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16 Tips for Starting & Succeeding in Your Own Business

by Janet Attard (edited by Lea Bishop)

What do you need to do to succeed in business? Instead of to-do checklists that many business experts suggest, these are some tips to help make your business a success.

1. Know yourself, your true motivational level, the amount of money you can risk, and what you’re willing to do to be successful. Owning a business is a lot of hard work. You yourself must decide if you are willing to do what it takes to be a success.

2. Choose the right business for you. Find one that you can and want to fill and will generate enough income for your lifestyle.

3. Be sure there really is a market for what you want to sell. To be successful, your business needs to fill an existing market need. Just because you want to start a business based on a particular skill of yours does not mean that there is a market for it. Research your idea objectively and thoroughly.

4. Research your competitors. Every business for which there is a real market will have competitors. You have to research the competition and learn as much about them as possible.

5. Plan to succeed. Lay out your goals and a roadmap on how to achieve them. Update this plan regularly.

6. Know the operational needs. Think about how the business will actually operate including your supply chain, delivery and payment systems, employees, internet presence, etc.

7. Don’t procrastinate. When you have all your plans carefully thought out, go for it!

8. Start on a small scale before going all out. Take controlled risks. First test your idea out on a small scale, build on what works well, adjust what shows promise and discard what does not.

9. Don’t fixate on mistakes or get demoralized by them. Learn from your mistakes and move on. Sometimes you may have to choose an alternate path, but don’t dwell on mistakes.

10. Learn from others. Attend training courses and conferences. Meet and network with like-minded business owners.

11.Think of what you do AS a business. Regard what you do as a business, not as a hobby. Stay up to date with industry and business trends, keep business money separate from your personal funds, stay active in your business community.

12. Understand the difference between working for yourself and building an ongoing business. Hire people to work for you to do the work so you could focus on growing your business.

13. Get to know investors. To grow your business, you may want to find investors interested in your type of business. Learn how to pitch to them to interest them in your business.

14. Put yourself out there. Reach out and introduce yourself to new people.

15. Embrace digital marketing. Make certain you have a professional-looking website as well as a strong social media presence.

16. Never stop learning and trying new things. Keep current with new business trends and methods.

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