Starting a business can be scary, but there are certain principles most entrepreneurs follow. Michael Danks, an entrepreneur, farmer and real estate investor, has demystified the process in his upcoming book Start Your Business. A high-school dropout who started in the mailroom of a company earning $58 a week, he has started and built eight businesses to date and has a great lifestyle. He believes that to build a successful business, you don’t have to get it right; you just have to get it started. Here are his top tips.
- Start small. Buy a domain, write out a page plan (a one-page business plan), print business cards and start in your basement or garage like Steve Jobs (Apple) or Frank Stronach (Magna).
- If you wait for the perfect time, you will never begin. Just get started and make it work.
- Start part time. Keep your job if you can, and work on your business on nights and weekends.
- Never risk more than you can afford to lose.
- Be cheap — Whether it’s equipment or office space, get the best you can (even used) to do the job for the least amount of money.
- No grand plan, a simple plan. Be flexible. Sam Walton (Walmart), Bill Gates (Microsoft), Richard Branson (Virgin Group) didn’t have grand plans at the beginning.
- Always be selling — nothing happens till someone sells something. There’s no such thing as a born salesperson. You can learn or hire.
- Improve yourself and your business every day — your business can’t be better until you’re better.
- Work on your business, not in it. That’s how it will grow.
- Develop extreme customer service because without customers, you have no business.
- Don’t get caught up in big for ego. Keep your ego out of your business, and don’t expand your business until you can truly afford it.
- Take time to enjoy the process. You started your business because you were passionate about it — never forget that.
