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How do I ensure my new business won’t fail?

I am sick of working for a boss and have a great skill I know I can turn into a business. What can I do to make sure I do not fail?

Homework is the one-word answer. Make sure there’s demand for your service and then draw up a business plan. This is often seen as a big thick document, but I have known famous entrepreneurs who pencilled up their plan on an A4 piece of paper. My company produces a magazine called Start Your Business but there are books and articles on the Internet that will help you. What you have to do is work out how much income you can generate and then deduct the costs. Be really thorough with the costs and it’s good to talk to other home-based businesses and those in offices to understand the cost of being in business. Work on a conservative estimate of income and worst case cost scenarios and then start your business promising yourself you will become a marketing expert and a courageous cost killer. Find an accountant who does more than tax returns and who is happy to give advice. Be prepared to work long hours, read self-help books and when the income comes get a business coach. Believe in yourself and live and breathe the business until it’s going gangbusters. And remember that success only comes before work in the dictionary. Read success stories and write down your goals, posting them somewhere you can see them everyday. Also make sure you’re an expert on cash flow. This is about ensuring that money into the business is quite constant so that you don’t find you have paid all of your debts but your debtors have not paid you! This is a cash flow crisis that KOs many businesses. Become an expert on cash flow and marketing and I bet you succeed.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice. 

Published on: Monday, May 03, 2010

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