Starting a New Business 101

So you have an idea? Will it be one that makes you a fortune and makes you very successful? That would be great, but the simple and honest truth is that most people never take the first step. They sit around and wonder what life could be like, but are afraid to attempt it themselves.

There are the hurdles of failure to consider. But I suggest that if you never fail at something you can never truly be great at it. If you don't understand the process of failure and how you get there, then you are doomed to make the same mistake over and over again.

So you have an idea and want to start a business, so what additional things should you consider?

Passion

So there are many things that you are interested in possibly, but what are you good at, or most importantly what do you like to do? If you enjoy what you do then you are more likely to succeed because it will not seem as hard of work when the days are long.

Look at the things you want to do in your business, try to outsource what you dislike or do not want to waste your time with such as the accounting, surveying, research, marketing, etc.
Why do you want to start a business?

If you cannot answer this question then you probably shouldn't be in business. Why? This is because you have to stay extremely motivated to keep focusing your business forward and keep it moving.

Without having motivation for getting up in the morning, even when you feel bad to push on the chances are that you may not succeed with your business goals. If you own your business then you must realize that you are a CEO, and the life of your company and service to your customers depends on your survival.

Planning for Failure?

As I have spoken in the past with multiple clients everyone has a plan for when things go right when thinking about starting their new business. You are going to have money to buy that new car, house, and the imagination goes a little wild. Most people believe that after they start their business that the money just starts pouring in. Unfortunately, that isn't always how it works most of the time, you only make what is available after all expenses, and then there is taxes on that as well.

How you deal with failure is equally important because some businesses never have a failure plan. I feel that this is more important than a plan if you succeed as it is a fact that failure happens more often.

You must learn to analyze why you failed, how you got there, and learn from it. The most important thing is that you also understand that not everyone succeeds the first time. 99% of business is all about your attitude, the first time a problem comes your way if you hide under your desk and turn out the lights then you shouldn't be in business at all. You must tackle all obstacles to succeed in business and have a plan to start fresh if you get sidetracked.

Never be afraid of failure.