BEST ADVICE FOR SMALL BUSINESS IN 2018 – Goldman Sachs
When starting a new business, remember not to be discouraged if the business you end up with is not the one you started wanting to create. Along the way you will learn to adjust and move on to the ideas that works, leaving behind those that don’t. In the first two years of forming your new business, you will do everything, from sweeping the floors to the tax returns to turning the lights out at the end of the night.
These are the salad days, so enjoy them. This is business in its most creative and rawest form. Remember to be close to your products, your services and your clients and work hard to clarify what your business is in the first two years. You should be able to tell someone about your business in one sentence but the end of the first year or so.
Companies that do well need to have a clear sense of strategy and direction and need to be able to pull everyone forward along that same path. The path will need to become clearer in vision within the first year, so you must continue sculpting and forming your business’ direction, testing and failing but never failing to learn from the results. This will also allow you to hire for purpose and for values!…this is crucial as you will need to surround yourself with people who compliment your own skills, add skills you don’t have but need and that share your value’s and ethics.
2018 can be your FOUNDATION YEAR. It will take a year or so just to lay these foundations, so get ready for testing the ideas, thinking and creating as you go, and learning to leave behind the dead wood. Also it is really important that you can AFFORD to finance the growth stage of your business, as it will likely take a while to start making a profit. With this in mind make sure your overheads are low, do you really need an office? a company car? ask yourself will you end up spending yourself out of business before you even start? You can do tackle this by doing a few things such as:
Getting a bank Loan (not a great choice)
Saving money for a year or two BEFORE you start your new business
Keep your full time job and build your new business in your SPARE TIME
Go part time at work if you can afford to
Find someone who shares your passion and can afford to finance the first year of business
Here at Success4 we love helping new business’ create and flourish alongside our own journey so look for joint venture partners, work with those companies that have the same goals and values but most important don’t expect too much too soon. Give your business time to bare fruit and wether the storms if you can.