Seven Formulas
There are Seven Formulas for business success. Number one is to set a specific goal and visualize it as a reality. Vision boards work great for this. Play the picture of your goal as already realized in the theater of your mind over and over again. Number two, look for a problem you can solve with a product or service that is high in quality and of good value. All successful businesses are based on products or services that are high in quality and have great value. Number three, start small and learn your business thoroughly from the inside out. Be patient. Invest your time rather than a lot of money.
One of the best ways to build a business is to start off on a bootstrap. This means you start off with very little money and grow your business with the money that you earn in the business, rather than outside financing, borrowing, loans from friends and so on. After you have proven your worth then seek outside financing to grow your business, open multiple stores or locations.
Number four will be to test every major move before you invest in it. Do not plunge into a business. Move ahead carefully, one step at a time. Number five expand on the basis of your successes, out of your profits, as you move along. In other words, only expand your business on money you have earned in the business.
Number six, carefully select the people to help you expand and grow. The biggest mistakes you ever make will be in picking the wrong people to work with, so be very careful in picking the people you plan to work with.
Number seven will be to use financial leverage. Financial leverage is business borrowing, lines of credit from the bank, which are based on the cash flow from your successful business. The whole aim of starting a business is to develop a consistent, predictable source of cash flow in excess of cost and expenses. Then hold on to the money. Banks will lend you money based on the debt you can service with your cash flow.
One final thing you can do, and I have recommended that many people do this over the years, is if you are starting off with no money, go to work part time for a business in a field that interests you. It is a great form of on the job training. Work evenings or work weekends. Or work on your holidays if you like.
Sometimes a business that looks good from the outside will look terrible once you start working for it. When you start working for a business, you will start to get a great understanding of how it works and get insights on how you can improve it.
Most businesses fail because of manager incompetence. So take the time to learn what you need to know to succeed. Be patient. The time you invest before you start will pay off over and over again in the months and years ahead.
“Remember, Success is Always Within Reach”
#terryogburn #entrepreneur #Business #Business Development #Business Sales #business coach #business coaching
One of the best ways to build a business is to start off on a bootstrap. This means you start off with very little money and grow your business with the money that you earn in the business, rather than outside financing, borrowing, loans from friends and so on. After you have proven your worth then seek outside financing to grow your business, open multiple stores or locations.
Number four will be to test every major move before you invest in it. Do not plunge into a business. Move ahead carefully, one step at a time. Number five expand on the basis of your successes, out of your profits, as you move along. In other words, only expand your business on money you have earned in the business.
Number six, carefully select the people to help you expand and grow. The biggest mistakes you ever make will be in picking the wrong people to work with, so be very careful in picking the people you plan to work with.
Number seven will be to use financial leverage. Financial leverage is business borrowing, lines of credit from the bank, which are based on the cash flow from your successful business. The whole aim of starting a business is to develop a consistent, predictable source of cash flow in excess of cost and expenses. Then hold on to the money. Banks will lend you money based on the debt you can service with your cash flow.
One final thing you can do, and I have recommended that many people do this over the years, is if you are starting off with no money, go to work part time for a business in a field that interests you. It is a great form of on the job training. Work evenings or work weekends. Or work on your holidays if you like.
Sometimes a business that looks good from the outside will look terrible once you start working for it. When you start working for a business, you will start to get a great understanding of how it works and get insights on how you can improve it.
Most businesses fail because of manager incompetence. So take the time to learn what you need to know to succeed. Be patient. The time you invest before you start will pay off over and over again in the months and years ahead.
“Remember, Success is Always Within Reach”
#terryogburn #entrepreneur #Business #Business Development #Business Sales #business coach #business coaching