Last week we touched on 5 of the 15 truths to starting a business in part 1. This week we are going to focus on truths 6 -10.
6. There will be alot of businesses that offer the same services as you. – Creating a unique business will be difficult because you will find that there are many businesses that offer the same thing. Don’t despair, the uniqueness is not necessarily in the service but in its delivery and benefits. You can have the same service as the next but how you present value to your customer will make the difference.
7. You can be subject to impulse buying. – When you start a business, you may find yourself buying things you may not necessarily need at the time. For example, if you are starting a cleaning company, you have the basics but then you buy additional expensive commercial equipment that you can’t afford because you feel it looks more professional. You can buy these things, but give yourself time to develop you company and profits then upgrade.
8. Customers will try to play on your intelligence. – Yes… yes… yes, the sad truth. No matter if you know them or not, you will have someone try to get over and not pay what you are asking and still expect the service or product regardless. With this if you have shown value and the customer still doesn’t want to pay, you have to stick to your guns and walk away if necessary. You have needs to take care of and you don’t have time to have someone play with your money.
9. You can’t do it all by yourself. – You have to learn how to delegate by outsourcing some services to others. For example, while you are building your company, you may hire a accountant to keep track of your expenses or if that is too much, buy QuickBooks. Anything that will ease your mind and empty your plate will help.
10. Getting a business loan is not that easy. – There are a lot of factors in owning a business, not only do you have to grow your business but you also have to have a plan and take time out to build relationships with your banker. This can be done by meeting with the Bank Manager and utilizing different services.
These are truths 6 – 10, join me next time to go over 11 through 15. Thank you for reading, please comment below to share your thoughts on this blog post. See you next time!