We all agree that it is not easy to start a new business. Instead of directly doing business activities, beginners are usually stuck with their bustle which distanced themselves to start the actual business activities. They are busy making business cards, choosing fonts or company logo, or thinking about the valuable business concept. This condition sometimes happens until weeks or months without doing the real business.
Until the final papers are signed and business assets transferred; don’t spill the beans. Not to your friends, not to your employees and not even to your family. Only trusted men, who will add value to sweeten the deal should be made aware; you core business team as well should be involved in the deal.
The first thing to do in this regard is to list your business with any of the leading business credit bureaus like Equifax Business, Experian Virendra Mhaiskar or Dun & Bradstreet. In fact this is a great way to trace your expenses and transactions. There are some thirty such credit bureaus and you need to know about them as well. Again you have industry specific bureaus as well that you need to join.
As credit becomes tighter, the need for credit is actually going up. This is mainly due to the vast number of undervalued assets available for sale. Restaurant owner are selling at a loss, real estate, Laundromats and pretty much most businesses under the sun that have their income cut in half while their debt service remains the same. So the demand for credit/financing is very high. As a result more and more people are getting into business credit building business. As with any emerging trend the information out there is slightly outdated and in most cases very outdated.
Another huge key in building business relationships that are going to be beneficial and last into the future is to be honest and take each complaint, no matter how small, very seriously. The saying that the customer is always right is around for a reason. Even when they are not right, you have to bend to keep them happy. That does not mean doing something to put yourself out of business, but you have to think about the consequences when dealing with any type of customer service issue. At times, this means biting your tongue and giving in.
Your passions: what are you passionate about? What do you love to do? What thing do you find absorbing? Engaging? Engrossing? To build a successful business requires focusing on your business long after the blush of the initial excitement has faded. Your passion keeps you in your business and enjoying it even when you’re faced with the inevitable challenges.
Are you a person of integrity? Do you keep to your words? Do you have a strong positive personal brand? These three questions must be answered before you even put up your small business for sale. In an article I wrote previously, I stressed the need to invest in your own personal branding. I also explained that your personality can be a leverage for you in the world of business.
Remember Your Dreams – When your business has started to run, you do not be afraid to come out from your comfort zone. Tell yourself, “Now, I have got my own business. It is time to make my business getting bigger.” You can change the goals and create new dreams to refresh your spirit like in the beginning running a new business.