Do you want to start a business or are you a startup? I interviewed Mr. Rory Wakley the Managing Director of Rowe Paper Products limited Trading as (Auto Tracker Zambia) located in Kitwe, Zambia; what does it take to start a business and push it forward to become a success.
Here are the tips on how to build a successful business as a startup;
When you start a business that you want to grow big, it’s not easy; you have to work hard, work long hours and in addition they is no such thing as lunch time or tea time. You have to follow up the job; you have to be on top of the business, you have to worry about your business. You have to put your mind to it, work hard and you will achieve it.
When you make a mistakes, correct it, always remember that the customer is always right. It’s worth to make no profit but keep a good name. Keep up on what is going on; meaning keep time, deliver on time and fulfill promises. Pay your taxes, if you are in Zambia pay your taxes on time to the (ZRA) Zambia Revenue Authority. Keep a good name for you and your business.
Never get a loan to start a business, start with your own money. Never use your house as collateral for a loan to start a business. Better to look for a job or other means to raise the capital and start that business you want.
Put Back In The Business
When you start to make profits from your business, never rush to buy luxurious cars, vacations or houses, no; invest the money back into the business, it may take you 5 years or more growing the business, looking small, not paying yourself a huge salary, but always put your money back into the business until it grows to where it can make more profits and to an extent were it can even start operating without you.
But even if the business grows profitably and starts operating without you, it’s a principle and a must you have to be investing back the money into the business.
You might have many other different opinions of starting a business, but these are the business tips I learnt from the Entrepreneur, Mr. Rory Wakley, Managing Director of Auto Tracker Zambia; in Kitwe, Zambia.