7 Tips for Business Success

Your business can still be a success if you work from home.

  Initially, if you opt to work from home business success is still within your reach.  Some people will tell you that you cant possibly build a successful business by working from home, and your customers won't take you seriously.  This is complete tripe.  If you're providing a great service or product, your customers won't give a damn where you work - they probably won't even give it a second thought.  Some hugely successful business were started from home - Google for example, so don't wait until you can afford premises.  Start working from home now, and once you become more successful, you'll be able to afford to move into an office. 

Don't waste your time trying to come up with a unique small home business idea.

Too many people waste their time trying to come up with a unique small home business idea.  You don't have to come up with the next million dollar pixel site, or invent the next big thing since the Dyson hoover.  Most successful businesses are regular businesses that offer a more superior product or service than their competitors.  Start now.  Take a product or service that you're interested in, or one that you feel is lacking in some way and start doing your research.  Google complaints and reviews on companies that offer that service or product, to discover what they're doing wrong.  Search for discussion forums on your preferred topic, whether it be travel, pet care, or flower arranging.  Browse the forums, and ask probing questions to find out what your potential customers might want.  Do it now - you will be much closer to coming up with a great small business idea than you will if you wait for inspiration to visit.

Learn from other successful entrepreneurs

Scrutinise other successful business to see what they're doing that others are not to make them more successful and make a list of all the things they do that makes them better.  It's not that difficult.  Think about your own shopping habits - why do you use company X instead of company Y?  What makes them so much better?  Read about ways that you can provide a better service to potential customers.  I highly recommend beginning with the following books:

Screw It Lets Do It

How I Raised Myself From Failure to Success in Selling

I Don't Believe in Failure

Business as Usual

Set Yourself Short Term Goals

  Every business needs long term goals.  You have to know where you're going and make a plan to get there.  The problem is, massive long term goals can sometimes be a huge demotivater for the start up business.  You need lots of mini goals to keep you motivated along the way.  For example, if you're just starting out - you could set yourself a three week goal of getting your first five customers.  If you want to build an online business, you could set yourself a goal of having your website up and running within 2 weeks.  Set yourself a goal now - give yourself a deadline and make sure you meet it.

Find Innovative Ways to Raise Cash for Your Start Up

One of the biggest obstacles to getting a business off the ground is raising the money to start up.  If you have no business track record, it's unlikely that investors will be beating down your door, so you'll probably need to find the money yourself.  First, make a list of everything you'll need, and also allow at least one years living expenses if you're starting out full time.  Add up your total, then ruthlessly scrutinise each item on your list to work out how you can make savings.  If you need a business premises could you negotiate free rent for the first few months?  If you need a website designer, could you build your own for a fraction of the cost?  If you need stationery designed could you arrange to trade the services you provide, with the services of a designer.

Next, think about ways you could find the money you need.  Do you have equity in your house?  If so, could you remortgage it?  Do you have things you could sell? Many people have a heap of stuff in their homes that they don't really need.  Go through everything and sell anythig you don't use, or don't need on ebay.  Is your credit good enough to get an interest free or low interest credit card?  Is so, consider using that to fund your new venture.

If you've tried all that and still don't have the cash, look through your personal spending habits, and work out how much cash you could save within six months by cutting back just a little.  For example, if you spend $4 a day on lunch at work, you could save $730 in six months just by taking a packed lunch.  If you spend £100 a week on eating out, cut back to fortnightly meals out and you'll save £1200 in six months.

If you don't want to wait that long to get your business off the ground, you could always start up part time.

Consider Starting Up Part Time

If you simply can't raise the cash to start up your business, and it would take you aons to save one years of living expenses, consider starting your business part-time.  Any business that doesn't require your full time presence can be started whilst you're still working.  It may tough coming home from a hard day at work and putting in an additional 4 or 5 hours when you get home, but if you were starting out full time, you'd be putting in crazy hours anyway.  Plus it gives you a chance to test the water, and discover whether running a business is right for you and you'll still have the security of your regular job.