(ThyBlackMan.com) If you’ve found yourself on this blog, welcome. I can assume you have a few business ideas in your mind, and you’re looking to take things further. Well, you’ve certainly come to the right place. There’s never been a better time to start a business. In fact, some of the biggest companies on the planet started much like you. With nothing more than a great idea and sheer dedication, you can turn our idea into a million dollar company. However, before you get started, there are a few things you should know.
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Never start a business without a plan
You wouldn’t set out on a road trip without a map, so don’t start a business without a plan. The road ahead is full of surprises and distractions, but the best companies stick to their track. A business plan is the single most important document you will write. It dictates everything from your mission statement to your revenue plan. If you’re looking to receive funding or convince investors, you’ll need a strong business plan. Take the time to sit down, and make 
sure yours is comprehensive.
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The company foundations must be strong
When we think about running a business, we often think about the product and marketing. And that’s certainly true. However, there are plenty of things you need to take care of first. The behind-the-scenes foundations are just as important as the product itself. I’m talking about registering your businesses effectively, and getting legal advice. First of all, register your business using a service like Your Company Formation Ltd. That sets you up with the taxman, and makes everything official. Next, consult a lawyer to help draw up contracts, and make sure your intellectual property is protected.
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Don’t be afraid of risk and failure
A lot of us shy away from the idea of running a business when we think of the risk. Unfortunately, every great business must take risks at some point. In some cases, that means getting it wrong, and finding yourself at a dead-end. The important point here is to embrace failure, don’t run from it. Learn to stay positive in a negative environment. Look at failure as a learning curve. Take it on board, and use it to make better choices in the future. Every business has dips and peaks, embrace that, and you’re on the path to entrepreneurship.
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Never underestimate the finances
Ultimately, the success of your business comes down to the finances. Companies live or die by their spreadsheets, so make sure yours are tight from day one. It all starts with effective planning, and managing your startup costs. The first twelve months are the hardest, so have you got enough to cover yourself? Make a clear plan for when you aim to be generating profit, and making back that money. If you ask us, it’s worth hiring an accountant to take care of the books. They’ll keep the accounts ticking over, and help you avoid the biggest pitfalls.
If you’re confident about each and every one of these ideas, you’re ready. Best of luck with your new venture!
Staff Writer; Greg Moore
