Recipe For Starting Up A Successful Business
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•Effective money management. This is
essential for anyone who wants to
ensure that their business idea has
longevity in the market
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•You need to know
where your money
is going and how
every dollar is
spent.
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•By gaining a sense of your
measurables and distributables…
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•you will understand
the process of
business growth
much more
effectively
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•Always have a stash of risk capital
when you are starting your business
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•just in case an
unforeseen comes
along or something
happens that causes
you to overhaul your
business plan
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•Never be stuck without a dime because
you need to be able to pump in money as
and when needed.
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•Also, have a system
of accounting for the
money that you are
spending, and you
need to track every
dollar down.
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•Measure effective spending versus
liabilities in your corporate strategy and
balance that with your projections
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•With this, you will
be able to fill in
some of the blanks in
your business plan
and ensure that
nothing surprises
you
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•Also, have a good business plan that
projects for at least 3 – 5 years and
make sure that you stick to it.
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•A good business
plan requires a
careful amount of
thought and
planning, right down
to the wire.
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•Calculate prices versus expenditure,
profits versus revenue and how long it
should be taking for you to start to
recover your cost
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•and pay back
any investors you
might be having.
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• In the end of the day, success of any
plan requires careful diligence
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•It is just like
investing on the
stock market.
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•You would not allow the market to
simply run its rounds without you
carefully monitoring it on a daily basis
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•Same for your
business. Never it
run out of hand
and in this case,
knowledge really is
power.
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•Also, cutting costs whenever possible is
an excellent way for anyone to ensure
that their business has the longevity
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• to stay in the
market and watch
itself flourish
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•One of the best ways to do so is to
hire the services of a virtual office.
Why?
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•Business spend 5
figure sums on their
physical offices and
if you are
established, its ok.
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•But is you are starting up, then that is
not the sort of capital you need to be
spending on something as
inconsequential as rent.
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•Starting a business
means you need to
feel out the market
and your strategies
and
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•whether you have the right equation
for a resounding success. You need a
test bed option and one that is low cost
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•The good thing
about a virtual
office is that it
gives you a
premium office
address
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•and all the requirements for a
basic office
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•Some are more
advanced than
others and are
customisable to the
type of business
that you are
conducting
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•The costs that you can save are
tremendous
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•in the end of it
all, the more
money you have in
the bank, the
better your odds
are
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•at either prolonging your strategy or
making a new one.