I talk to people every day that are starting a business or thinking about starting a new business. Many of them don't think they have to do anything other than come up with a great name and file paperwork with the state in order to start their business.
I hear many people say they are just going to quit their job working for someone else and do their own thing. I for one, think this is great but you have to do some planning if you want to be successful.
For example, I didn't quit my job for 6 months after I started my own collection agency, AND I had saved up $10,000 in the bank towards starting my business. When I finally DID quit my job, I kept my employer as a customer for 6 more months at a flat monthly fee, and so had that income as well.
Go ahead and do your own thing and start a business but be smart about it and you will enjoy yourself much more and be more successful.
The 5 most common mistakes people make when starting a business:
- No Credit Policy
- No Billing Procedures
- Ignoring the Competition
- No Business Plan
- No Marketing Plan
I would tend to agree with this. It's overwhelming enough trying to get enough sales to make the business pay for itself. You've got to learn the product, what the clients want and all things related to the sales process.
It takes a while to learn the management part which is a whole other topic.
That's why it takes years for business people to become successful.
I would recommend that people take 6 months to a year to learn the management side before they start a business.
Posted by: Monty Loree | April 26, 2008 9:01 AM | Permalink to Comment