Experts indicate that you have to reinvest the first large income and not spend it on unimportant things
At some point in life many people have had the idea of starting a business; However, very few dare to take that important step.
But to start with something small, such as the sale of food or accessories, to create something more elaborate, where you need to rent offices or hire employees, experts advise following some vital steps.
First you must discover what you are good at, so your business can excel according to your talents.
When embarking on a new business you should not be afraid of the risks. Already said the millionaire Facebook creator Mark Zuckerberg: “The biggest risk is not taking any. In a world that is changing very quickly, the only strategy that is guaranteed to fail lies in not taking risks. ”
The Entrepreneur web portal recommends that you follow the 2-5-10 rule.
This means that after two years, if you have started, your business must have an equilibrium point. At five years, you must generate enough income to pay your salary and in 10, you must be working in an established way where you can already take vacations without worrying.
Entrepreneur also recommends that you do not reward yourself more than the account, since luxuries can come later. Upon receiving the first large check, you reinvest in the same business. Once this is profitable you can already spend on yourself.
How to start?
It is important to create a plan before starting a business. You should know what the structure will be, where you will place it, what audience it will be oriented to and how you will finance it.
After choosing the type of business, you must register it and obtain the necessary permits.
The business portal of the city of Los Angeles offers a specific guide to the steps indicated to open your business.
This page gives options from those who are interested in selling food, opening a restaurant or beauty salon to what is necessary for a larger wholesale or retail store and online sales.
Once you have the business open, the portal recommends that you take advantage of local resources to support your new business, from Business Source Centers – which provide free technical assistance, training and loan services – to dozens of Chambers of Commerce and organizations without for profit, which can help you connect with a network of merchants.
In Los Angeles, there is also professional assistance to help you with business needs that require special experience.
For more information regarding these details visit: business.lacity.org/
The Los Angeles mayor's office, in association with Goldman Sachs 100k businesses, will also be presenting a series of webinars to talk about how to implement and grow their own business. To register for these seminars that begin on Wednesday, October 16 at 10:00 a.m. visit HERE
