10 Tips to Open a Business Others

10 Tips to Open a Business

If you are thinking about starting a business or a business  these expert tips will be very useful. Ten fundamental premises at the time of undertaking.

TEN SUCCESS TIPS THAT WORK TO OPEN A BUSINESS

1.- BECAUSE SOMEONE PUTS MONEY IN YOUR PROJECT, YOU DO NOT HAVE TO GIVE A PART OF YOUR COMPANY

“It has to be clear that if you invest in your business 10,000 $ and another person 50,000, it does not have to have 50% of your company just to lend you that money. As an entrepreneur, it is necessary to value your idea and the effort you are going to dedicate to it. Beyond the money you put. For that you have to value your company and argue based on testable data. It’s not a conversation of the type: I think this is worth two and another thinks it’s worth five, but you have to quantify each of the things you contribute: I’m going to quit my job and I have an annual salary of 50,000 $ plus a variable, I also miss the opportunity cost of working next year, I would have had a pay rise of a few percent …

Also, you have to think that you are taking a reputation risk: if your business project goes wrong, it is your reputation that is at stake. To the extent that you can defend all this with figures and data, your position will be easier for an investor to only put money. ”

10 Tips to Open a Business

2.-  IF YOU CAN NOT AFFORD TO HIRE TALENT, THERE ARE OTHER OUTPUTS

“You have to be aware that you are not capable of doing everything. And what you do not know how to do, you have to look outside. And you will find that you will not always be able to afford to pay for it. We had to find non-monetary formulas to collaborate with people who had that talent that we lacked. ”

3.-  LOOK FOR INVESTORS WHO NOT ONLY CONTRIBUTE AND NOT ONLY SEEK MONEY

“Find investors who do not just put money. That they open doors, that they advise you. You have a financial profile that puts pasta and calls you once a month to see how you are doing, and that’s it. You have people who have been entrepreneurs, who have been successful and who like to be surrounded by those who start projects because they remind them of their beginnings: these people are very good, because they have already passed where you are going and can give you tips. And in that line, the best, for me, is the industrial partner who puts money, knows your sector, can open doors and, in addition, synergies can occur: I am going to be the first one that I am going to hire and that I am going to help grow It is the ideal partner. Agree that it is not the one that gives you more money, but generates business in itself. It helps you sell faster. ”

4. –  WHAT DO YOU SELL AND WHO DO YOU SELL? YOU KNOW?

“It is fundamental to analyze who your client is, what you buy, how much, when and where, and to make accounts to see if your idea is really sustainable. Sometimes it is also important to look up, look at other horizons, because we tend to focus a lot on the nearest market: small initiatives, small companies, with a small number of workers and aimed at very close markets. And it’s thinking about the broader how you can find more opportunities. ”

5. –  HOLD ON TO REAL DATA 

“When you prepare your business plan take help from someone who is professional or take help of business or executive coach visit http://www.stridegroup.com.au/ for help, they will tell you to hold on to the few real data you have. Do not swell them. There is little information that really comes close to what you are looking for when you are preparing your market research: financial and market information. We [online furniture sales platform] start from market figures related to the Internet and the number of suppliers. From there
we started to build the financial model. If yours is part of what you will start with 200,000 unique users per month, beware … “.

6. –  DO NOT STAY WITH THE BUSINESS PLAN 

“It is clear that the business plans are good to help you reflect on some aspects of your business, especially financial ones, apart from the fact that they are essential if you are going to apply for grants or credits, but remember that successful companies do it because they are Well managed, not for a good business plan. My recommendation is not to devote too much time, no more than necessary, to develop it. I am sure that no entrepreneur reviews his plan after six months of business. ”

7.-  DO NOT LOCK YOURSELF IN YOUR INITIAL IDEA. IF YOU NEED TO INVEST IN NEW LINES OF BUSINESS, DO IT FAST

“You have to be aware that your initial business idea can evolve and change once you get going. It is clear that an idea is a key element to start, but you have to be flexible to change it. Do not lock yourself in the one you initially have. At the beginning, we had planned to go out with a line of business [sale of real estate abroad] and that which in the end has become the main business [international patrimonial management] was a secondary idea. It was a difficult decision, but when we realized that it was this line that had the most business potential, we invested in it and, in the end, it was the one that managed to differentiate us in the market “.

8.-  THE MARKET STUDY, ALWAYS  IN THE OFFICES OF YOUR CLIENTS 

“When you’re in an incubator, when you’re in the early stages of the company, where you think it’s very important to write a good business plan, you still need to touch the customers, talk to them to get that information. The market study must always be in the offices of our potential clients and, if possible – which is not easy -, in those of the competition. We thought that we had a technology that interested a specific niche, but we found that he liked it, but they did not need it “.

9.-  SIT DOWN WITH AN EXPERT FROM YOUR SECTOR 

“Something that would have helped us a lot is to have sat down to talk to someone powerful in the marketing of online products, some sectorial expert”.

10.-  DO NOT UNDERESTIMATE THE PEOPLE YOU KNOW: IT CAN HELP YOU 

“Do not underestimate the amount of people you know who can help you. Previous professional experience is always an added value that makes the business idea become a business more quickly. It is an accelerator of the start-up of the project. Sometimes it is a very positive factor, other times it also generates a perversion of the knowledge that you acquire, a traditional way of doing, that sometimes slows down your ability to innovate. But professional experience in the sector or in complementary areas always offers you a different point of view. It also provides a network of contacts, a greater marketing capacity, because the entrepreneur, apart from being a good manager and technician, has to be a good commercial “.