How to start a business and not burn out in the first year
According to statistics, about 80 percent of enterprises shut down in the first year of operation. Does this mean that opening your own business is not worth it, so as not to get into these 80 percent of companies? Not at all, there are some simple rules on how to open your own business and not go bankrupt in the first year. Find out by reading this article.
Rules to start a business and not burn out
1. Right motivation system
Aspiring entrepreneurs have their own reasons for starting their own business. Sometimes the motivation is the tiredness from the job. And then the person thinks about his idea and opens an office, hires a secretary, and then what? But the fact is that even if you have an accurate calculation of your actions, calculation alone is not enough.
There should be a dream and an understanding of why I am doing this and for what purpose. Because in this road there are many hurdles, there might be a tax investigation on your business due to false accusations. In such a situation sheer positivity is required and right-thinking to get yourself out of the trouble. Therefore, the right intention and motivation to survive can help you face any challenge and be successful.
2. Thorough market research
Often this mistake is made by people who are possessed by emotions about starting their own business and they do not think about whether the market will need their product/ service or the market is ready for this product/ service. Therefore, there is nothing surprising here if an entrepreneur who does not know his market opened a business and went bankrupt.
An entrepreneur starts his own business in his head and has a certain business model, according to which he will act. Then he realizes that it is not working and that something is not going as planned.
In this case, many people close their projects, and all they should have done is change the business model. So, if at the very beginning you did not spend enough time studying the market, testing your product, then you will not understand what you need to change in your business model. After all, the market may simply not be ready for your product, or the product is simply not in demand in this market.
3. A clear business plan
Without a clear business plan that takes into account the various points, it is risky to do something. Therefore, make an optimistic, realistic, and achievable business plan. And identify ways of solving possible problems. You can also copy someone’s already successful model or take advantage of franchising offers to have support at every stage of the development of your business.
However, sometimes things don’t go according to plan in those situations, you need to keep maintain your calm and look for a solution. For example, if your business is facing constant failures, instead of winding up a company and giving up look for alternative solutions. As business is all about making the right decisions at the hour of need
4. Delegation of duties
To open a business and not go bankrupt, you should not do everything yourself. Of course, you need to understand all the processes taking place in the company, but you shouldn’t do everything yourself.
Learn to delegate and trust your employees. And the right motivation system will help your employees always be result-oriented. To do this, you do not need to give good incentives to employees. This way employees will quickly begin to take the initiative into their own hands.
5. Timely rest
If you devote all your time to work, then soon you will not have enough strength to continue the business. Therefore, in order not to drive yourself into chronic fatigue, you need to take timely rest and pay attention to your loved ones who support you. Working non-stop will not lead to any business improvement rather it would make you exhausted. So, work with all devotion, but also give yourself time to enjoy and rest. Only then you will have enough energy to put into your business.
To build a successful business, you need to be alert in several directions at once. It is not only sales, marketing, customer service, management, and personal effectiveness, but also legal literacy.