There is probably not a single person out there who hasn’t dreamt of starting their own business. Unfortunately, rare are those who dare to truly try something like this. Why? Well, from the outside it all seems extremely complicated. Not to say that succeeding is easy, but in most cases, it is lot less complicated than people fear. All you need to do is learn how to conduct the administrative part of your business efficiently and improve your finances. The latter one may, again, seem as something incredibly difficult, but it needn’t be so. You just need to learn few simple tricks that will help your SMB or startup grow.
Now, whether or not your business meets your expectations depends on one thing – your expectations. If what you want is for your business to be self-sustainable from the day one, or for it to become an overnight success, 9 out of 10 times you will be in for nothing but disappointment. On the other hand, setting your expectation bar too low may give you false self-confidence which can be equally bad. For instance, it can persuade you that you are doing just fine and even convince you to settle for less. This way, a lot of potential can be wasted. The best course of action would probably be to keep it real when it comes to your goals. For your first year, establishing and reaching your target market and seeing at least some financial growth should be more than enough.
You Need Money to Do Business
Out of all rules in the business world, there is one that reigns supreme – you need money in order to do business. A lot of people believe that all they need is some initial capital to help them launch. What they don’t realize is that sometimes it takes up to two years for a business to become self-sustainable. This means that you should have enough money to keep you going for a while, but also that you need to carefully manage every single dollar you earn. Don’t waste money on anything you don’t absolutely need and if you have some unconscientious clients, don’t restrain from contacting a debt recovery agency.
The Halo Effect
Finally, when hiring, there is nothing more dangerous than the so called halo effect. What this means is that certain people have the ability to portray themselves in a certain light, even though they are nothing like they claim. During the interview, your potential employees may excel at one aspect of the job they applied for, but be inapt for all others. Still, the phenomenon of halo effect may make you think that they are as proficient in them by association. It is a trap that numerous young employers fall for and it is the one that may cost you dearly. Always keep evaluating people who work for you. If you see that you have made a lapse in judgement, don’t be ashamed to admit the mistake and try to rectify it. However, if someone turns out to be a valuable asset you should be ready to reward them.
It is surprising just how many people enter the business world unprepared. They get enough money to start and believe that a full pocket and an idea are all that is needed for success. Of course, there is no secret ingredient that can guarantee success, but just knowing these few simple tricks can significantly improve your odds and put you head and shoulders above your competition.
Dan Radak is Hosting security specialist. Currently employed as a consultant in couple of Web Hosting companies. Lately, he has been interested in web design. You can reach him on Twitter.