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Successful Entrepreneurship

Secrets of How to Make Millions in Your Business
10-10-10 Publishingerschienen am01.07.2023
BECOME A SUCCESSFUL ENTREPRENEUR AND MAKE MILLIONS! Successful Entrepreneurship will show you, step by step, how to start your own business. You will learn how to: • set up a solid organization that will help you grow in no time. • diversify yourself with multiple streams of income.mehr

Produkt

KlappentextBECOME A SUCCESSFUL ENTREPRENEUR AND MAKE MILLIONS! Successful Entrepreneurship will show you, step by step, how to start your own business. You will learn how to: • set up a solid organization that will help you grow in no time. • diversify yourself with multiple streams of income.
Details
Weitere ISBN/GTIN9781772775501
ProduktartE-Book
EinbandartE-Book
FormatEPUB
Erscheinungsjahr2023
Erscheinungsdatum01.07.2023
Seiten166 Seiten
SpracheEnglisch
Dateigrösse182
Artikel-Nr.11672950
Rubriken
Genre9200

Inhalt/Kritik

Leseprobe


When you think you want to start your business, that means that you are ready to say goodbye to your job.

Now, at this point, what you should do is start your research as to what you would like to do. Many times, I have seen people procrastinate. They have an idea and then they don t act, and later when they come back to revisit that idea after several months have passed by there s now a good chance that they have forgotten the idea because they did not do anything about it.

When you decide that you want to have your own business, just take action. Start your research on what kind of business you would like to do. If you look deep enough, you will find that there are some of your hobbies that you can use to start your business. Start your business on a part-time basis. There are many types of businesses that you can go into. Not doing anything is not an excuse. By taking the first step, you would feel much better because now you are working toward your goal.

 

Select a type of business.

The most important decision for you is to decide what kind of business you would like to have. Some people are good at dealing and talking to people, and some like to work behind the scenes. Pick a business that suits you the best.

There are many options. The service business is quite popular since this can be started on a part-time basis. Another popular business is an e-commerce business. Do the research online about it.

Start with a narrow focus first and then expand. Amazon didn t start as the everything store. It started as a simple bookstore, and they slowly expanded into toys and other products as time went on, to expand their business. That s how you build a general business. One of the most important business tips is to always start with a narrow focus and expand into relevant verticals as you scale. By having a narrow focus, you can build a loyal audience that knows what to expect from you. It also gives you a well-defined audience to make your marketing easier. For example, you can start a women s fashion store. At first, maybe you sell apparel. But eventually, you can expand into shoes, jewelry, fashion accessories, or beauty. Or you can go in a different direction and expand into men s fashion and children s fashion. Both types of online stores make sense and have natural vertical complements. Additionally, you can test out one-product store ideas before opening a bigger website. But first, you should aim to have a big audience and loyal shoppers. You need to know that there will be demand for the verticals you do eventually expand into.

Once you decide the type of business you want to start, there are certain steps you will have to follow. It will take you some time to register your business, get a city license, get appropriate insurances, etc. Once you have taken care of all the steps, start spreading the word about your business. Tell your friends about your side hustle and start selling.

Once you start doing some work toward your own business, you will see that by keeping your full-time job and running a business on the side, you will be very busy, but you will not have as much stress as you would if you were totally depending on the income from your business. In the beginning, when you are totally relying on your business and you don t have any other source of income, this brings tremendous amount of pressure on you, and you are bound to make mistakes under pressure, which are bad for your business.

I remember when I first thought about starting my own business. I used to do research on the internet as to what would be the best suited business in my situation. I used to travel a lot for business, and I was away from the city and country for many days at a time. I was looking for a business that I could start that could be done part-time and I could run remotely. There were several businesses that came to my mind, and the one business sector that shined brighter than any other was the service business. The advantage with this kind of job is that all the work can be done after working hours. You don t have to do it yourself; you can hire people. You can find somebody who is looking for a part-time job and pay them decent money so that it would be attractive for them. After several months of research and looking around and doing research on Google, I came across an ad from an older gentleman who wanted to retire and wanted to sell his business. The business was a running business with some staff in place. The business was very small at that time and the seller was desperate to sell, so we negotiated with him and came up with the value of the business and the terms and the payment plan. The advantage in buying a running business is that it s already running, and you do not have to reinvent the wheel; it saves time and effort.

So, I took a leap of faith; it was a calculated risk. I started part time and, since we had employees in place, all I had to do at this point was to learn how to run the business. In my business, my role essentially was to talk to the customers, make sure our employees were doing a good job, and we were delivering what we were hired for according to the contract. Most importantly, our employees were paid on time. Our business, from the very beginning, was profitable. However, the profit was less or little because it was a very small business. The positive thing at this time was that we had room to grow the business. We started advertising on social media, in newspapers and flyers, and by word of mouth. We started to get leads, and whenever a customer would call, we would pick a time to meet after my working hours or on the weekends. So, we kept growing the business on the side for another several years while I kept my full-time job. Here is the funny thing. Sometimes I was on business travel in Europe, having dinner with the team, and I would get a call from a potential customer from California who wanted to buy our services. It was cool that I could take orders over the phone and generate revenue for my own company even though I was in a different country. It felt good that I was working toward my goal, and gradually things started to move in a positive direction.

Start when you do not need the money.

The best time to start your business is when you have a job. I have seen many people who are frustrated at their jobs and are stuck in the nine-to-five rat race. They have long commutes; after spending eight to nine hours at work and an average of about two hours of commuting to get home, they are extremely tired and very unhappy. The hardest thing to do is to break that cycle. But once you do it, you will feel much better about yourself. If you think you are stuck in your job that you do not like, there is always an alternative. One thing you need to remember is that you always have a choice in life; do not feel that you are stuck in doing something you do not like.

Once, on my way back from a business trip from London, I picked up a book at the Heathrow Airport, Screw It, Let s Do It, by Sir Richard Branson. I have read his interesting autobiography before and liked his journey from being dyslexic to one of the very wealthy men in the world.

In this book, he said something that really accelerated my thirst for starting my own business. In this short read, what really struck me was that Richard says that not everyone who wants to start their business has startup money. You are just glad that you are working for somebody, and you have a nine-to-five job and making a living. You might hate your job, but you are trying to do your best to earn a living. But again, you ask yourself the question, are you having a good time working there or having fun? And if the answer is that you are not happy and you feel like you are stuck in a rut, and you really hate your job and you think you have no option, then I do not care who you are, where you live, or what you do; you do have other choices. Look around you and see what else you can do, and you will always find an answer.

In my experience, the best time to start any successful business is to start when you do not need the money from the business. I have seen most of the time that when people get laid off and lose their job, they start a business in a rush and with a hope to replace their salary the very first week or the month. Most of the time, that ends up in a disappointment. When you are desperate to earn money to support your household and family and put food on the table, you put yourself under tremendous stress, and when you are desperate and under pressure, you do not think straight and are bound to make mistakes.

When making a transition from your job, think of starting a business that can be run while keeping your full-time job.

Choose a business that you can work on after your working hours and on weekends.

Once you have the habit of working after hours, you will enjoy the time spent. This will be good for you psychologically because now you are doing something toward your goal of being financially independent. Once the cash flow starts coming in, you will get motivated. I would recommend that you not touch that additional income at this time.

Name your company and obtain necessary licenses and insurances.

Now that you have decided that you want to own your own business, you need to have a business name. Come up with a few potential names and then brainstorm with your family and your friends; include them in your decision making and have fun going through this process. Once you have the name, the second step would be getting the necessary license to run your business. Now you can talk to the city s economic division regarding registering your company...
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