Do You Have What it Takes to Open a Successful Business?

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Every aspiring entrepreneur asks the same question: What does it take to succeed? Those who have already achieved success will give you several different answers because it takes a myriad of things. Does your business have the chops to make it onto a Forbes list or get listed on the stock exchanges?

Be Realistic

No business will succeed if the owner isn’t realistic. According to USA Today, the first thing you should do before opening a business is to get a good idea of what you’re getting into before you even begin. This isn’t something to take lightly. You will be involved in everything all the time. Until you are established and have a staff underneath you to which you feel you can delegate responsibilities, you will likely work around the clock and must always be on call. Are you ready for that type of commitment?

Statistics show that 50 percent of new businesses close within the first five years of operation, so you have to be ready to give up your life for that first five years. Don’t assume you’ll be home free once you make it big. After all, look at Facebook. The company took off like a shot and has achieved unbelievable growth and success. It’s also facing its toughest controversy yet, and it may not survive the 2016 presidential election data breach scandal that came to the forefront of the news earlier this year.

While some might state that argument doesn’t hold weight – Facebook has been around much longer than five years – it’s a good example of unexpected issues that can take down even the biggest companies. After you open your business, you must be dedicated to it much more than you realize, especially as you iron out the kinks over the first few years of operation. The road to get up, running, and profitable is long and bumpy, so make certain you have what it takes to four-by-four over it.

Plan Ahead

Don’t wait to recruit customers, financers, and personnel until after you open your doors, plan ahead and start marketing your business now. If you think about it, particularly from the customer standpoint, this makes sense. Conduct expansive market research to ensure your product or service has an audience and then reach out to that audience now rather than later. This is your first step because you can be certain you’ll have a customer base upon opening and you can lure in investors, too.

Investors will be impressed to see that you already have a demand for your product or service. This assures them that if they put their money into your company, it already stands a chance for success and profitability. The more profits you can project realistically on your business financials, the more people will be inclined to help you open your doors. One thing all investors are looking for, including banks and angels, is proof that your business has the ability to turn a profit quickly upon opening.

Finally, look into what staff you will need at the get-go and what staff you are projected to need in the future, and then go out and look for the best people. Even successful businesspersons, such as real estate magnate Peter Foyo, didn’t get where they are without the best employees. To begin, you might only need one or two people, so pick people you trust and who share the same vision and passion for what you do. They’ll be the ones who most likely help you grow.

If you are realistic at all times, even in the idea phase, and if you surround yourself with people invested literally and figuratively in your business, you just might have what it takes to succeed. Stay on top of your business once it opens, and always be ready to make changes where necessary.

  

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