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What are some tips for starting your own business?

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Quick Answer

Some tips for starting your own business include offering a product that people want to purchase, having a source of cash flow before the project starts, discovering ways to keep costs low, overestimating expenses while underestimating revenues, and focusing on sales and marketing. A few other tips to keep in mind are to find ways to grow profits, strive to keep learning new things and have a coach or mentor.

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Full Answer

When choosing a product for the business to sell or represent, create or pick something with a proven track record, and make it unique enough to stand apart from the competition. Remember to have more money coming in than going out, so find every way possible to save money. Always pay for materials or goods up front, or strike a deal with a vendor to generate a positive cash flow.

Marketing and sales often make or break a new business. Generate leads for your product before production instead of trying to win people over once it is ready. Design creative marketing strategies and turn leads into sales or repeat sales, thus building brand identity.

Having a coach or mentor who undertook a similar venture and was successful helps in avoiding some of the pitfalls of a start-up business. This person should be able to hold you accountable and help aim you toward achieving your goals. If this person is not directly invested in the business, he is able to look at the finances and production objectively.

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