Tatum Sherman - How to Give a Business a Strong Start

As successful entrepreneurs like Tatum Sherman know, starting a business is often the most difficult part of the journey. A start-up, whether it has lots of outside funding, or has zero investment capital, is going to require a considerable degree of dedication. Start-up success or failure can hinge on a strong start. A business that has a successful and promising start, usually means less speedbumps and other issues further down the road. Here are a few tips to help give your business a strong start:

Consider the Customer: Many entrepreneurs have a vision when they start a business. The problem is, sometimes the vision itself can get in the way of the business becoming successful. New entrepreneurs frequently make the mistake of offering a service or product that they envisioned, even if it is something that customers aren’t looking for. Remember that you are a business first. Your vision can wait. So do the research and learn what products and services are in demand. That way when you start your business, you can find a happy medium, aligning with the marketplace, and your vision.

Keep Cash Flow Consistent: If you are a businessman or woman, you have likely heard before the importance of cash-flow. It is said by many to be the lifeblood of business. To give your business a strong start, try to get all payments up-front and immediately. You want to minimize the gap between the cost of labor, parts, materials, and getting paid for the product or service. That is why it is recommended to only take payments up-front. Some businesses also offer payments on a reoccurring monthly basis.

Cost Cutting: Minimizing expenses is a good way to give a business a strong start. As an entrepreneur, you should always be looking for a way to net positive gain. No matter how much cash flow you have, if you aren’t profiting at the end of the quarter, your business cannot survive. Cost cutting can be done by negotiating partnerships with other businesses, and avoiding paying retail prices for needed commodities.

Sales & Marketing: This should be a main focal point. Acquiring and converting leads is how a business becomes profitable. Focus as much as you can into sales and marketing.

Tatum Sherman is a successful entrepreneur that has grown her company, Resource Referral into a reputable and profitable one. Sherman’s success has been the result of drive, dedication, and business savvy.

For more information visit here - https://www.entrepreneur.com/article/204982

• About the Author

  Though Tatum Sherman is the owner of a big business, Resource Referral, creating a successful business has not been the most daunting challenge in her life. It was when Sherman became a mother that she realized what a real challenge looked like.

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