6 Golden Rules To Start a Profitable Business in 2020
Starting your own profitable business in 2020 can change your life forever. It can free you from a dull and unsatisfactory job and give you the flexibility to work from home, an office, or a co-working space.
Being an entrepreneur allows you to set your schedule, choose your staff, and achieve the career of your dreams. If you do it right, this also means earning more money and having fun at the same time. But starting a profitable business is not an easy task. It takes courage, energy, and determination.
Be honest with yourself: Do you have the courage to overcome endless obstacles? Do you have the energy to persevere in both good and bad times? Do you have the determination to continue in the long term? If so, then get ready to start the adventure of your life, in which you will learn to take advantage of the internal resources that you did not know you had, you will get a feeling of fullness and satisfaction like never before, and best of all, once you become an entrepreneur, you’ll never have to work for another person.
So what does it take to start a profitable business? The next six steps are based on my own experience as an entrepreneur, as well as the work I have done to help others start and grow their businesses.
If you follow these steps, you can make your business trip a truly satisfying experience.
1. Commit to a profitable business
People who create successful companies do it one by one. It would help if you were committed to your great idea because the entrepreneurial spirit has nothing to do with the latest fashion, but to commit to something that will absorb much of your time, and possibly money.
So choose your business wisely and make a plan to devote full time to progress.
2. Meet the industry
I am one of those who believe that the experience is obtained by working for someone else. Therefore, if you want to open a restaurant, be sure to work in one before undertaking; Just like if you’re going to start a marketing company, you need experience in that industry.
But you also have to dig deep and investigate the sector in which your business is developed. And doing it today is easier than ever because you can learn a lot online through industry-related pages, blogs, ebooks, and even your competitors’ websites.
Be sure to join and participate in LinkedIn, Facebook, or other social media groups to stay informed.
3. Join the right organizations
To achieve success, you must join professional organizations in your field or organizations that support entrepreneurs and startups through the creation of educational networks and programs. Also, don’t forget to attend conferences and seminars.
There are dozens of options, and this can be very overwhelming, so I advise you to know how to choose. To do this, do some research and join the two or three organizations that you think are the best options for you.
Remember that by attending informative conferences and workshops, you can make contacts and meet people who can help you on your profitable business trip.
How to start a profitable business in 2020 and achieve success?
4. Create a profitable business plan
Most likely, you will use your funds, credit cards, or borrow money from family or friends to launch your business. Unless you are looking to access venture capital or find an angel investor, it is probably not necessary to develop an in-depth business plan to start your business; However, you do need a business blueprint.
This is a three or four-page document that serves as a personal guide to guide you in the future. As a suggestion, you can include these factors:
- A clear description of what the company does and who it serves.
- A description of how the daily tasks in the company will be executed.
- A list of your responsibilities.
- A list of the tasks you are going to do and also the other people involved.
- An estimate of what the company’s management would cost for the first year.
- An estimate of expenses and how they will be covered, either through sales or some other source of income.
5. You can’t do it alone, create a team
One of the biggest myths about how to start a business is to think that the person should do it alone. The truth is that you cannot create a large company without help. Therefore, in your business plan, there should be consistency between the work of three teams: professional advisors, an informal “board of directors”, and your staff.
Professional advisors are the people who will help you in the basics to start a business, such as what type of insurance coverage you get or if you must work in an office, at home, in an incubator, and so on.
These professionals include an accountant, an insurance agent, a lawyer, and possibly a real estate broker. Be sure to receive recommendations from other small business owners before hiring any expert.
An informal board of directors is a group of unpaid advisors – often made up of colleagues involved in the business area or acquaintances with experience – that will help you make the right decisions.
Do not be ashamed to ask for advice, as you will be surprised how many people are willing to help you if you ask. “Try to meet with this group at least four times a year.”
Finally, your staff is the team that will work with you daily to help you build the business. If you are not ready to hire full-time employees, consider looking for college students as interns or part-time employees.
Do not make the mistake of trying to do all the work yourself; on the contrary, focus on the activities that will generate more performance. Your business will grow much faster if you learn to delegate.
6. Take care and be curious
“Take a break” has become a mantra for me. It is essential to take time away from work.
Be sure to socialize with your family, your friends, and have vacations, since it is impossible to make wise decisions when you are being consumed by your work. Leaving you will help you see your business more transparently and will make you have a more exciting and fun life.
Starting a business is an adventure, don’t let it become a monotony.
With information from the Entrepreneur.com site. First published in 1977, Entrepreneur is an American magazine and website with news about entrepreneurship, small business management, and business. Keep up to date with the latest news from Entrepreneur.com through your favorite Facebook or Twitter platform.