If you have the boldness, the willpower and the dream of starting your own business; You will always need the following 5 components if you want it to be a successful start-up company.

1) It Must Fill a Consumers NeedWhen starting your own business it’s important to avoid the typical pitfalls of a start up. Someone gets an idea and rushes into the marketplace with a business before he even knows if it will solve a problem. The best way to find a consumer need it so find a “problem” a lot of people are having, then go look for a way to solve that problem. Once the problem is solved, you need to test it on some of those people to see if they think it does actually solve their problem or not. If it does, you may have the beginnings of a new start up business on your hands.

2) It Must Be Affordable For You To Start ItIf you are expected to finance you new start up, and most start ups have to be self funded, then it had better be affordable to begin with. When starting your own business, many people tap into friends and family for the startup capital. This is the tried and true method to gain enough capital to make a run at your business. Banks and lending institutions are very cautious with lending money to a brand new start up that is short on a track record but long on a lot of enthusiasm for the idea they have. On the up side, if your friends and family will help fund your new start up, you may have the beginnings of a real business.

3) It Must Be Easy For Others To Find YouAnother common mistake others make when starting your own business is not factoring in how people will find you once your business begins. Traditional methods are word of mouth advertising. It is tried and true but may not be enough for you. Very inexpensive advertising is setting up a free blog on word press, then having business cards made up with your web address on them. It’s free on word press and the cards are next to nothing for cost. If you order them on vista prints online, you can actually get them for zero cost, other than shipping.

4) It Must Have Ownership AccountabilityThis is a big one. Many start up businesses don’t want to deal with the headaches of solving a customer’s problem beyond what their immediate fix is, i.e. the widget they started the company to solve people’s problems with, and to sell. If as a business owner you actually take the time to help solve a customer’s problem for them and go the extra mile to do it; You have just increased your word of mouth advertising and decreased your ad expenses. Chances are that person will become one of your biggest advocates and turn many people to you, so you can solve their problem too.

5) It Must Generate Repeat BusinessIf you follow step 4 above enough times, repeat business is a given. With enough repeat business, you are on your way to becoming a self made millionaire. At least that’s the dream. Whether you make your first million or just make a comfortable living, in the end you will have a lot of satisfaction knowing that you solved many people’s problems with your own creative solution.

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