How to have a successful business

[CSomm]

You absolutely need to have built-up capital at the onset of your business, I'd say at least six months worth. This means that if your business makes NO profit for six months, you are still completely in the black. No matter how much you plan, you need data in order to find your profit margin, and you can't do that until you have months of sales behind you to reference, and reviews from customers. The first year is an expensive time, because you haven't locked down your profits and expenses. You need a serious buffer.

[angelicagapit]

Great way to point all of this out. I totally agree with everything you just said. Creating a business doesn't only take an idea and some capital. It takes courage in order to stand up against competitors, it takes determination in order to reach your business goals and visions, and it takes passion in order to love what you're doing to earn money.

Everyone must take into consideration all of these important factors because without looking into them, you wouldn't be as successful as you thought you would be. You need to put your heart into your new business. Treat it as your baby and watch it grow.

Good luck, and thanks for the post!

[foduu1]

men and women don't get precisely how considerable and tricky starting a small business is usually. It is quite high-priced, and there are various unforeseen costs which could take place. When deciding to be able to open up a small business, you have to realize the price you are sure of you've, as well as a great deal that can surface along the way, in the event that some thing pauses, or even you must do some thing some other way. Capital plus a very good business plan usually are essentially the most a couple of important matters to presenting a good business!

[wander_n_wonder]

Yes, opening a business and making it a success is no joke. It requires a lot of hard work and sacrifices. If you are not dedicated enough, then maybe it's not really a good idea to open a business. Also, you need to be very hands-on at the beginning of your business, you would not want to delegate it to someone else.

I would say the most crucial thing to do is act upon problems as you see them. Value time and make sure that you make good use of it all the time.

[gadgetised]

I agree with all these points. I think the primary key to a successful business is planning and commitment. You won't get anywhere without the two. With a plan, you will know where you are headed. With commitment, you can tackle obstacles that come up along the way.

[Saman]

Successful business needs pure and unique ideas rather than so called handwork and determination. if you find out the actual need of people and you convert it in business ideas you will become successful businessman

[joga-pcba]

I believe to succeed and sustain a business today you need to have good planning, vision and organizational skills. Today, making money in business is more difficult than ever. With increasing competition it has become absolutely necessary to keep pace with the market and build loyal and trustworthy relationship with the clients. To be successful in business one needs to be organized and well informed.According to my opinion Keeping track of the market and analyzing your competition, understanding the risk and rewards, providing pre and post sale support to the clients are some things that can help your business to succeed. Success is hard gained and requires focus, discipline and determination.

[cheapwebdesignchicago]

Great suggestions! Thanks for sharing!

One thing that some may want to consider is the point that there really is no relationship between capital and corporate structure. It depends on the type of business and the level of protection you require as well as one's tax considerations.

Say for example, if I run a day care business out of my home...it would require very little investment up front but I probably wouldn't want to run it as a sole proprietorship.

[jesslee]

To me personally, the requirements to have a successful business are (1) KNOWLEDGE about doing business, (2) PASSION in doing the business and (3) COMMITMENT in running the business. Sometimes, when we have gathered enough capital, we thought that we are ready - we thought that we have the passion in doing it, and we thought that we can commit to it. However, running a business not only based on what we thought how it is, I have have met so many businessmen who never succeed in the beginning not because they do not have these thing, but there are external factors affecting their operations that sometimes pinned them down to the extent that they almost gave up. But because they have these three things.. they refused to give up and started all over again, and recovered until the business runs pretty well.

That I think, is how to have a successful business.

I agree from you.We can get experience from the other that how they are doing their business and where they did mistakes.So we try to recover these mistakes for better achievement in our business.

[lia]

Yes, opening a business and making it a success is no joke. It requires a lot of hard work and sacrifices. If you are not dedicated enough, then maybe it's not really a good idea to open a business. Also, you need to be very hands-on at the beginning of your business, you would not want to delegate it to someone else.

I would say the most crucial thing to do is act upon problems as you see them. Value time and make sure that you make good use of it all the time.

I agree with you, to clear objectives, make a specific plan(you can also call it to do lists), then follow your plan with persistence!