Do's and Don'ts when starting a business in the USA: advice from a seasoned entrepreneur
Greetings! With you again Timur Mirzaev, an immigrant entrepreneur who is not afraid to speak honestly about business in the United States, about his successes and mistakes on the path of entrepreneurship. All this you will find in my Instagram... Today I offer you a recipe for starting a business in the USA in the dos and don'ts format popular in America, that is, what to do and what not to do in order to achieve success in entrepreneurship.
What to do if you decide to open a business in the USA
Business is built on satisfying the needs of customers and customers, and those who can offer the best combination of price, quality and good service get the most profits.
To open a business, you need to understand for yourself what value you can offer the consumer, what kind of “pain” you can cure.
Working for hire, you already provide this value, only your employer stands between you and the consumer. This is a businessman who has chosen a demanded niche, hired the right employees (that is, you) and organized a sales or service cycle. Perhaps he was once faced with the same question: how and what kind of business can one do? Only he has already answered it, and you just have to do it.
Thinking how to open your business from scratch, decide for yourself which direction is closer to you: services, trade or production. By the way, in each of these areas there are hundreds and thousands of ideas. But everyone will have their own recipe for commercial success. Because there is not a single idea that works 100% and without exception. Conversely, there are ideas that many consider to be failures, but they have more than one success story.
So how do you choose an idea for yourself? It's that simple! Before starting your own business, answer these questions:
- What and where did you study, what skills do you have well developed or have you dreamed of mastering them for a long time?
- What kind of activity do you like? If on a permanent job you have to do something that does not bring pleasure, then you do not need to build a business on it.
- What needs do you, as a consumer, have? Perhaps you know how to provide this service in the best possible way?
- Does your city have a demand in the chosen niche?
- Is it possible to sell the selected product or service several times to the same consumer or is it a one-time sale?
- What will it take to make a profit from one trade - how much time and effort?
- Can you start your own business while continuing to work for hire?
- Do you know people who are ready to start with you, without requiring payment at the initial stage of their labor?
When the answers to these questions are found and you have started your business, do not stay long as a lone freelancer. Invest the money you receive in development, hire employees and enter into partnerships. Only then will you get a worthwhile result.
How to do it when building a business in the USA
I share my mistakes in business that made me stronger.
Haste is the enemy of success
There was a period when I got carried away with finding partners that were not tested by time. And if a person seemed to me interesting and promising, I immediately fired up the desire to do some common thing with him. And this haste cost me a lot of effort and money.
Remember, in business, tango and in life, the main thing is a partner. Therefore, now I approach the issue of choosing partners with great care and choose them slowly.
You can't keep all your eggs in one basket.
I invested all my earned money back into the business. And several times I had such moments when I needed money to solve some problems, or I wanted to invest somewhere, but I did not have it. Now I try not to do this anymore and not put all my eggs in one basket.
No matter how talented you are, you can't do everything.
For a long time I thought that I was my own lawyer and made agreements or contracts without the participation of professional lawyers, I just used the Internet and thought that I was good at it. But, unfortunately, several times I found myself in an unpleasant situation with my team, when, due to an error in the contract, we lost the case. Now we already have a legal department and without them we do nothing. Tasks that require professional attention should be performed by professionals.
Don't forget that your resources are limited
Some time ago, I was very keen on creating new projects, fired up with an idea, immediately assembled a team, immediately laid the budget and took on the next project. As a result, I did not have time to dive into any of these projects normally. As a result, many of them died before even being born. Our focus and attention are limited, we must always remember this.
When building a team, quality is more important than quantity
There were times when I recruited too many people to the team. I didn't select it carefully enough, and later this all had a negative impact on the work and the climate in the company. My take on the people on the team: less is better, but better.
I am very grateful for the mistakes I made. Thanks to them, I changed my approach to business and to life. Each of these mistakes eventually became a lesson for me. And I'm sure that in a couple of years I will have something to tell about my new mistakes that I still have to make and which will make me even more successful.
Therefore, if there are failures, you do not need to kill yourself over them, but you need to learn how to analyze them and extract useful knowledge from this.
More interesting information about business and life in the USA can be found in my Instagram by hashtags:
- # team_pro_business - here I write about business ideas, startups and doing business in general;
- #time_habits - here I talk about my good habits that help me stay effective in life and business;
- #team_hobby - under this hashtag I share what helps me stay in shape and restore energy reserves;
- #team_development - well, here I share useful books / films / podcasts and other resources for self-development;
- #time_personal - under this hashtag, you can find a story about my move to the USA, the beginning of a business path and the launch of my first offline business.
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