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    1. wholesaleinsight's Avatar
      wholesaleinsight is offline

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      #1

      Tips for your New Startup

      Even though your startup may not be the next Google, it could still acquire a significant amount of success. Unfortunately, the amount of startups that actually turn a healthy profit are nominal.

      Here are some important tips to keep your head above water and overcome adversity.

      Bill your clients
      You shouldnít get used to the idea of always leaning on your investors for capital, charge clients for the services you offer and bring in your own money. I know itís a bad habit for people to expect things to come free or cheap and itís nearly impossible to make them pay, just think about old media outlets that are having a hard time with paywall business models. If you have the ability to entice your demographic, do it, but make sure your profits come from billing your clients.

      Know the community
      Study your competitors and make sure you have some pull in a city where you established your business. Above all, see if there is a market for your business or if that cityís market is flooded.

      Be meticulous about potential hires
      Take your time when it comes to hiring new people. Do they share your enthusiasm? Are they happy with their pay or will they grow tired of it? How well do they perform on a team? Are they motivated? I know itís easy to get all hyped up about launching your business but hiring the right people is critical to your long-term success.

      Remain polyamorous
      When you put in your own time and energy into your business, you do it with this belief of how things would turn out but there are times when you have to forget about your original plans. The greatest startups are the ones that endure, the ones who accept change for the better.

      Track expenses
      Never empty out your bank account primping your office space, ordering exotic business cards and other forms of ancient advertising. After youíve launched, cut expenses in any way possible. There will be plenty of time to spoil yourself, your business, and your people when things start picking up.

      Keep it niche, not uber niche
      Stay away from really niche markets, yeah there are some companies that have struck gold but most are failures from the start. And these super niche markets are more competitive than the rest.

      Manage risk
      The little guys donít beat the big guys that often, instead of facing them head on, take on the risks they as big guys will not even think about.

      Trust your business partner
      A lot of entrepreneurs favor going solo, if you take this path be ready to sacrifice a lot. If you decide to partner up with a likeminded individual, represent and trust each other. Trusting relationships are the ones that make companies grow but constant arguments and fistfights over every decision will destroy the best of the best.

      Watch your debt
      Acquiring more debt to keep your business running is risky because you donít really have anything to base your revenues. Even though you might have a working model in place, remaining cautious over expenses and possible failures but sometimes businesses that appear successful, fail. Watch out when it comes to leveraging, thereís more than enough at risk.

      Know your limits
      New companies have the desire to do as much as they can before they even have a market presence. Maybe they do it to impress investors but donít fall into the promise trap. Be ready for changes but keep your eye on the prize instead of jumping on every opportunity that has a pretty face.
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    2. House is offline

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      #2
      Well said.

      I'll be taking all that on board as I start up in the New Year.

      Bravo!
      Over 150,000 Verified Sources + Deals 95% Off MSRP + Free Website!

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