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airforce airforce  is offline
Starting Out
Join Date: Jul 2014
Posts: 10
Small business owners!!

Any small business owners here that have any advice for running one? Or if you would like to share your experience when you were first starting up good or bad. Anything that helped you succeed?
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airforce airforce  is offline
Starting Out
Join Date: Jul 2014
Posts: 10
Thank you for your reply.

With your business, I'm assuming you have office space. How did you go about acquiring such space? I've been searching for a space to rent but am not sure how to narrow it down....like should I rent a furnished space or unfurnished, etc. I've found a couple of places on Zillow office space and Officelist but like I said I'm having problems narrowing it down. Do you rent your space or own it?
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rickymarten71 rickymarten71 is offline
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Join Date: Aug 2015
Location: uk
Posts: 17
if you starting a new business than you have to note some basic things.

1 Select your business according to your budget and market.
2 Fully study your business market and their needs.
3 Start your business marketing before you start your business.
4 Try to target clients according to your business and also offer them some attractive plans and offers.
5 Take some advice from business experts.
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lokomotifbag lokomotifbag is offline
Newbie
Join Date: Sep 2015
Posts: 2
Quote:
Any small business owners here that have any advice for running one? Or if you would like to share your experience when you were first starting up batam or bad. Anything that helped you succeed?
before you start your business, you must think of the following things:
1. The reason behind you start your business... always remember this especially when you encounter difficulties in the process.. this reason will motivate you...
2. Budget... fund the business from your pocket or find investor...
3. Link to your experience... this will help you success easier...


good luck
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AndrewAC's Avatar AndrewAC AndrewAC is offline
Newbie
Join Date: Oct 2015
Location: NEWCASTLE UPON TYNE
Posts: 6
Advice for you would be to always make sure that you have money that buffers your business stashed away. You never know when you might need it. Have a cut off amount so that you know what to cut your losses and take a hit too.
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norrom norrom is offline
Entrepreneur
Join Date: Sep 2013
Posts: 32
The best advice I was ever given about starting a new business is first to estimate your worst case scenario in terms of capital required and also expected time to break even, then at least triple it...

As entrepreneurs tend to be optimistic, one thing I have persistently come across is founders underestimating the amount of money required to set up, and overestimating the speed at which they can starting earning money.

And as any entrepreneur will tell you, one of the most important factors for success is persistence - you need this more than anything to get through the first couple of years, because the road to success is bumpy and long!

Good luck with your venture :-)
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kavinsac's Avatar kavinsac kavinsac is offline
Newbie
Join Date: Oct 2015
Posts: 1
Quote:
Originally Posted by airforce View Post
Any small business owners here that have any advice for running one? Or if you would like to share your experience when you were first starting up good or bad. Anything that helped you succeed?
1. Analyze the market
2. Review products
3. Define your target audience
4. Your business name
5. Funding
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AndrewAC's Avatar AndrewAC AndrewAC is offline
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Join Date: Oct 2015
Location: NEWCASTLE UPON TYNE
Posts: 6
Starting up a business is never an easy feat. Hence, for starters you have to be mentally prepared for any failures or sudden downfalls in the near future after your new venture has been set up. Only explore a business idea if you know the vicinity requires that particular product or service that you are selling even in tough competition. After which, be prepared to go all out and perform intense marketing and advertising.
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akon72 akon72 is offline
Newbie
Join Date: Oct 2015
Posts: 4
The other thing to do if thinking of buyng an established business of this type. Jon up for a month, and do some undercover work for yourself. See what the staff are like, how the place hangs together, is it the same group of clients, or is there a high turnover.
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windowindia2 windowindia2 is offline
Banned
Join Date: Oct 2015
Posts: 2
I am a business owner of an IT Company based in India, I have the collection of unique software for ofice automation, Email Marketing, SMS marketing and many more .How to increase sale in USA & UK. my site link is here :http://www.windowindia.net,
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Alden128 Alden128 is offline
Banned
Join Date: Nov 2015
Posts: 1
Business plan is important. It is not required but it will help you a lot to manage your business effectively. The significance of creating your business plan gives an impact to understand your business better. Also leads to consider future scenarios cause you really don't know what exactly might happen to your business.
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EdwardThirlwall EdwardThirlwall is offline
Newbie
Join Date: Sep 2015
Location: Sydney
Posts: 1
I am loving what @lokomotifbag has said here. It's really important to remember why you wanted to get into a small business. Your goals and dreams should come first and the success of your business will follow your motivation and drive. I ended up in the storage industry because I saw a business plan that helps me to achieve my goals and that's good enough for me!
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yourmoneytree.co.uk's Avatar yourmoneytree.co.uk yourmoneytree.co.uk is offline
Newbie
Join Date: Mar 2017
Location: Isle of Man
Posts: 7
I think it's really important here to remember that not everyone's journey to starting a business is the same and as such advice might work for some and not some others.

If you've never worked in retail where location is crucial then to you having the right shop isn't going to be at the top of your list.

Equally if you're a web designer, you might not care where you're based but your logo and own website might be something you constantly evolve vs a local tradesman that wants a simple landing page.

All in all then starting a business isn't a case of picking up a book, reading some pointers and off you go. Each business has its own unique challenges to face.

There are however some basic pointers I would advise regardless of the business type you want to start:

1. Keep costs low - that doesn't mean go for low thrills, but don't spend on things you can't be sure are going to affect your success. For example, don't waste money on advertising just because the general stats look great, find the area of advertising that works for you and focus on it, don't spread yourself thin. At the same time if you don't need an office, don't get one! Having an office is a huge cost, and it comes with hidden costs like business rates too.

2. Focus on your idea - good ideas make really bad businesses... yep I just said that. Bad ideas lose money fast so you get out quick, great ideas make money so you invest... but good ideas, they lull you into a false sense of hope and make you plough both time and money into them thinking they will succeed before eventually leaving you no better off. You need to make sure your idea is great. Warren Buffet says great ideas could be run by a ham sandwich - he's right. Great ideas are so good they carry all your mistakes and you still make a profit.

3. Don't be fooled by experience - the world is not as good as you think it is. We're taught to respect wall street bankers and the businessmen on TV but the fact is you're better than you think. Don't respect people just because they have a title, respect them because of the evidence they can show you of how they can help your business grow. If a web designer says they're amazing, don't take their word for it - ask their clients. If someone comes to you for a job and their CV look brilliant, always get a reference! More often than not those people have experience but they didn't make the difference.

4. Get traction - traction is so important. It's the lifeblood of a business. If your business doesn't have traction then it won't go anywhere. The best ways to get traction are through marketing and for that my best advice would be to track everything so that you put the little money you have in the areas you know will work. It's better to have too many leads and too few staff than too many staff and too few leads.

5. Cash flow is more important than profit - I know we all want profit but profit doesn't keep the doors open. Profit can take months or years to realise, but as long as you have cash in the bank no matter who it ultimately belongs to then you can pay the wages and keep gaining traction. It's simply no use making 90% profits but being unable to stay open long enough to see it.
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