I started my first company when I was done with high school.I wount say I ventured in a bad path in deciding a business idea.But the business never worked for more than 6 months.
Despite making a profit of $20 daily as profit I could not manage to build the first growing empire.Today I share the reasons my first business never prospered.Some are the silly mistakes I made and hence the downfall.They might be same reasons you are facing,similar ones or you might face as a startup.
High Unemployment rate means high level of self employment.Yes we go to school to aquire knowledge and relevant skills.Instead of looking for jobs,you can as well start your own ‘company” Set up a business and get it running.Its simple to start a business provided you identify a business gap.
Let the passion inside you be the driving voice.Many may wonder where to get capital to start a business ? That is not an excuse,apply loans online now minus any security.
Some fresh graduates and young energetic youths that are starting out lack business spirit.As an business person,you should stretch more.Never settle on a contentment base.
When you start making cash,put in systems that will see you make handle cash.
* 1. Client Relationship.
Your clients are your boss.Give attention to your old clients like new ones.Never get chocked by greed.
New clients means more cash but old clients also means passive income.All should be given equal attention.
* 2. Set Limits
Have a limit on your incomes,let your customer be satisfied.Why would you take a loan to provide a service or deliver goods to a new client? You might not know what happens.
Take a slow steady pace,referrals will start tickling in one by one.
* 3. Financial Books
Keep a separate account of your business.Never mixed your personal account and double it as business account.You will be lost in calculation.Infact,you wount know how the business is doing.
Also keep records of your business transactions.All ledger books and balance sheet should be filled.
If taken into consideration,your chances of failing as a startup are minimal.