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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

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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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