Setting Up a Business: Useful Tips

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The digital revolution has made it easier than ever to start your own business and more and more Americans are setting out on their own or with a partner, which offers the possibility of a great future. Of course, success is never a given, not in the fiercely competitive markets we have today and a great deal of research and planning needs to take place to determine the feasibility of the concept.

Here are a few tips direct from the business coach.

  • Play Devil’s Advocate – If you see everything through rose colored glasses, it is easy to come unstuck; it is natural to want to succeed, but at the same time, you need to be realistic – How sure are you that your projected sales figures can be met? Is there a sufficient demand for what you are offering and why should people choose you? If you are an out and out optimist, you need someone to balance things out; fortune might favour the brave, but that doesn’t mean you jump in with both feet at the slightest whim. Hand your business plan to an expert and see what they have to say, if there are shortcomings, he or she will find them.
  • IT Infrastructure – Your office needs structured cabling from a leading Dallas provider, which gives you a solid foundation on which to base the organisation, using cutting-edge IT solutions. Your cloud network should be monitored by cyber security professionals; cyber-crime is prevalent, not that you would know that, as the media doesn’t bother reporting minor hacks. Don’t take any chances with your critical business data.
  • Always Plan Ahead – The successful business has a firm plan of action in every department, which facilitates growth; you do need realistic targets to meet and these targets should be reviewed periodically. The importance of a good business plan cannot be overstated.
  • Be Customer Focused – When all is said and done, the only thing that really matters is how the customer feels about the transaction; if they are happy, they will reorder. If you look at the mega successful corporations, they all have one thing in common, that’s the user experience and by maintaining that focus, the business grows.
  • Create an Emergency Fund – Nothing in this life is certain and if you have a stash of cash for emergencies, you are minimising the risk to the business. What could go wrong? How about wrecking a customer’s car, or being served a lawsuit for defamation, or even having to pay a huge worker injury compensation. When you crunch the numbers to find out your start-up costs, add 30% for unexpected expenses, you will be glad that you did!
  • Internet Telephony – If you want real-time video at affordable rates, forget cellular networks and use VoIP communication. Zoom is a very popular platform and talking to a managed IT services provider would be the best way to acquire Internet telephony.

If you have duly done all your homework and the numbers look good, the next step is to register the business and implement that business plan.

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