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Thread: Your best tip for starting a business

  1. #11
    Diamond Member Justloadit's Avatar
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    Also, ensure you have sufficient capital to carry you for at least one year. My experience has been that the first year you do make sufficient income to support you and your family expenses.

    If the spouse is working - even better, as this does relieve the stress of no money. Remember that over 90% of business fail in the first year or two, mainly due to financial issues.

    My moto has also been that I do not take an order on whcih I can not afford. In other words, if I do not have the capital to finance the order, I try and avoid it. The reason, is that all you need is the debtor to default in his payment, whether it being late due to non performance, or just because they are a larger organization they can string you along, or even the debtor disappears, you need to now service the cost of that order
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
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    Junior Member Raymond Smit's Avatar
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    Realise that the only way to grow or get business is through marketing. Bottom line:

    >Get off your but and start marketing consistently day in and day out

  3. Thanks given for this post:

    Lindley (22-Jul-21)

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    Diamond Member Blurock's Avatar
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    Quote Originally Posted by Justloadit View Post
    My motto has also been that I do not take an order on whcih I can not afford. In other words, if I do not have the capital to finance the order, I try and avoid it. The reason, is that all you need is the debtor to default in his payment, whether it being late due to non performance, or just because they are a larger organization they can string you along, or even the debtor disappears, you need to now service the cost of that order
    Very valid comment. Overtrading is a big risk. If you link this to credit risk you have a recipe for disaster. Many good businesses have gone down due to bad debt.
    Excellence is not a skill; its an attitude...

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    1. Be prepared to change your idea. Be malleable.
    2. Always consider the scalability of your idea. Where is the ceiling. Opening a restaurant and slogging it out as a hands-on owner is not as profitable as creating a potential chain of fried chicken restaurants.
    3. Consider your "why". Why are you doing what you do? Why will people buy your product? Why are you different?
    4. Get ready to fail. See step 1.
    5. Know when to quite. See step 4, then step 1.

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    Diamond Member adrianh's Avatar
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    General business tips.

    1. Be calm, respond to questions in a civil manner.
    2. Do not take offense to questions.
    3. Do not attack possible customers.
    4. Be careful of social media - the statements you make live forever!
    5. Don't be insecure!
    “Why, sometimes I've believed as many as six impossible things before breakfast.”
    ― Lewis Carroll, Alice in Wonderland

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    Keep a clear goal and choose the best path to reach it. Peppers and chocolates are part of the business journey, so enjoy them with a balanced mind.

  8. #17
    Diamond Member Blurock's Avatar
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    Many people start a business for the wrong reasons.
    Do you want to go on your own just because you do not like your boss or current job? NO
    Do you want to make more money? NO

    Starting a business requires a mindset that is much different from working for a salary or status or that CEO position.
    As stated in the comments herewith, it may not be an easy ride and it takes hard work and perseverance to get a business off the ground.

    Just when you think that you are well established and your mobile take-away is doing well, a MacDonalds or another francise will open across the street from you.
    Just when your sales start booming, you are hit by a recession, or a strike or natural disaster hit your supply lines.

    If you have a passion for your product or service and are prepared to sacrifice much of your current comforts, if there is a good opportunity where you can make an impact, then go for it! Just remember that the purpose of any business is to create a customer.
    Customers are the ones who buy your product and bring in the money. Treat them well. Be passionate about service to them.
    (the same goes for your suppliers)
    Excellence is not a skill; its an attitude...

  9. #18
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    Take small steps at a time and plan before you do. Rather than rushing towards making money, every business should have a concrete plan and a goal for the future. Without having a road-map and consistent efforts, it’s hard for a business to survive and grow. Plans and goals are like fuel that runs a business without halt.

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