Guide to Success: Things to Remember When Starting a New Business

It is never easy to start your own business. There are many risks and if some of those major and established companies out there are getting bankrupt what’s the chance that it will not happen to yours? According to the Bureau of Labor and Statistics, last 2018 only 17.2% of businesses survived since the day it was established compared to 18% of the year prior.

Why do these businesses fail? Well, many factors are involved but how we can possibly avoid that is most important.

As someone who is about to start or just starting a business, we should always keep in mind the things that would help our business grow over the years.

  1. Build a business plan – since we are just starting it is important that we have a written plan for the business. We should be clear of our objectives, our strategies and most importantly where to get the funds?
  2. Always have a backup plan – Donald Tondrin once said to “not marry your plan” even the best plan fails so with that we should always learn to have a plan B or even plan C and D in case all else fails. In short, expect the unexpected and be prepared for it.
  3. Count the costs – last but not the least, as a starting business we want to make sure that we keep a record of everything especially the expenses. It’s best when you know where your money is going.
  4. Have fun – in any business, it is important that you don’t just know what you are doing and also you love what you are doing

Above all, we should give our heart and mind in everything that we do. Nothing is impossible with determination and commitment as Peter F. Drucker said, “Unless commitment is made, there are only promises and hopes; but no plans.”

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Contributor: Rona Javier
Sources: https://www.entrepreneur.com/author/donald-todrin