How to start your own business

General / Saturday, February 3rd, 2018

Everybody who works and gets paid occasionally asks how not to work for their uncle, and I think there are two answers. The first is not quite legal, to go steal something or cheat someone and cut down some good money and the second is how to start a business and earn legally.

How to start a business from scratch or without an investment

Many naive people believe that you can start your own business without start-up capital. I’m in a hurry to upset you, but you’re 99% out of it. Although many have seen on the Internet pulsating ads with headings of their business with 0 and 5 thousand dollars in earnings.

So if you don’t have a super idea or you’re not the son of a billionaire, don’t fly in the clouds, but live in reality. To open a business from scratch is almost impossible.

Business plan

You can define this word as you see fit, but if you don’t have a business plan, the chances of losing all your money increase several times. Many people think that a business plan is a piece of paper with numbers to show to investors from which you plan to get money. Let’s just call it a plan. And you will need this plan in the first place. It’s a vision of your ideas.

After all, before you start your own business you need to sit down and calculate everything thoroughly (to the smallest detail). What will be the income and expenses, etc. Make an assessment of the market and study it, think how your idea will be different from hundreds of others than you are better than the competitors, write yourself a goal.

Look at the competitors and evaluate the market

I know that feeling of euphoria when you think you’ve come up with the most ingenious idea and now you’re all out of it. And you’re already resting on your laurels, and you’re not looking around. Agree that it is much easier to walk along the trampled path, and those who do not look around they have to sneak through the thicket with ravines and obstacles.

About 15% of the ideas sent to us by post have already been implemented. Some of them want to repeat the mistakes of similar companies that have already closed down. Don’t be lazy, and spend 1-2 hours looking for information on the Internet to find out if you are already using your idea.

Internet business

The internet business boom is not over yet, but the competitors in the internet in various areas of business only added. Unless of course you have a plan to develop a super useful service for Internet users. Basically more or less adequate ideas to buy such monsters as Google, Yandex and the like.

Attraction of clients

It is not enough to invent and implement your startup, because it is really brilliant? You have to put your soul into it and revive it. For some reason, most people don’t think about this nuance. If your future business is built on luck – it’s a bad business. An excellent business should be able to withstand both in crisis and under favorable conditions.

How will you earn your income (cost of living)

Evaluate the cost of your service or product in detail. Since most people believe that if they do something with their own hands, it can be excluded from the calculations. This is not true! Time is money and you need to put it in your business plan too. Estimate your labor costs, for your case. After all, you will not be able to work forever yourself and you will have to hire staff and rent an office.

Fix all the arrangements

It is necessary to start recording all the conditions of cooperation with your partners from the very first day, discuss all the subtleties of the partnership with them in advance. The more situations you analyze, and reflect on the paper – the better. At the initial stage of the year, there is nothing to create a false feeling that doing nothing is unnecessary. This is wrong. It is necessary to agree about everything at a boat on coast, only after that to go to navigation.

Document flow at the highest level

From the very beginning, you have to get used to the order of the documents. All bills of lading, contracts, invoices must be sealed and a register must be maintained. If you have an Internet business, then even such a nuance as domain registration is very important. This can be said the most expensive thing that you have.

As they say, you are a poop without a piece of paper. So remember all the official letters, acts and agreements, only under the signature. Even with friends! You will save a lot of money in this way.

More useful tips for doing business

Do not spare your counterparties if your counterparties have violated the terms of the contract without delay go to court. Not a week later, but right now. Do not trust the agreements. Be extremely strict with contractors, contractors, etc. Your best friend is your clients.

Who are you in the team for subordinates? Friend of a friend or an evil asshole. It is worth choosing an evil asshole because in the future, make people work, will be much easier.

Always keep your promises, even if you work from scratch. Believe me, you will be taken more seriously if you always do what you say. Don’t forget about security, assign roles in the team to who has access to what information. After an employee is fired, change any passwords they knew.