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5 Things You Should Know Before You Start Your Own Business

The US economy is very fickle. That proved very relevant in 2008 in the crash of the housing market, which had a domino effect on the entire job and stock market. Yes, the economy is cyclical and periodically corrects itself, which sometimes means that your job is at risk. What is the solution? Work for yourself or become an entrepreneur. While entrepreneurship is not an easy course of action, it may prove more rewarding than anything you've ever pursued.

Here are some things to keep in mind before you start your business:

1. Develop a relationship with a mentor.

Just like anything in life, if you have never done it before you should listen to your mentor's advice. The insight that an experienced entrepreneur can offer you can save you time and money by helping you avoid mistakes early in your journey.

2. Be ready for the long haul.

No success story happens overnight. An entrepreneur is able to learn from mistakes and not get discouraged. Remember why you got started on your journey and never give up. While it may seem easier to go back to your job, nothing worth having is ever easy. Your mentor will be there to push you when times get tough. A business owner's commitment to success is the distinguishing factor between businesses that stand the test of time and those that do not.

3. Consider building a home based business before starting a traditional business.

One of the deterring factors of most is lack of start-up cash. A home based business, also known as direct sales or network marketing, gives you the opportunity to start a business for less than $1000. The great thing about a home based business is that there are no caps or limits on the income you can earn. Eliminating the need for a small business loan. You can invest in yourself. Direct sales allows you to learn marketing techniques and other business strategies that you can apply to traditional business as well. Often referred to as "personal growth programs with a compensation plan", some of the greatest business masterminds in America, like Donald Trump, Robert Kiyosaki, and Bill Gates, endorse direct sales. Network marketing also gives you a network of mentors that want to see you succeed while generating income.

4. You have to invest in your business.

Be it a traditional brick and mortar business or a home based business, you must invest before you see a profit. Your business is not a job where you get paid to show up. In entrepreneurship, you get paid when you produce results. You must invest time and money. Look at your business like one of your children. Much time, energy, and money goes into raising productive children. While raising your children, you believe in them and their potential even when they stumble. You keep encouraging and investing in them. You never give up on your children or consider them a lost cause. Do the same with your business.

5. There are no short cuts.

Fitness fanatics say that the results you want only come from discipline and hard work. Taking short cuts might get you results but they will not last. Listen to your mentor's advice, then roll up your sleeves and get to work. Hard work will always beat talent, no matter the industry.

Entrepreneurship is an incredible journey. Before you get started, develop a relationship with a mentor. Be ready to go the distance to see success. If you have never started a business or feel like you don't have access to the money required to start one, consider building a home based business first and using that income to invest in your business idea. You will have to invest in your business before you see rewards. Hard work and discipline is the only way to see success.

Fancy Free LLC.Β is a home based business that helps people reach their financial and personal goals, daily. Contact us at (410) 929-0302 to schedule your complimentary consultation.

Are you serious about making getting started in business? Let us help you.

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