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Tips for starting a business
Source: The Small Business Knowledge Base (http://www.bizmove.com)
Starting a business tip # 1
Stay current
Join an industry association related to your product or offering.
Subscribe to all the magazines that cover your business. (They are
tax deductible!) Look at joining an organization like NASE ( National
Association of Self employed). They have great sources of advice
and information as well as great discounts on insurance, rental
cars, and other business expenses. Read and constantly be researching
topics about your business. It's easy on the internet!
Starting a business tip # 2
Make sure you have a financial plan
Also a budget and a measurement process to keep track of how you
are doing monthly. If you don't know where you stand financially
and have no short term and long term financial goals, then you are
just letting fate dictate your success and we know those odds aren't
too good. Control your own destiny!
Starting a business tip # 3
Cash forecasting
It sounds boring and difficult, but it's not. Keep it simple. Look
at your next 3 months projected income or revenue, then just lay
next to it all the expenditures you need to keep the business running.
The difference is your cash flow. You must do this to avoid surprises.
Most businesses hit the brick wall because they fail to understand
their cash flow.
Starting a business tip # 4
Get an advisory board or a mentor
Sounds crazy for a small operation? It's not! The board can be family
members that you trust, or friends. Ask them to be your board of
directors and review your business plans and results with them.
Having someone to bounce ideas off and get an objective opinion
is critical.
Starting a business tip # 5
Maintain a balance between work, play and family
This is critical for long term success. We all put in crazy hours
on a short term basis to get a hot project done or the product out
the door, but if you do this on a long term, regular basis it is
a dangerous sign that you are losing perspective. You need to be
able to step away on a regular basis and get your batteries re-charged.
And also have time for family because if they suffer it is almost
a sure bet your business will suffer too.
Starting a business tip # 6
Network
It's easy to get isolated in a home business or your own small business
operation. Force yourself to get out and meet with others that can
provide a business support structure for you. One of the benefits
of a corporation is the workings of teams and the on going support
structure it provides. You need to create that for yourself. Don't
think you can do it all by yourself; By talking to others in business
you will find out great ideas and it will help motivate you.
Starting a business tip # 7
Stay Motivated
One of the hardest aspects of a small business or home based business
is creating the discipline or motivation to work each day. It is
so easy to get distracted and put off the essential tasks that need
to get done. Keep your work place and hours separate from the rest
of your responsibilities. Develop a to- do list EVERYDAY. Set goals
for the week. Review how you are doing against them. We all struggle
with this and it is one of the key elements of success when starting
a business.
Starting a business tip # 8
Don't rest on your laurels
Be prepared to always change. Force change. Look for things to do
more efficiently or how to improve your offering or product. Constantly
evaluate your competition and benchmark yourself against them.
Starting a business tip # 9
Do something you love
If you are in a business that you hate, then it is a good bet you
won't be successful. Find where your true talents and skills are
and get in a business that exploits them. The saying," if you
do what you love and the money will follow" is so true, especially
for people considering starting a business . Remember success is
more attitude than aptitude and never forget that failure is only
the opportunity to begin again more intelligently.
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