Wednesday, September 12, 2012

Starting a Serious Business

Turning Failure into Success

Did you know that 85% of small business businesses fail in their first year and the two main reasons are lack of experience and insufficient capital. If you have considered starting your own business you will no doubt have searched online and come across many thousand of opportunities. some are good, some are bad and others just rip offs to get you money. So how do you choose, well look at the main causes of failure.

What kind of experience do you have that can build a business, if you are a salesperson them maybe select something in sales and marketing, or maybe you have a talent that can be turned into a business, you can make or sell online. You could consider an MLM but you need to research them thoroughly and they can be quite restrictive in what you do.

Next how much money do you have to invest and this is in my opinion where many fail. Every business needs money to start off, so take off your list all the so called opportunities that are on offer for free. The other fact is that the more money you lay out to start of the more you will be committed to make your business work. Most people can spend $50-100 and not even miss it so they are not bothered about success or failure. At the other end a franchise business will cost you hundreds of thousands of dollars and you will work hard to get a return on your investment over a number of years until you are in profit.

Now times are hard at the moment and I would suggest you choose a conservative mode. If you are serious you need to raise around $5,000 to building your business. You can build success, it is money you cannot afford to lose, so your are more likely to take your business seriously and do what ever it is you need to do to be successful. You probably do not want to commit the full amount initially but hold some back to cover contingencies.

Getting started is always difficult, it part of the challenge of living, you need to remain focussed on you goals and as you start earning money feed some back to continue growing your business. It also helps to mix with other successful people, for some reason some of their success rubs off on you.

David Ogden
Ed Mercers 100 Millionaires Challenge