You are ready to start a new business, have a good business idea, a good layout plan and necessary funds to cover your initial expenses? Welcome to the club. So how do you cope in the situation where as much as 80% new businesses on the internet are doomed to fail in their first year, in the climate where competition is tough and unforgivable, where rules of the game change every minute of every day?
Do not get overwhelmed, keep your head up and your tie straighten. There is nothing more demotivating than to go down with the negative flow of all the things that can go wrong with your business. And it is not helpful at all. On the other hand, do not get overwhelmed by the potential of success, dreaming of your first million is nice and dandy but it does not help if you are going to day dream the monies all day and do no work at all.
Keep it in the middle, you have your goal and aim for middle to long term plan, play on the future do not get stuck in the moment. A startup company does not need to be profitable at its inception, it does help but it is not a must. Your business can have calculated loss for as long as you can plan to turn profit in the future. Because you need to plan for middle or long term, there is nothing wrong to be in red for months or years while you are polishing and improving your end product. I wont talk about your end product here, it can be anything you have set your mind on. It can be simple blog, it can be cold fusion – it does not matter. What does matter is that you keep you goals in line, adjust your aim accordingly and do lot of work. And I mean lot of work. Be prepared to work weekends, holidays, to be apart from your family, to have midnight snack while calculating last week sale numbers.
The most important thing in your startup business is patience. You will have to have lot of it. For your customers, for your co-workers, for your family due to your prolonged work hours. Without the patience you will have a hard time coping with all the obstacles your business will put in front of you. And you will lose the motivation and enthusiasm along the way. In that phase the end of your business adventure is near. Do not let yourself down. Trust your insight and most important believe in your own idea. Believe in your success.
Cherish the early positive feedback, early positive results. You can even note “my first sale”, “my first customer” – to have something you can awe once you are in a bad place. Get to know your customers, be polite and friendly. Do not get the hunger for profit guide you, let your entrepreneur spirit guide you. Be helpful and forthcoming. Even if you get a mouthful, be polite, do not argue. Do not get the bad out from you. If you must get yourself punching bag, or go running, swimming – get rid of the negative energy, do not “invest” her in your business, your brain child.
And the day will come. You will start getting good results, profitable results for days, weeks, months then years. DO NOT STOP NOW! This is important, you need to keep going doing what you do, even for profitable company bad times will sure come and pass. Business is an entity, your business is your avatar in this second life together with other entities out there. The time will come where you can just retire and let someone else run it, but until then you need to cherish the thought of how many hours of work, how many sleepless nights how many love and tenderness you have invested in your business. And do not forget, the ones down can rise up as the ones up there can fall down as well.