Surviving in business takes a lot of work, blood, sweat and (sometimes) tears. Depending on the nature of your business, you may have staff worries, stock control and cash flow to name a few of the things that keep business owners awake at night.
But that’s not to say there aren’t rewards – think of the satisfaction of building and sustaining a business that becomes successful, perhaps a household name? And yes, there are financial benefits to those who succeed.
But what does it take to succeed? There’s no magic formula, but here are my top 5 tips for creating a successful business:
1. Do something you love – if you don’t have a passion for what you do, I can guarantee there will be someone out there who does have the passion, they will be the one to succeed!
2. Get some experience – I recommend having at least 5 years experience in your chosen field. This way you have proven it’s something you like/love to do (see point 1. above) and you are more likely to see it through.
3. Do your research – there’s this new thing called the internet (amazing tool!) Google is your friend, but make sure you look at many sites, not just ones that tell you everything will be rosy! And don’t be fooled into thinking “it’s a franchise…it’s a guaranteed success“, yes franchise arrangements come with structure and additional benefits, but they are not guaranteed to bring the customers through the door (they will agree with me on this one).
4. Speak to your bank – every business situation is different and requires varying degrees of banking arrangements. The earlier you discuss your needs with your bank, the better informed both you and they will be.
5. Get a good Accountant – of course I’m going to say that…but I mean it! A good Accountant should not only be able to do “the nuts and bolts” but should also be able to communicate with you effectively so you understand everything that’s happening in your business.
I hope you find these tips helpful, which one do you think is most useful?