Money is a cycle. It comes and goes depending on how you manage it. Many people have their own ways of growing their money. Some put it on stocks, while some invest on business.
Business, as many consider, is a gamble. The odds of succeeding are both a yes and a no or sometimes it is just enough to get you into another cycle. However, in contrast to gambling, owning your own business is more of a strategic game. It is a battle that allows you strategically plan your army and troops.
Business is manipulative and the chances of succeeding are big depending on how you play your “business.”
Every year, it is estimated that over 500,000 businesses are created in the United States alone. That is a 33 percent increase from the data collected throughout 2011 and 2012, which implicates that more people today are bold enough to take the risk of having their own businesses.
In business, there is no question of succeeding. The bigger question is HOW TO SUCCEED?
#1 Save Money and Know Why You Are Starting A Business
Knowing what you want equates to being clear as to why you want to start your own business. The initial phase can be daunting. However, the fatigue knowing that you always be an employee can cause you greater stress and fear in the future.
Having a business gives you the freedom and control not only of your vision, but also of your money. This being said, motivate yourself as to why you want to start your own business. Do not treat business as your last resort just because you have nothing else to with your life and money. Rather, treat it as a motivation to get yourself interested in the craft of business, which most successful people refer to as “Money Making.”
The bottom line is that you are doing business with the great possibility of financial security and being able to pay off outstanding loans. To make this happen, make sure to save at least 10-20 percent of your monthly income for your initial capital.
#2 Determine Your Type of Business
Once you are driven to make money while saving, create a vision. Everything starts with a vision. A part of this vision is your type of business. You do not have to invent or reinvent something to make yourself rich. You can start drawing out ideas from your own passion or perhaps you can start by educating yourself with the current trends in the world of entrepreneurship.
Motivation, passion, and vision work together to drive success into your door. Also, trust your gut. Creating a vision is creating a possible success. Create a journal and write your ideas, so by the time you are ready, you can look back at your vision, which can turn into reality.
#3 Plan Simple
A vision cannot work without planning. If you were to ask successful people on how they have achieved successful business, they would all answer you with the same denominative –proper planning.
Creating a business plan does have to be long. This is something that most people perceive when creating a business plan. They assume that it has to be very detailed and specific in all terms and conditions.
Although being detailed is crucial, being over-detailed can cause you so much distress. A long detailed business plan can cause you to make too many assumptions, which is the instant prediction that your business will be a huge success—not always the case.
Being optimistic is good. However, do not over plan. In the world of business, anything can happen. The true battle begins once you start setting out your sword and armor in the battlefield. Successful business people know to analyze while running their businesses because the market is very unpredictable.
Hence, instead of elaborating every detail, wait until things happen. Once it begins to happen, create another plan to step up your game in the business.
So, when creating business plan, plan it simple. Do your planning in annual basis specifically targeted towards your vision. After doing so, create another business plan that will run either bi-monthly or quarterly depending on the nature of your company.
#4 Know Who To Target
In a business, your customers are your gems. Hence, you have to nail each of them into your business. Be very specific with your target, from age to gender to their social status and preference. Every aspect about your customers and prospects has to be planned accordingly and systematically.
So, if you plan to build your own bar, which among these many people are your specific target to buy the boozes and food in your bar. What is the theme of your bar? Is it for college students who have tight budgets or is it for working class people who want to unwind after a whole day of work?
Being specific with your customers means imagining them while planning the concept of your business. Try to think about your friends, colleagues, and family—what would they think about your business. Think of them as your customers. What would they say and prefer with regard your product?
Also, never fail to research. If you are not good at researching, you may want to consider hiring a research firm to do the job for you. Knowing whom to target is crucial. Moreover, knowing what they want is more important.
#5 Give the Perfect Price
Pricing refers to your overall cost and of how you can gain from it. This refers on how you can generate profit from your investment. The numbers you generate equate to your success—every penny equates to it.
One of the reasons as to why you should give the perfect price is for you to gain loyalty from your prospects. Almost all types of businesses (including the Carousel) started giving reasonable price until they have reached their peak as established brand.
As you enter the game, price small and do not hesitate to offer promos. Also, be realistic with your expectations. It is a common principle that in the first two or three years of business, the chances of you losing are higher. Your profitability begins as the public realize the value of your goods or services. Once you have gained this power, than it is the time for you start pricing up.