Everyone dreams of building their own business empire, picturing themselves with hundreds of staff in a great-looking office. What most fail to realize is that getting to that point requires initial steps that, in turn, -need a lot of hard work and trade-offs.
Finding a Partner
Do not try to do everything by yourself. If you want to build a million-dollar business fast, you would need the help of the right partner. Now, it might be tempting to get someone who has the same skill as you. It might not be a good idea as you leave yourself vulnerable in certain areas. What you should do is get someone whose strengths complement your weaknesses.
Brainstorm and Plan
Do you have an excellent idea for an app? That’s great, but how do you plan to market it? Does it address a specific need in the market? Your answer to these questions will form part of your business plan. It should also describe how you plan to sustain the company for the next few years. Matters such as office equipment and office space needed should also be indicated in it. Now, most people think that a business plan needs to be a few pages long. Times have changed, and your business plan can be as short and concise as a one-page description of how you want to take your business.
How’s Your Wallet?
The most important part of starting your business is making sure that you have enough finances to sustain it. If you were born with a silver spoon, this should not be a problem. But, if you are someone who is of limited resources, you might want to consider any of the legal money lenders in Singapore. If you are going with this option, you will need to prepare a more comprehensive business plan and convince the lenders of your capacity to pay. At this point, you should get the services of an accountant to ensure that you have a healthy cash flow.
Build Your Team Carefully
The success of your organization depends on the kind of people you take as part of your team. Some would say that you need to hire slow and fire fast, but the better way of going about this is to hire right the first time so that you do not have to waste time firing people and going through the hiring process again. Look for people whose values match yours, and train them to do the job. It is easier to train people on the nuances of your business than get someone who is good but has attitude problems. Of course, you need to make sure that you know how many people you need. Hiring too many at a short amount of time will be a problem at some point, especially if sales are not coming in as fast as you want it to.
At this point, you might think that you can sit back and wait for the money to start pouring in. You might be in for a surprise as the first few years of your business would mean that you have to invest long hours to ensure that your business is on track.