless it’s absolutely necessary. Always keep in mind that money to spend must at the same time be earned. You should always think carefully about the necessity of any investments, especially at the starting of your business when the financial capabilities are limited.

Your business should put cash into your pocket, so before you “invest” money into it, be clear on how you’re going to pull that cash back out again. You should put more focus on the quality of your services or products not on fancy outer appearance of your business.

4. Never assume that a signed contract is binding:
A signed contract is just a piece of paper. What’s behind a signed contract is a relationship. If the relationship goes sour, the contract won’t save you. The purpose of a contract is to clearly define everyone’s roles and commitments. Often companies drop out of contracts for several reasons. As long as you don’t have the time, money and nerves to initiate a lawsuit, they will eventually get away with it. Try to maintain good business relationships that are build on trust and reliability in each other’s commitments and tasks. Do not rely 100% on either spoken or written words since they may not mean anything if a potential client in the end turns his back on you and turns to your competitors.

5. Never stop focusing on value improvement:
It’s easy to fall into the trap of thinking that the purpose of a business is to make money. But, the real purpose of a business is to create value. Although your business might already be highly successful, showing high revenues, it is always recommended to conduct quality checks on your products and services. The world doesn’t need more selling or more stuff but it always requires genuine value creation, and that’s where you should direct your efforts. Try to always have in mind what kind of value and quality you are aiming to distribute.

These new business concepts and golden tips are mushrooming and always give you more hints to take your business to a new height. By avoiding these common costly mistakes you can significantly improve your chances of making your business a success and simply by following these above five great business tips, can make your business more effective resulting in tremendous growth in your newly started business.

Author Bio: This post has been shared by SJU-Online, that offers various online Master’s degrees and Certificates. Their business intelligence certification provides with a diverse and advanced business education in the field of technology and decision sciences.

5 comments so far

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  1. Hi Sir,

    Thx for your support.. I think this is very helpful to starting new business…

  2. This is very helpful for me
    sa i am going to start a new venture keeping this things in mind

  3. Above all, stay well ahead of your competition. Create the change and let others catch up.

  4. Very good and useful information for all entrepreneurs who wants to start their own business also it can be helpful to increase your business. Many companies involved in Offshore software development are making or using such type of strategy to increase their growth in the market.

  5. Here’s the most important thing you need to know: the massive swings in the financial markets are taking the wealth from most people who don’t understand the new rules. And while it certainly is volatile, there are some smart, informed investors who will be making fortunes over the next few years.

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