Establishing one’s own business is an extremely rewarding experience, especially if it is the first one. Everyone starts from somewhere, including businesspeople. Fred Glynn mentions that it is at the start of a business that an entrepreneur must put in maximum effort and hard work, as the foundation of their venture would considerably impact its future success. Fred has more than 15 years of experience in managing businesses, as well as conducting sales with a mortgage, banking, and insurance companies. He in fact has built two profitable businesses from the ground up.
The first-time entrepreneur can be exciting and liberating, as well as challenging and nerve-wracking in equal parts. Fred Glynn points out that no matter the challenges they face, one must give their 100% to make their business a success. Establishing a business involves taking care of numbers staffing, marketing, legal, financial and customer care issues, which one must properly pay heed to. Rome wasn’t built in a day, and similarly, a business has low chances of turning out to be a great success in just a week or so. People must put in consistent hard work in building their business, to help it grow and follow the path of success.
Here are a few points underlined by Fred Glynn that can come as a huge help for first-time entrepreneurs:
- Follow the passion: The best way to keep oneself to stay motivated through the numerous ups and downs of a business is to be engaged in something that one actually likes. Venturing into any business because it seems profitable without having proper knowledge of its prospects or any actual inclination for the industry can be an extremely bad idea. With time people may end up losing their interest in the business if they are actually not passionate about it, thereby resulting in a failed venture.
- Develop a business plan: A business plan basically is a blueprint for making a venture successful. It would lay down the business concept the entrepreneurs might have, underline how their company fits into the marketplace, and highlight the details of the finances. Having a business plan is especially important if one needs to take up a bank loan or have to attract investors. Any party funding a business would like to take a look at its strategies and plans, to determine its chances of success.
- Constantly monitor finances: Entrepreneurs must be well-versed with their expenses, income and balance sheet. There have been several instances where startups ended up failing as their entrepreneurs were not able to adjust spending, and ultimately ran out of cash. Maintaining a low overhead is important for entrepreneurs. They should be as frugal as possible with expenses, and avoid unnecessary expenses at all times. At least for the first few months of establishing a business, one must get into a habit of operating on a shoestring budget until a good sum of revenues starts to flow in.
No matter the type of business they end up establishing, the pointers mentioned above can be helpful for all entrepreneurs.