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Starting a new business is easy and it doesn’t require a lot of money, and that’s why everyone can do it. Making a startup profitable is entirely different. It requires hard work, patience, and careful money management.

To put it simply – Business profits will occur only when the income is greater than all business expenses combined.

Let’s take a look at some important things you should consider before starting your own business.

Make a Great Product

The most important thing about any great product is to have a clearly defined sense of purpose. It should also deliver value in a focused way as well or better than any other similar product on the market.

Do your research before making a product. Inform yourself about potential clients and consult with them. For example, if you’re looking to make an app focused on fitness, ask fitness experts what useful feature they would like to see implemented in your app.

Make a must-have product, not the one that’s just nice and cool to have. The true key to success is making a product that will solve your customer’s problems once and for all. Make your client dependent on your product.

Sell Your Product

Some startups fail simply because they don’t take themselves seriously. Startup founders who think that going viral and being popular is being successful are lying to themselves. If you’re not selling anything that means you have a project and not a product.

Unless you’re starting your business with a lot of money, focus on making profits first. Targeting growth first instead of profits is very risky, and it’s not recommended for new startups.

Avoid Making Products That Rely on the Community to Grow

If your product is dependent on something that you can’t control, you’re setting yourself up for a disaster. Building a community is hard, but building a community of people who constantly communicate is even harder. If you’re inexperienced, and you’re just starting to dip your toes into the business waters, stay far away from community-based startups.

Don’t Plan an Exit Strategy

If you’re already thinking about getting acquired or about selling your startup for a lot of money, you need to stop right now. The key to success is making a product and selling it, and that should be your focus. Make a product that will still be relevant in two or more years. Make a profit from selling your product before even thinking about selling your company.

Minimize Losses

No one likes to lose money, but it’s a well-recognized fact that a new business will certainly lose money. There’s no reason to be ashamed of that fact. Some businesses simply have longer gestation periods, and if you can see the light at the end of the tunnel, losing money is not a problem. However, that doesn’t mean that you should sit around and just watch your money burn.

Most startups hire consultants and companies that offer loss management services, and they actually save money by spending it on detecting and preventing any possible future losses.

Market Your Product

You won’t sell your product if you don’t put yourself out there. Fortunately, in this age, information is free and valuable. Learn everything about marketing strategies and pick the one which will make your potential customers trust you.

In this day and age, you simply have to use social media to market your product, so make a team of experts to manage your social media pages. Gain the trust and attention of your potential customers.

If your product is digital, offer free trials to everyone in exchange for a simple share of your post on Facebook or Instagram. By doing that you’ll get free exposure and gain lots of potential customers.

There’s no such thing as a simple recipe for a startup. Every new business is different. Just keep in mind that Rome wasn’t built in a day. Take things slowly, minimize your losses, and make a product that will make your customer’s life easier.

   

Expanding from a physical location to an online presence has never been easier. It is truly a globalized era. Those looking to start a business from scratch, depending on the model, will most likely consider operating fully on the internet. The cost difference between a brick and mortar store and a website really makes the decision rather simple. Web hosting and domains have advanced a lot over the years with costs being very reasonable. With jobs and the economy up in the air, starting your own online business can be a feasible means of making ends meet.

Let’s take a […] Continue Reading…

   

Devising a marketing strategy is probably the most important part of a business plan, for all industries and the businesses of all sizes. Small and entrepreneurs that are still relatively unknown should take marketing particularly seriously because reputation is hard to establish and invaluable if done right. Before creating a marketing strategy, businesses should honestly evaluate their strengths and weaknesses and most importantly understand the audience they are trying to reach.

Technology plays a huge role in this process and it will continue to do so in the future, but the essence of every campaign should be something timeless and […] Continue Reading…

   

Transportation is the key part of distributing goods to your clients, but knowing how to choose your perfect mode of transport will help you make sure that your products arrive on time and at the right cost. There are three possible choices: shipping by land, sea, or air, and your decision will depend on a thorough evaluation of business needs, as well as comparing the benefits of each shipping method.
Shipping by Air
When it comes to time efficiency, nothing beats shipping by air, but this isn’t the only benefit here. Lower insurance, inexpensive warehousing and tight inventory control are the […] Continue Reading…

   

Business presentations are a very important and frequent part of doing business. A lot of the times, sales depend on a successful presentation. However, more often than not, they are maligned as boring. But that doesn’t have to be true: you can make your presentation informative and interesting for your audience. It’s not simple – people are easily distracted, but it’s possible not to bore your listeners to death.

Here are a few rules to follow for a good presentation.
Keep it Concise
There’s nothing worse than a long ramble with a lot of extraneous information. Stick to your key points, […] Continue Reading…

   

Designing an office is more than just a question of aesthetics. The way an office is set up can significantly influence the mood and the productivity of those who occupy it. There are some universal rules to follow for all employees and all industries, but at some point, it’s best to consult with the employees personally and find what works on an individual level. The goal isn’t just to have an environment in which everyone works harder, but the one where everyone is comfortable and able to cooperate without too much friction.
The Colors
Wall and furniture color can have an […] Continue Reading…

   

The only thing in life that never changes is the fact that things change. Whether you’re older now and your kids are gone, or the sheer expense of owning a home is starting to feel unreasonable, downsizing from a house into an apartment might well number among the changes you’ll experience. If you’re thinking about downsizing, here are some things to look for when you go from owning to renting.
No Maintenance Required
One of the most favorable aspects of renting for most people is the freedom from the burden of maintenance. When you rent, if the plumbing backs up, you […] Continue Reading…

   

Owning equipment is by far the most convenient way to use it – it’s yours, for better or for worse. On the other hand, while owning desks and computers for your business goes without saying, buying everything sometimes isn’t the best solution. Even if you opt for buying used equipment, your finances will likely be in worse shape (even in the long term, depending on your business type) than renting what you need.

Advantages of renting equipment are numerous, so let’s take a look at some of the main benefits.
Renting is Cost-Effective
Despite what many think, ownership doesn’t always beat renting […] Continue Reading…

   

Want to quit your job and start something new on your own? Looking for start-up ideas to consider?

Let’s take a look at 4 potential businesses that are worth considering.
Writing/Editing
This kind of work requires verbosity, language skills, and certain computer skills (which most of millennials already have). It offers a wide range of jobs, such as content and SEO writing, proofreading, ghostwriting, and web page writing.

This type of work is usually freelance based, meaning you could be lounging in bed and getting paid for it. If you’re well experienced and good at what you do, companies may offer you a […] Continue Reading…

   

Working in a big and successful company makes you always strive for more, so you ask for a well-deserved raise, wish to bring in more clients and try to be the best employee you can. However, sometimes this just isn’t enough for you and your peers, so you decide to do something even bigger. A management buyout, for example, is quite common nowadays and it involves a group of managers who decide to purchase the business of the company that currently employs them. Thus they become owners, which is always good.

If you’re interested in making such a change, […] Continue Reading…