Building a Business: Is it Really Easy?
If you attend business seminars, business events, trade shows, or even read books and watch videos on how to build a business, you will see that a lot of “industry experts” make it look like building a business is easy and you can easily become very successful with your business.
People are so lured into “Becoming your own boss” “doing things you enjoy doing” “Becoming a CEO of your own company” etc. that without thinking much they start a business. Do you know what happens in the first two years? Well, 25 percent of those businesses fail. If these people manage to continue with their business, in 5 years another 45 percent of businesses shut down. If these people still manage to run their business, in 10 years 65 percent of those who survived will fail.
Starting a business is not a “get rich quick” kind of scheme.
Starting a business means
You are always stressed out with finances, your personal finances as well as business finances
You are always stressed with your debt (personal debt and business debt)
You are always under pressure to perform better because if you lose your business you will lose everything (you have invested so much time, effort, energy, and money).
You can grow your wealth through a business but it is not very easy.
Can You Build a Business by Following Successful Entrepreneurs?
While there is no 5-point guide to investment, and no one has ever become successful by following rules made by other people, learning about some rules does not harm you because the rules that have worked on people might also help you.
One of the common business lessons you will hear from successful entrepreneurs is you need to struggle hard and also take risks to become successful in your venture. Well, this rule also applies in your personal life as well as a job holder. However, does this mean everyone who struggles hard and tale risk become successful? Well, there is no guarantee.
If you have ever heard from Bill Gates, you would know what actually made him successful. He says you need to start as early as you can, work for yourself and become your own boss. The truth about business is over 25 percent of businesses fail in the first year.
Elon Musk says, invest money in yourself. By investing in yourself you will be building knowledge and skills, which might later help you to build your business.
By following Warren Buffet or doing exactly what he did, you will never become Warren Buffet, however, by following his successful strategies, you might be able to make money from the market.
7 Steps to Starting a Business in a Week
The distance between you and your great business is just 7 days apart. Starting a business does not take more than 7 days. Here’s how you can get started.
Make sure you have everything to launch a business. The word “everything” might sound hyperbolic but it is not. It just includes the product idea and money for investment.
Write a complete business plan. The business plan should include manufacturing or outsourcing products, information on the target market, a marketing plan, goals, etc.
Create your brand. Your brand is the business name, logo, flyers, posters, etc. Your brand should truly represent your values.
Register your business with the local authorities, submit the tax forms, open a business bank account, set up a proper accounting mechanism, and get any other essential license that you might require to avoid legal troubles in the future.
Create an online presence. Build a website, and create social media profiles.
Join the local Chamber of Commerce. Join professional organizations related to your business, for example, small and medium business organizations. Participate in business seminars, workshops, meetings, etc.
Launch your business, run a marketing campaign start selling your products.
All of these steps do not take more than 7 days. Your business will be ready to sell within a week.
If you are just starting out, choose a business niche wisely. You should choose a niche that does not need a lot of investment, a niche that is in demand but has less competition. Choice of business model is the most important thing a new entrepreneur should consider because this will determine their success. Business funds are also another important thing to consider. You should invest only the amount you can afford to lose. When your business fails it should not cost you dearly. You also look for ways to reduce your business operational cost. A lot of businesses fail because of high operational costs.
Of course, there is nothing difficult in starting a business if you have a good start-up capital, a successful business plan and a competent business consultant. But when a person starts a business from scratch, then many problems arise. To all novice entrepreneurs, I want to advise a competent instagram channel https://www.instagram.com/smallbusinessinsurances/ where you will learn everything about choosing insurance for your small business and will be able to learn how to choose a profitable solution.