February 10, 2012

How to start a new business, become successful, and make money

If businesses were easy any one will have a business. The true is that start a new business is a hard process where only few survive.

If you look around you many businesses are open every day but many also closed all day. According Money CNN in 5 years there is a 50% chance that a small business to survive.

The secret that you are not among those who fail is based on 3 aspects:

1. Education. You should be educated permanently in business. Attend conferences or seminars in your country, read, learn.

2. Planning. The famous business plan that we have stressed several times.

3. Careful cash flow. This is a vital issue, many businesses fail because had not adequate cash flow even though the business was very good.

Where to start?  As I said in another article, the passion is not everything, investigate, educate yourself, plan and watch your cash flow. Never forget that you are a winner and the success is inside you.

Photo via Sxc. You can read the article cited at Money CNN by clicking here on this link

Lease shared offices for save money when you start-ups a new business

For me one of the best advices when you are in business is that you always must care the cash flow. This advice is more true when you start-up a new business because ussually  you cannot see fresh money after several weeks or even months.

An alternative is therefore to start a new business by renting offices shared with other people with businesses like yours as the Wall Street Journal comment on its website in an interesting article:

“For entrepreneurs, it’s a cheaper and more flexible alternative to renting or buying space of their own. The 32-year-old Mr. Roediger and his partner contracted with Qwirk Columbus Corp., a recently opened co-working space in downtown Columbus, Ohio, to pay $500 a month for two desks in an office, computers with Wi-Fi, use of conference rooms, a shared printer/copy/fax machine, espresso maker and more. Mr. Roediger estimates he’s saving $300 to $400 per month on utility bills and not having to rent space he doesn’t need.”

As you can see the savings can be significant.  Maybe the hardest part is to find the perfect co-tenant.

You can read the full article from The Wall Street Journal by clicking here on this link

5 tips if you want to be successful in a new small business

Many times we hear a series of stories of people who have become millionaires overnight. In this website we have several stories of success however almost all of them there has been enough work.

At MarketWatch website I have found an interesting article with five tips for starting a successful small business.

In summary the tips are:

1. Determine if there is a real market for your business. Caution here that sometimes one is misled by the enthusiasm of the idea of your business.

2. Analyze your competition.

3. Make a business plan for 5 years. The business plan is an essential tool that never, for any reason should fail to develop.

4. Keep your accounts in order.

5. Constitutes a separate company for their personal assets of any business that involves risk.

You can read the full article at MarketWatch website from which I extracted these ideas by clicking here.