How not to get burned out in business

Starting your own business is a rather risky step, because in case of failure you can lose all invested funds. To avoid this, it is necessary to discard emotions and soberly, point by point, to calculate the situation.

You will need

• - business plan;

• - a pen;

• - paper;

• - calculator

Instruction manual

1

Take a pen and paper. Clearly state the goal of your business, it should be long-term and maximum. In addition, the goal should be clearly formulated - for example, to occupy a market, a specific market niche or create an autonomous business. If your goal is: “Just make money, ” and with the caveat “Let's start, but we'll see”, such a business is almost guaranteed to fail.

2

Try to make your business plan as accurate as possible. The wrong business plan is a hit of ruin and bankruptcy. The main mistake is almost always the wrong calculation of expected profits. Ask for help from experienced business analysts who, for a small fee, will calculate your business strategy and evaluate its reality with fairly high accuracy.

3

Carefully negotiate terms of cooperation with your business partners. Conclude a written contract with a clear description of who will do what and what, to be held accountable and how much to receive. The contract should take into account such questions as: "What constant amount of money will a partner receive for activities for the good of the enterprise", as well as: "What variable part will he receive from profit".

4

Improve your knowledge in the economic, legal and other fields necessary for successful business. Although no special educational rules are presented to start your own business, extra knowledge is unlikely to hinder you and make your independent business path easier. Keep in mind that some areas of business are available only with licenses, certificates and documents on the completion of any educational institutions or courses.

5

Ask yourself some important questions. Is there a need for the product that you are going to offer in the market? Are you ready to support the satisfaction of this demand? Will consumer demand for your product (service) be durable? Do you like the activity you are going to do? If you answered “No” to at least one question, you should seriously think about the prospects for the development of your business.