They say luck is the meeting of hard work and opportunity. Well something similar could be said for a successful business: success is the meeting of passion and acumen. Simply waiting for what you’re passionate about to pay back in monetary form is wishful at best and futile at worst. First American Merchant Funding has some tips for combining your passion with good business decisions to land you the dream job you always wanted to create. All businesses come with risk, but FAM can help set you up with a high risk merchant account with instant approval.
The first step to making passion and acumen meet is to do the legwork. Analyze the industry you want to get into and see what the leaders are doing to be successful. Identify your target market: who do you want to sell too? Craft a business plan that has a foundation of research. Without knowing the ins-and-outs of your trade, you run the risk of making a wrong turn and leaving your business in a dead end.
Arguably the most important part of your business plan is establishing an identity: a brand. Without an identity or brand that makes your business stand out and recognizable you can fade into the rest of the pack. McDonald’s makes food using potatoes, beef, and bread—items that can be bought at any supermarket. Yet, because of the McDonald’s brand, they are internationally recognized from one end of the Earth to the other. Simply put, if you want to be McDonald’s, you need the Golden Arches.
Finally, plan to pay and plan for it to pay off. Especially at the beginning, if your business has the chance to grow you need to ante up. Be sure to secure a high risk merchant account to get your business off and running. Then invest in raising your business’ ceiling; in doing so you are increasing your potential profit ten-fold. This could require taking huge hits from your personal accounts, but with a plan that accounts for where you want to be after 1 year, 5 years, even 10 years all of that investment will pay off.
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