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HOW TO SUCCEED IN YOUR FIRST BUSINESS VENTURE

Plan for success

WEALTH TIPS: YOUR GUIDE TO FINANCIAL FREEDOM

DETERMINE THE WAY TO ALLOCATE YOUR RESOURCES

Select a business that is legal and ethical. Remember making money is a by-product of serving people.

It is the dream of many to start a business and become their own bosses. Given the low success rate of  start-ups, I sought advice from the serial entrepreneur, Steve Down. 

Down founded and managed many successful business enterprises, and prospective small business owners are in a position to beat their competitors by learning from his experience.

According to the brains behind Financially Fit LLC, Steve Down, the first step when starting a new business is to refine your idea. 

“Select a business that is legal and ethical. Remember making money is a by-product of serving people. Typically, the more you serve, the more you earn. Do what you love. Remember, follow your heart, and your business will prosper.”  According to the Financially Fit CEO, “When you love what you are doing and enjoy the process of building your business, you are self-motivated to devote your time and energy to it.”

The best attitude to adopt should be to do what you already know or what interests you.  He advises that you take advantage of your knowledge, experience, and skills. 

At the same time, the thought leader cautions that you should select a business that compliments and suits your personality and one that you can be passionate about. According to him, you can make the business enterprise more fun by capitalizing on your favorite hobby. 

passionate about

focus on unmet needs in your marketplace that you can fill or a niche that is not currently satisfied.

When deciding on the commodity or service to offer, Steve suggests you focus on unmet needs in your marketplace that you can fill or a niche that is not currently satisfied. You should also consider a business that provides immediate cash flow. In this respect, the experienced entrepreneur encourages new start-up owners to take some risks because where there is a risk, there is a reward.

Speaking from experience, Steve urges that it would be good if you knew why you were launching your business. In this process, he says, it may be wise to differentiate whether your business serves a ‘personal why’ or a ‘marketplace why.’  When your why is focused on meeting a need in the marketplace, Steve Down says, the scope of your business will always be greater than a business designed to serve personal needs.

The Philanthropist stresses the importance of choosing the right team.

Figuring out how the team will work together is equally important, and you must define the roles and responsibilities, division of labor, how to give feedback, or how to work together when not everyone is in the same room will save you a lot of headaches down the line. 

There are several things to avoid that Steve Down cautions against doing. He warns against hiring unnecessary employees, non-payment of taxes on a timely basis, and theft of the company’s profits. He also warns against a lack of discipline, for example, working irregular hours.

He cautions that the absence of a business emergency fund is a serious threat to the future of your business. You are warned to avoid unnecessary purchases such as fancy new furniture or equipment. Lastly, Steve warns that you should not quit your day job prematurely before your business has established itself.

 

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