Do Business Well

It’s an all-or-nothing game

Be prepared to do whatever it takes during the first three years of the life of your new business. The business will dominate your life and the life of your family until it’s strong enough to stand on its own two feet. In a way, your business is another addition to the family. In the beginning, it will be demanding, it will be delicate and it will keep you up at night. But like any new addition to the family, it will give you massive amounts of pleasure as you see it grow up.

The vital point of this first step is that you have to give your business all your attention. Just as you cannot “half give birth”, you cannot “half-start” a business. Here are some fatal mistakes made by would-be entrepreneurs starting out:

1. I will keep my regular job and start my own business venture part- time.
2. I will let my spouse start the business and I will join the business as soon as it can afford me.

I will put up the capital and employ a manager to run it.

We promise you that if the business concept is good enough and the correct planning has been done, your business will be viable from day one. We are not saying you may not need financing. And we are not saying that you’ll make a profit from day one. We’re saying your business will start building momentum from the very beginning, as long as you are totally on board. It’s an all-or-nothing game.

Forecasting your cashflow

During the course of the 7-Step Formula, we will take you through the management of your cashflow. Up front, however, we want to tell you that you need enough capital for the set-up costs - that is to cover thecost of the entrepreneur on board with the required business tools to do the job from day one.

These business tools include everything you need to run an effective business. While we will take you through the actual business tools you need, the core principle is that you dare not attempt to economize on the core elements of your business. Any concept that you are prepared to dedicate at least three to five years of your life in, is worth the investment required. With accurate planning and the application of the steps we’ll share with you in this formula, your business will pay out within a reasonable time frame.

Look at it this way:

If you have a well-researched business concept and you work at it full time, with fire in your belly, then you must be able to make more money than you would working for a boss. If this is not the case, then your

business is simply not viable.

Entrepreneur, Investor, Buyer Beware

Many would be entrepreneurs fail because they don’t do enough homework on their business. They are suckered or seduced into a business by a smooth talking salesperson who takes their money andruns.

The second vital point of this first step is that you must research your business venture as though your life depends on it. It does. In the next step, we help you write your business plan. Use this plan to decide whether your business concept has the potential to give you thereturn you desire.

Don’t be in a hurry. There is an old saying that is especially relevant to starting up a business: decide in haste, repent at leisure. So don’t let anyone pressure you into making a decision before you’re ready and before you’ve done your homework. Starting or buying a new business will be a magic time in your life if you get the launch right. It will be a tragic time if you get it wrong.

Remember, the careless and their money are quickly parted. The careful and their money multiply and multiply.

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