Start-up success or failure is all about knowing the both the how and the why of taking action, and always being clear about which steps to take next.
There are a few essential tips about starting a successfull business.
- Study the behaviour of the costumer: Before launching your products you really need to know , what exactly the costumer wants to buy,and not what you want to sell.
- Its all about Profit: All the cash flow in the world is worthless if it’s not positive cash flow, which means you have to bring in more cash than you pay out.
- Continuity in cash flow: Cash flow is the lifeblood of business, and is absolutely essential to feed bottom-line profits. You need to forecast the future needs of the business , and prepare accordingly to ensure the continuity in cash flow.
- Keep a margin in cash flow: while planning always overestimate the expenses and underestimate the revenues. To be on a safer side , first think of the worst case ,and the work towards it to make it right.
- Learning = Earning : To be the master of your work you need to be a constant learner. As you learn more , you’ll earn more. Try to gain as much knowledge as possible of your domain, form any possible source
- Proper Planning : Without a perfect plan to achieve the goal , it cannot be . Test and measure everything. You can’t change what you don’t measure, and you can’t tell if a program or strategy is working if you are not faithfully testing, measuring and tracking your results.
- Get a coach : A mentor can significantly reduce the time taken by you to get things into place . Try to get a person who has knowledge about your domain and can help you out in figuring out every pros n cons of your job.
I hope this initial checklist will be valuable in helping you clarify your thinking and helping you prioritize some activities in you’re planning and start up mode.
Quote : ” Start where you are . Use what you have . Do what you can.
NIET E-CELL 