Starting a new business is tough. Wrong! Starting a new business is super easy if you know what you are passionate about. You will hear a lot of whisper about why you should not start a business that involves your passion. However, we think, if you are good at something and like doing it, you might as well make some money from it. So here we are, talking about how to make some money from a business.
What can you do?
From home cleaning services and jewelry making to expert witness services and home energy auditing; you can let your imagination run wild if you have the marketing streak. Today, business is more about marketing. Therefore, before you go ahead and invest a load of money on the infrastructure and resources, sit and think about your marketing channels.
Unlike yesterday, marketing channels mostly involve social media. If you cannot handle the load of social media and social networking, you had better get someone who can help you out in that department. Land based advertising can take a backseat if you are planning on starting an online enterprise or an app based service.
The motivation you need
If you are skeptic about fairy tale success stories, here is a real life one for you! Peter Dering owns the $14 million company Peak Design. He designed it from scratch with $25000 from his own savings and now owns 100% of the business, with ZERO DEBT. His only secret – he never trusted venture capital to make it big in the business world. “It is not bad,” he says, “but equity investors are a better match for start-ups.”
The secret to success is a simple one
Staying out of debt is a huge pro for most new businesses. We have seen over 72% of the startups collapse from debt in their first year. About 80% of the remaining ones collapse within the third year of running due to excessive debt. Debt management is not a unique skill or a talent. It is the responsibility of a business owner to face the debt his company is in. Recognizing the need to pay off investors is the first step towards getting out of debt. Debt settlement is a feasible process. However, you need expert counsel to make sure that any repayment term extension does not reflect on your credit score.
Business of the future
According to Mark Cuban, “The first Trillionaire of the world will be someone, who understands and masters all form of AI.” It is true, 2017 is the year Google launched Rank Brain. We are hearing hot gossips of AI trying to create their own communications network. Therefore, indeed, if you want to be a businessman of the future, not only will you have to master the finances of today, you will have to learn the technologies of tomorrow. A successful business will be the marriage of smart decision making with learning the latest technology. Getting the right loans from the right sources at the right times is the other secret of a startup that becomes successful in the long run.