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Tips and Strategies For Starting Your Own Business - Lana Hawkins

Many people dream of being their own boss. Some of them aspire to earn the paycheck from the comfort of their home, while others prefer the good old office. Being ambitious is fine, but what makes or breaks business endeavors is a capability to plan ahead. Ideas that are not based on a thorough research will fall short of big goals. Most importantly, determination and commitment enable you to last all the way and tackle any obstacle on the long way to owning a profitable company.

A Game Plan

Thinking in the long-term is the only way to prosper in the today’s market. This rule applies especially in the stage of planning. Business machinery is complex one and success is determined by a wide array of factors. The first thing to consider is what value you will add to the market, and what products and services will induce a steady stream of income. Hence, you must conduct market research and define your target audience. These things should enable you to formulate a business plan, the cornerstone of your operations.

Think of it as a road map which guides you and allows you to allocate time and resources efficiently. Its integral part is the framework for attracting funds and financing your activities. Also, a plan is composed of a mission statement, executive summary, offerings, marketing plan, target market, industry and competitive analysis, etc. At this point, you will need the organizational capacity and enough time to take on day-to-day operations. Not only that, a company must grow and be able to compete with other players. 


Writing a strong business plan is key to your success 
Image source: Pexels

Off To A Flying Start

Not all businesses are created equal. A computer-based business, for example, requires as much as a good internet connection, and quality hardware. Additionally, those working from home should work out the model with their family and create a proper workspace. Living with parents is a way to mitigate the impact on personal finances for many students, but this can be a double-edged sword. Note that it is natural to feel disoriented at first, but free online resources for entrepreneurs can help you gain a head start.

Now, you cannot expect to generate profit right away. In fact, it is much more realistic to expect something like breaking even after a year. A bulk of businesses remains in debt during the first few years, so ponder on getting a small business loan from a local bank, saving money, borrowing some or going for credit cards. These tactics are essential for determining the budget of your organization. To make savings, harness the immense potential of low-cost, digital marketing channels.

Humble beginnings should not worry you too much. Take the example of the Genie lift, a company which started with a single product a couple of decades ago, a material lift which operated on compressed air. This machine was a huge success and now, the enterprise has managed to set up a global infrastructure for moving workers, people, and tools. Its booms, scissor lifts, light towers and aerial work platforms are a common sight in the facilities around the globe. The company also promotes the value of an excellent customer support that extends long after the sale. Therefore, stay in touch with the customers if you mean to nurture lasting relationships with them.

KEEP READING: Rise and Thrive

Rise and Thrive

Getting a small business off the ground is linked with some tough challenges. When things seem to be working against you, it is time to do your homework and assemble a business plan. This is what allows businessmen to tailor their products and services to the needs of the customers, not your personal preferences. Run a business where you can put your knowledge, passion, experience and expertise to good use. This business mix maximizes your chances of moving past the muddle of survival to the promised land of thriving. 

Lana Hawkins is an architecture student and a crafty girl from Sydney, Australia. She loves writing in her free time, as well as reading about sustainable architecture.