All too often, I have seen creative people with promising ideas start businesses on the wrong track, ultimately resulting in wasted time, money and failure. By definition, entrepreneurs are optimistic risk takers who, to a point, believe that they will overcome any obstacles they may face as business owners. This is actually a characteristic essential for real success, but most new business owners can ill afford to many missteps, especially the ones that could have been anticipated and avoided. The reality is that a business starts as soon as the idea emerges, not when a bank account is opened or a web site launched. This article could appropriately be titled "The 5 Most Important Things You Should Consider Before Spending Any Money On Your New Business." If these five respected areas are made clear and taken into account, any potential business-owner could easily save capital, save time and put themselves in a better position to succeed.
1: The Master Mind Concept - When two or more individuals join in the pursuit of a common goal, a "Master Mind" is created - a totally separate and distinct entity that occurs as a result of collaborative thinking; some call it synergy, others collaboration. What I have learned is that if used correctly, it can be the most powerful resource that you will ever be able to tap into.
2: Focus - The starting point for success is focus. The main reason that businesses fail is not due to a lack of capital, but from a lack of focus. When an individual has an idea, with a motive for profit, a business is born. Micro Businesses, with no structure to begin with can, easily become separated from their original idea. The entrepreneur that can stay focused on the original idea, that contrived the business, has the highest chance of succeeding.
3: Structure - The absence of structure in a business is the chief cause of a lack of focus. The first step in creating structure is realizing that no successful business owner does everything themselves. People that need to be "in control" of everything are actually losing control of their business. There are three core segments to every business: marketing, operations and administration. The three must, at all times, equate to one another. If you have created a "Master Mind" and realize that you cannot and should not do everything yourself, you are on your way to creating structure.
4: Payroll & Sales Tax Compliance Issues - In today's business environment, the need to raise revenue without raising taxes is a complicated balancing act. Federal, state and local governments have been increasing enforcement activities to generate cash flow. Unfortunately, this approach comes at a great expense for the new business owner who is not armed with the right information. My years of experience have shown me that these issues are significant enough to resurface years later and put your business in jeopardy. You do not need to be an expert in law, but you do need to understand how the law will effect your business and what the cost of compliance will be; ignorance of these laws and regulations will not save you. The major issues right now are unfilled and/or late payroll tax returns, independent contractor (sub-contractor) vs. employee issues, backup withholding and sales tax compliance and collection.
5: Principles vs. Tasks - Principle-based management will set you on a path of true success. When you operate your business on a firm set of principles, no matter what happens in the marketplace, your principles will carry you through. Principles set the stage, while tasks encompass the details of day to day operations. Tasks are important, but they should not drive your business; task masters make good managers, but poor business owners. Leaders of business follow their principles in making the tough decisions. Your principles must be set from your own beliefs, otherwise they will not carry you through the tough times. Some principles I follow are: take money out of the equation, be a teacher and create a franchise business model. When a situation arises that I am sure about, I do two things: consult my "Master Mind" and follow my principles.
Put yourself in a position to succeed; focusing on what you do best is the first key to success. Knowing that you cannot, and should not be the center of all trades will help you to start building structure.The concept of the "Master Mind" will attract like-minded people who will help you propel your business to new heights. Remember that success is the result of hard work, but hard work alone will not bring success.
MICRO BUSINESS SUCCESS CENTERS is the premier Micro Business success solution in the world. Micro Business owners are being transformed into "THE PRESIDENTS OF THEIR COMPANIES" by incorporating our philosophy and utilizing our services to their fullest advantage. Perishable businesses are becoming valuable, sellable assets that can outlive their owners. Using current technology, we work as a cohesive team with you to reorganize and create an infrastructure for your business. We get you out of the office and off the phone so that you can do what you do best.
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