Five steps to a successful business

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by FiveHive Community member Sharon

Setting up your own business to fit around your family commitments is a great option for some – but how do you turn that nugget of an idea into gold?

Work through this checklist of 5 common issues faced in starting up your own business.

  • Pick a project – It’s not uncommon for someone to have a few different business ideas whirring around in their head. The problem is they will continue to spin unless you catch one and act on it. It you can’t decide which one to pursue, come up with a simple grid scoring system and go with the one that wins!
  • Positive people – You need honesty and constructive criticism when you are testing out a business idea. Talk to people you trust who encourage not discourage your abilities.
  • Cash flow – If you don’t know what this means, then you need help to understand this basic financial concept. It is the ‘make or break’ of any business, big or small.
  • Why am I doing this? – Sometimes you have an activity that you enjoy and you assume the next step is to turn this into a small business. Be really clear about why you want to be in business – and whether your hobby is the best business to back.
  • Step it out – Some business ideas start with a grand vision and plan, others as a small seed that grows. Either way, taking action to tackle tasks is required. Small steps are fine as long as you are moving!

If you have already been down this path, are there any tips you’d like to share?

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