I really enjoy talking about business and what great ideas are out there. I never knew that I would go down the path of entrepreneurship, and frankly I’m so excited that I did. So today, I want to just talk about starting my own business, and share some things that I have read online about it. They say that starting your own business in this day and age, is easy because of the internet. The internet of course allows new businesses reach not just thousands but millions of people. Although the internet is a great channel to grow ones business, you still need a great product or service.
I love watching “Shark Tank”, the entrepreneur TV show, because it’s very entertaining and so educational. What I have learned on this show that it is not all about just coming up with a good idea or great product. There has to be a demand for the idea you come up with. The service or product must be a solution to a problem, if not then……well, you become a millionaire from what you created. Every time I watch this show, and I see a great idea, I say to myself “Shoot why didn’t I come up with that idea!”
At the end of the day I know that there is the right business for me. In my research on starting my own business, the number one advice is to make sure that my business has repeat buying. If I want a longterm business, then it is crucial that I have a product or service that will have the demand for customers to continue to buy. One of my close friends, always thought of running his own business. Although he tried every MLM and network marketing business, he noticed that he failed on this must have, which is repeat business. Aside from all the convincing and marketing he had to do, he just didn’t have repeat business, which then resulted in him failing. Now I’m not saying you can’t make money with MLM’s or Network Marketing, but it just not for everyone. Forwarding time, my friend, left network marketing, and became a great roofing contractor. He decided to start his own roofing company and has been doing very well for himself.
Okay, enough of my friend! Let’s just say I’m very proud of him, and he inspires me to figure my business idea out. The second tip I learned, is that my business needs to have a high profit margin. Having a high profit margin, will allow to have more cash-flow which is important for any business.Especially in the beginning of my business, I will need to focus on growing the business, will can pretty much happen with a high profit margin. At the end of the day, starting a business needs to be done correctly and if not careful, there can be very costly mistakes. Hey, I’m no pro….so I will listen to the advice that’s out there so I can be successful. I mean I do need to figure out what the heck I’m going to do as a business, and I’m sure I will figure it out.
Lastly, I read somewhere online that I need a good team to backup my new business idea. I mean, I would never think that I would need lawyers, accountant, advisors, etc. so early in business. I assumed that this will all happen later on, when I start making the big bucks! Now I understand that it is important that you set the foundation of your business and that every tool is need to be successful. I heard a saying “Hire a team for where you want to be, not where you are currently are”. So take these notes, if you are planning on being your own boss, because I sure learned some new things here about business startups.
See you on my next blog! 🙂