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6 Things To Know Before Saying I DO To Your Business!

There are a variety of things to know before you take that walk into the lane of starting your business. Today we are talking about 6 important things you should know before saying I do to your business dreams.

> Know your Plan: To start a business years ago, you most definitely needed an extensive business plan. There was a school of thought of ‘The bigger the business plan, the deeper the research involved in it’; However, in this generation, things are moving so quickly that the concept of business plans are getting diluted! The disadvantage to this is businesses are ending as quickly as they started because of obvious reasons - There is no plan in place! When you have that passion burning or that idea that keeps you awake at night, GET IT ON PAPER!


Creating a basic business plan can be tedious, but it is very important, especially if you seek financial backing. It’s also a great litmus test of sorts to see if you’re really interested in running a business – if you can’t take the time to write a basic business plan, even if it’s just a single page, you probably are not prepared to undertake the running of a real business.

>Know your Time: Your business will not run itself. Having sufficient time is one of the biggest stumbling blocks for many people who want to start their own business. Learning to prioritize tasks is difficult, but if you fail to do so, you may end up overwhelmed or underwhelmed.

Learn to take care of jobs that must be done immediately as soon as possible. Prioritizing business tasks is key, but it doesn’t stop there. Prioritize personal tasks as well to make sure you can carve out sufficient time in your busy day to devote to your business. As a woman juggling many responsibilities, you need to


>Know your Money: It’s simply a fact that your business will need capital, and while investing more money in a business can’t guarantee its success, you can pretty much guarantee the failure of a business that doesn’t have enough. To avoid this situation, thoroughly assess how much you need to start your business and sustain it. Then, treat that as your foundation knowing that you will likely encounter several unexpected expenses along the way and this keeps you prepared. If you have a business plan, this would come up and be honest with yourself about how much capital you require.



>Know that Patience is a Virtue: Drive and ambition aren’t enough – sometimes the early bird gets the worm, and other times slow and steady wins the race. Many people get discouraged when they end each day with less money than they started with, even if they made sales. When a business is getting off the ground, it can take a while before the profit reaches or exceeds the fixed monthly costs you incur to run it.


Expect mistakes and learn from them. Be patient enough to enjoy the phases of your business and not wanting to leap to the end! Connect with people you know are open to teach you so you can avoid their mistakes and stay inspired with the stories of those who are honest with their journey.


>Know your Business Value: At the beginning, many businesses feel the pressure to reduce the value of their prices, to offer discounts and do massive sales and deals to win business. This on its own is not a bad strategy especially if you are trying to create awareness. However, you must draw the line between trying to create awareness and begging for sales because attracting customers at unsustainable price levels will just result in a race to the bottom. In the long run focusing on how to bring more value to customers, rather than simply slashing your prices is a better strategy


>Don’t be afraid to fail: Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity. Because, when things get hard, if you’re chasing just the money, or a random market opportunity, you’re not going to be able to have the strength, the passion, to stay with it.


It’s easy to get stressed or downright panicked, but you cannot let fear prevent you from following your dreams. Don't give up, don't take anything personally, and don't take no for an answer.


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