Business associates high five after finding success starting a business using the right advice

5 Secrets for Starting Your Own Business

Starting a business for the first time can be a rewarding experience that pays off throughout your lifetime. Even if the business fails, the ability to show others that you were willing to give it a shot will prove that you are willing to take risks. This can enhance a resume and build a network of contacts to be used in the future. Of course, those that build a successful enterprise will also get to enjoy the financial and interpersonal benefits that come with it. For those who want to understand some little-known strategies to succeed, this article will outline five time-tested secrets for building a successful business.

  1. Pick the Right Location

    When you are first starting off, purchasing expensive office space can be a very unattractive proposition. However, those experienced in launching a business know that financial investment is absolutely necessary to succeed. An office or storefront that is placed in an attractive area will be much more likely to attract paying customers and quality employees. Businesses located in bad areas will have a difficult time attracting people to provide services. As well, businesses should ensure that the local demographics match the business’s target audience.

  2. Work with the Right People

    Both when hiring and partnering, it is critical that aspiring entrepreneurs work with the right people from the start. Poor employees can be difficult to fire and finding a replacement can be time-consuming. Partners that fail to provide exceptional service quality, don't contribute financially, and aren't willing to work hard can lead to reduced morale and unlikely success.

  3. Work in a Good Environment

    Perhaps the most important motivator for individuals is their environment. A workplace that is noisy, has poor facilities, or contains distractions can make success difficult. While this may appear easy to overcome through personal fortitude, the reality is that a bad environment can ruin any business from the start. Ensure that a potential workspace offers good facilities, promotes entrepreneurship, and will be attractive to customers.

  4. Avoid Working from Home

    One of the worst environments for work is the home. Individuals who work from home will be constantly distracted by family members, obligated to run errands, easily distracted, and potentially unattractive to clients. The hard reality is that successful professionals rarely want to work with a company that is run from a home office. Even finding suppliers may be difficult for businesses that work from home. While it may be appropriate in certain industries, investing extra money each month for a pay-as-you-go shared office can offer a great return in the long run.

  5. Be Serious

    Quite simply, many businesses that fail today are run by individuals that aren't serious. If you don't think you will be able to wake up every day, work hard, motivate others, and risk financial assets, entrepreneurship is not for you. However, those that are willing to head down this uncertain road have the opportunity to reap nearly infinite rewards from their efforts.

Last Updated: June 16, 2015