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5 Tips for Starting Your Own Business

The economy is bad, there is insecurity all around and you think it’s time to take matters into your own hands. Starting a small business is a risky step, but it can also pay off big. Starting a small business is about gaining independence and getting rid of that pesky job search process. There are, however, a few tips that you might want to keep in mind before diving into that pool:

1) Do what you love – Starting a business takes a lot of time and devotion. There is no point of quitting a job you hate just to start a business that will make you feel the same discontent. When you’re doing something you love, you usually do it better too. So don’t start a business just because you think it might get you a higher income. You might soon find you’re reluctant to invest the time needed to reach that income simply because you don’t like what you’re doing.

2) Start your business while you’re still employed - a steady job equals a steady income, which is the start up funds you need for your business. No funds means no business, and there is really no need to take a second mortgage on the house and risk a lot more than you should. It also leads us perfectly to the next tip.

3) Start slowly - By starting small and taking things slowly, you’re able to control growth and focus on what’s important. A small business is also easier to manage. A lot of small business close during the first years of operations because they try to expand too fast and fail.

4) Do your research - Know what you’re getting into, know the market, know the products, know your competitors. Write a business plan, outline goals, create boundaries, pave the way first before you start walking. It’s part of being professional. If you’re not professional - you won’t make it past the first year. And like I wrote earlier, starting a business is like a first diving into a pool: it’s always a good idea to check that the pool isn’t empty.

5) Don’t do it alone and don’t be afraid to ask for help - Everybody needs support, a second opinion, another set of eyes. It can be a friend, a relative or even preferably a mentor. Having a companion on a trip is invaluable. Furthermore, if there is any opportunity to get professional guidance - do it. You might think you’re an expert after doing all the research but you’re not. There is always more to learn, more room to grow and the sooner you understand it - the better.

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