The Anthony Robins Guide To BEST EVER BUSINESS

When thinking about starting a business you want to consider “Why are you starting the business?” Often times someone decides to start a business with the mindset they will have more free time, home based, and also have a flexible schedule. Unfortunately, you should avoid these myths. Majority of the time, starting a business isn’t any of the things. Instead, it is long hours, working at home might be a distraction, less flexibility, and there are lots of hats to juggle. It’s very different then working for an organization and it is vital that you keep all of this at heart when deciding if starting a business is right for you. If it’s, then let’s dive into getting started with your business idea!

Attitude is EVERYTHING. You need to continue to keep a cheery attitude. Many things are going to happen through the lifecycle of the business, both good and bad, and it is important is to keep a positive attitude.

BIGGEST OBSTACLES TO OVERCOME

The two biggest obstacles startups face whenever starting a business is money and standing. You need to make sure you will be able to stay afloat and have a means of financing when getting started. And reputation can be an obstacle because you don’t possess a reputation or customers. Unless you start out with a group of customers, quite often you are starting out very alone.

WHAT YOU NEED?

VIABLE PRODUCT

You need to provide a product/service that people need it. Researching similar products/services is important to see what else exists that is much like your idea and then regulate how your product will be much better than the competition. Additionally it is important to be able to bring experience to the desk. It’s the experience you have that may make the company. Typically, you would like to have a niche in order to take a focused approach and decide what sort of company you want it to be. Lastly, it is advisable to consider if you can sell enough of your service or product to make a living. Will you be able to cover all the expenses and salaries that include a business?

BUSINESS PLAN

A business plan is completely essential. What is a business plan?

Focus on an executive summary, that is a high-level description of what the business is going to do. Next, you will need a business description that lays out the business enterprise in detail. Then, comes the marketplace analysis, who is likely to be your customer and who’s your competition? Next, is organization management. Who is going to manage the business? Will you manage it yourself or are you going to hire someone from the outside to handle your business? More often than not you are starting off managing the business yourself. Next, you need a sales strategy, what sort of sales strategy will you encompass? And lastly, you need to include funding requirements and monetary projections . Which kind of funding should you start the business and just how much do you project to make?

A written plan is critical. It is absolutely essential you write down the above information on paper.

There are many business plan templates open to help. Even if you are an established business, its not necessary anything complicated. An additional resource is a very simple roadmap. This breaks out 30 days by month projections for just two 2 years. What trade shows will you attend? How many people will you hire? Which kind of marketing campaigns will you run?

Last, goals are extremely important. You have to set specific goals in your business plan so you know where you are heading.

MEANS OF FINANCING

How will you finance your organization? Some of the key concerns to ask are how much cash will you need to stay afloat? Will you be taking a salary? Exactly what will your non-salary expenses be? How many people do you plan on hiring the first year? What about company benefits? Even if you are by yourself, you will need benefits and insurance. These are all questions you must think about.

Should you self-finance or take out a loan? Self-financing is often recommended if you have enough money in the bank to float the business and your salary for a year or two. This option reduces the pressure. The final thing you want is pressure from creditors. Loans are going to be difficult to procure. If you manage to get a loan, you will need to personal guarantee and you will need collateral.

There is also the possibility for a financial business spouse, however, a financial business mate can often result in meddling and pressure. It also may cause you to run the business differently you then envisioned. Remember, you’re starting the business to place your own spin on it!

A fourth option is a funding company. That is a viable option because they will most likely carry out your payroll and invoicing for you personally. Sometimes the funding company will provide a basic ATS system as well that could help you start. The downside to a financing company is often it really is hard to breakaway. It is advisable to pay off loans with interest and occasionally it isn’t financially feasible to breakaway. If you are using a funding company, you would like to ensure you understand the agreement and know very well what it takes to step from the funding company.