recipe for starting up a successful business
TRANSCRIPT
Recipe For Starting Up A Successful Business
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•Effective money management. This is
essential for anyone who wants to
ensure that their business idea has
longevity in the market
3
•You need to know
where your money
is going and how
every dollar is
spent.
4
•By gaining a sense of your
measurables and distributables…
5
•you will understand
the process of
business growth
much more
effectively
6
•Always have a stash of risk capital
when you are starting your business
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•just in case an
unforeseen comes
along or something
happens that causes
you to overhaul your
business plan
8
•Never be stuck without a dime because
you need to be able to pump in money as
and when needed.
9
•Also, have a system
of accounting for the
money that you are
spending, and you
need to track every
dollar down.
10
•Measure effective spending versus
liabilities in your corporate strategy and
balance that with your projections
11
•With this, you will
be able to fill in
some of the blanks in
your business plan
and ensure that
nothing surprises
you
12
•Also, have a good business plan that
projects for at least 3 – 5 years and
make sure that you stick to it.
13
•A good business
plan requires a
careful amount of
thought and
planning, right down
to the wire.
14
•Calculate prices versus expenditure,
profits versus revenue and how long it
should be taking for you to start to
recover your cost
15
•and pay back
any investors you
might be having.
16
• In the end of the day, success of any
plan requires careful diligence
17
•It is just like
investing on the
stock market.
18
•You would not allow the market to
simply run its rounds without you
carefully monitoring it on a daily basis
19
•Same for your
business. Never it
run out of hand
and in this case,
knowledge really is
power.
20
•Also, cutting costs whenever possible is
an excellent way for anyone to ensure
that their business has the longevity
21
• to stay in the
market and watch
itself flourish
22
•One of the best ways to do so is to
hire the services of a virtual office.
Why?
23
•Business spend 5
figure sums on their
physical offices and
if you are
established, its ok.
24
•But is you are starting up, then that is
not the sort of capital you need to be
spending on something as
inconsequential as rent.
25
•Starting a business
means you need to
feel out the market
and your strategies
and
26
•whether you have the right equation
for a resounding success. You need a
test bed option and one that is low cost
27
•The good thing
about a virtual
office is that it
gives you a
premium office
address
28
•and all the requirements for a
basic office
29
•Some are more
advanced than
others and are
customisable to the
type of business
that you are
conducting
30
•The costs that you can save are
tremendous
31
•in the end of it
all, the more
money you have in
the bank, the
better your odds
are
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•at either prolonging your strategy or
making a new one.
