50 tips best advice for starting a business

Starting a personal business can be as tempting and attractive as it is difficult and exhausting. However, to succeed in this path, it’s good to benefit from the advice of a business consultant.

1. Evaluate yourself.

Not everyone is ready to start a business from the very beginning. This doesn’t mean you don’t have good and brilliant ideas, but you might not be ready to launch a startup in terms of personal characteristics. Before deciding to put your ideas into action, you need to know if you’re prepared for all the tasks that will come your way in the near future, from reviewing documents and communications to paying bills. This shows that you must be able to manage yourself before anything else to be able to manage your business.

In fact, before investing time and money in anything, evaluate yourself and see if you have the characteristics of an entrepreneur. Do you have the necessary motivation to start work? Do you have the necessary adaptability and self-confidence? Are you flexible enough?

2. Nurture your ideas.

Don’t just look for a limited and specific business. Try to think of a range of job duties that can all make money for you. In fact, create a business concept that gives you excitement and variety. Always look for business start-up ideas that change people’s lives positively and create added value for them.

3. Test your ideas.

When an idea forms in your mind and you think about implementing it, you need to see if it can be brought closer to reality or not. Is the product or service you intend to offer what people want? Can you achieve your desired profit? Does your product or service really work?

4. Write a comprehensive business plan.

Your comprehensive business plan guides you towards achieving your goals. Even if your business plan is just a remote work plan, you still need it to introduce your idea to potential investors. Your business plan should have a mission statement, a company summary, an executive summary, a service or product proposal, a description of a target market, financial forecasts, and operating costs.

5. Register your trademark.

Business Consultant: Try to quickly register your trademark in your name at the Companies Registration Office.

6. Know your market.

You should have an interest in your business, so you should constantly strive to improve it. Evaluating the market, targeting customers, identifying interested customers, etc. is a good competitive assessment.

7. Determine costs.

Do more research and identify the factors that create fixed costs in your profession. This not only helps you manage your business more effectively but also attracts potential investors to your business.

8. Budget.

You need to determine how much budget you need to do this work and include how to produce new products or services in your marketing plan.

9. Find the right investor.

To start your work, you inevitably need to use loans, credit cards, financial aids, and venture capitalists. Try to find an investor who understands your needs and is similar to you in many ways so that they can work easily with you.

10. Listen to your investor.

Whether you like it or not, your investor will advise you on many aspects of your business, and you should listen to their advice. Of course, this doesn’t mean that you should blindly do everything they tell you.

11. Create an excellent support system.

You invest a lot of time and resources in starting your business. Make sure your family is directly involved in your work. They should be aware that this process is very challenging both financially and emotionally.

12. Establish a legal structure.

Determining what kind of company to register is very important. Do you need a private company or a partnership with some individuals, a public limited company, a limited liability company, or a cooperative company?

13. Choose a name for your business.

Decide on a suitable name for your business and then check if the internet domain for that name is available and if you can have a website with that name.

14. Take advantage of free resources.

There are numerous free resources that can help you in the field of education, research, and business investigations. Try to make the most of them.

15. Know your tax obligations.

You should know from the very beginning what your tax situation is like. Can you use tax exemptions or not? Are you prepared for the end of the tax year and filling out and submitting the declaration?

16. Review various access permits and licenses.

Check what permits are needed for your business and whether getting a license from a specific foreign company would improve your business situation.

17. Buy insurance.

Make sure you use appropriate insurance for your business and employees. Even for your workplace and the building you’re located in, use good insurance to avoid problems from unexpected damages.

18. Set up your financial records.

You need to know whether you’re using a cash system or an accrual system. Know your fiscal year and set up a strong accounting system.

19. Determine the appropriate location for your business.

Choose a location that best meets the needs of your business and provides the opportunity for growth and competition with other businesses. It should also be close to your raw material suppliers and, more importantly, accessible to your customers.

20. Don’t stress yourself about setting up an office.

If you don’t have the conditions to buy or rent a suitable office, don’t worry at all. You can use a room in your house or your small storage space. Having an office is not everything in a business.

21. Don’t rush to patent.

Patenting usually requires a lot of expense and is very time-consuming and tedious. So don’t rush too much to patent your invention. First, find your customers and make sure about the sales market, then pursue registration and legal work.

22. Be flexible.

You should be able to have the necessary flexibility towards what your customers want. Paying attention to customer needs and desires can guarantee the survival of your business.

23. Share your ideas with family members and friends.

Usually, your friends and loved ones speak honestly about your business. So be sure to get help from them as free and honest advisors.

24. Forget about fault-finding observers.

There’s always a gap between constructive criticism that leads to the growth and expansion of your business and fault-finding out of spite. Try to listen to constructive criticisms but stay away from fault-finders who have no solution to your problem and just want to pave the way for your failure.

25. Don’t get angry.

If your idea is rejected by customers or investors on the first try, don’t get angry quickly. Try to find what they didn’t like and strive to fix it. After addressing the issues and making necessary changes, approach them again.

26. Deliver your services or products very quickly.

Your business is a work in progress, and if you deliver your product or service to the customer quickly, you can have a community of customers who give you valuable feedback and will always be helpful to you along the way.

27. Offer new products or services.

If you’ve had customers in the past, don’t doubt that by offering new services or products, you can continue to deal with them again.

28. Be patient.

Always remember that success won’t happen overnight. Before you make a profit, you need to spend a lot of time on your business.

29. Appear beyond the level of expectation.

When you get a new customer, try to offer them services and goods that are beyond their expectations, at least in the first month. This way, you’ve made the customer loyal to you.

30. Write about all the events of your business on your website or blog.

Don’t be ashamed to talk to customers about all your successes and failures, negotiations, and struggles in business. The customer should know that you are alive, active, and dynamic. So tell them about it.

31. Avoid quarrels with your partner(s).

Never engage in conflicts between you and your partner. If you really see that you can’t work together, quickly cut off the working relationship and legally let each person take their share and do their own work. Getting involved in these fights takes away your opportunity for growth in your business.

32. Don’t be afraid of being alone.

Remember, just as you need an investor, there are people who need to invest in a company. So don’t let fear take over and don’t give up. Eventually, you’ll find one or more investment partners and bring the situation under your control.

33. Hire a content writing assistant.

Even if you’re a skilled writer yourself, you should hire a content writing assistant who can send targeted emails to your customers, introduce your business on social media, and work on developing your brand.

34. Be well prepared for business meetings.

When you have an appointment with a customer, try to be well prepared and have everything you think you’ll need at hand. For example, increase your knowledge about your profession, have important points about your company’s employees, and be able to speak well about the competitive market.

35. Competition shouldn’t scare you.

When talking to investors or customers, don’t use inappropriate language about the competitive market and your competitors. There’s no need to turn the meeting into a bitter encounter. In fact, speaking negatively might even drive your customer towards your competitor. Remember, when a competitor is present in the market, it means a market has formed for your business.

36. Know the advantage of word-of-mouth advertising.

Nothing is better than word-of-mouth advertising for selling goods or services. Let family members, friends, and influential people you know say a few words about your product or service to others. Don’t doubt that those few people will also talk to others, and this way your product circulates by word of mouth and becomes well-known.

37. Don’t forget networking.

Don’t be afraid of others becoming familiar with you. Try to come out of your shell and show yourself to the general public, both customers and investors. Participating in relevant conferences and attending various meetings is a good way to expand your network.

38. Provide more services to prominent customers.

Interacting with customers is a big part of your business. Your business may acquire new customers, but this isn’t the most important part. The important part is retaining those customers who are considered prominent and loyal to you.

39. Make sure your website works properly.

Potential customers want to learn as much as possible about your business and should be able to quickly access any type of information on your website.

40. Don’t worry too much about the economy.

Some of the best businesses have been launched during economic recessions. According to Kauffman Foundation statistics, more than half of the companies listed by Fortune 500 in 2009 were established during economic recessions.

41. Make sure customers pay their bills.

Always ensure that you receive payment for your products or services. Try to have a calendar and record all payments there.

42. Hire suitable employees.

Hire suitable employees for your business. If you think this is your business and you don’t need anyone else, remember that you don’t have expertise and skill in every field, and for some tasks, you need to get help from people with sufficient quality and expertise.

43. Delegate responsibilities to different people.

Assign different tasks to your employees. This is called effective management.

44. Know that honesty is the best policy.

If you share any issue with employees, be sure they can give you good solutions. No one likes to be talked about behind their back. So, disclose all sensitive issues yourself before they become rumors.

45. Remember that opposites often attract.

Consider hiring people who have personalities different from yours. These people may challenge you in ways that open new perspectives for you, and their skills and talents can bring something to your business that you haven’t had before.

46. Say goodbye to various entertainments and social life.

You have to dedicate a lot of time to your business, so even 24 hours is not enough for your daily work programs. Therefore, you have to give up many of your social and recreational activities and hope that your friends and family understand this.

47. Know that you are the final person responsible for all payments.

As a CEO or business owner, you are responsible for paying checks and employee salaries. So hustle to earn income.

48. Have a useful and correct definition of success.

Just because your business hasn’t made you a billionaire yet doesn’t mean your business has failed. The fact that you are performing a series of work duties that give you passion and motivation means that your success story is being completed.

49. Recognize when it’s time to say goodbye.

Failure is inevitable. If things are not going well at all and you have done everything you could but haven’t gotten results, put aside your pride and close your business. Well, of course, accepting this is not that easy, but remember that this is the best thing to do.

50. Don’t rely solely on the advice of others, even a business consultant.

Despite all these guidelines for you, remember that the most important thing is the method of learning. While many recommendations may be good and practical for others, they may not be influential for your success or failure. The only person who can ultimately determine what’s best for their own work is you yourself. So take direct responsibility for all your actions and build and develop your business path by relying on your own knowledge and skills. You may fail in this path. But you know well that this is something you have chosen and brought to fruition yourself.