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Top 10 Tips for Starting a Business That Will Succeed

Advice on Starting a Business to Ensure Success

By , About.com Guide

from   http://sbinfocanada.about.com/cs/startup/a/10startingtips.htm

 

1) Do what you love.
You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice.

2) Start your business while you're still employed.
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting a business means money in your pocket while you're going through the starting a business process.

3) Don't do it alone.
You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start up program such as The Self-Employment Program. When you're starting a business experienced guidance is the best support sytem of all.

4) Get clients or customers first.
Don't wait until you've offically started your business to line these up, because your business can't survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon. (See Attracting New Business on a Shoestring Budget and Just Do These Two Things to Get More Clients for tips.)

5) Write a business plan.
The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed. (See Why You Need A Business Plan for other good reasons.)

Remember, you don't have to work through a full scale business plan for each new business idea you come up with; my Quick-Start Business Plan, for instance, will let you test the potential of your business idea much more quickly.

6) Do the research.
You'll do a lot of research writing a business plan, but that's just a start. When you're starting a business, you need to become an expert on your industry, products and services, if you're not already. Joining related industry or professional associations before you start your business is a great idea.

7) Get professional help.
On the other hand, just because you're starting a business, doesn't mean you have to be an expert on everything. If you're not an accountant or bookkeeper, hire one (or both).(These Tips for Finding a Good Accountant may be useful.) If you need to write up a contract, and you're not a lawyer, hire one. You will waste more time and possibly money in the long run trying to do things yourself that you are not qualifed to do.

8) Get the money lined up.
Save up if you have to. Approach potential investors and lenders. Figure our your financial fall-back plan. Don't expect to start a business and then walk into a bank and get money. Traditional lenders don't like new ideas and don't like businesses without proven track records.

9) Be professional from the get-go.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

10) Get the legal and tax issues right the first time.
It's much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you have to charge GST or PST? Will you have to have Workers' Compensation Insurance or deal with payroll taxes? How will the form of business you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

Following the advice on starting a business above will make starting a business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.

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Starting A Business Tip of the Day

 

What are the basics for a successful business start up?  Asking the tough questions is critical to giving your business the best opportunity to succeed.  When you consider that the majority of reasons for business failures are both identifiable and preventable, getting the answers to the tough questions before you start a business has to become a priority.  Just going through the process will help you gain confidence because you are either confirming that which you already know or you are identifying those areas you’ll need to work on.  Either way, knowing is always better.

The first question to ask is what are your strengths and weaknesses?  You should think about what experiences you have in business or have gained elsewhere along with education and training.  What are your interests?  Many businesses are started because of a passion for an idea but because of the person’s practical inabilities to operate the business, they run into trouble quickly. Business must start with both interest and ability.

The importance of research relates to every category under “How to start a business”.  Knowing what’s involved, and following logical steps in each area of your start-up will help you develop a better plan and avoid mistakes that could have easily been prevented.

Knowing what sets your new business apart from the competition, making sure you’ll create a great first impression and establishing a clear message are essential to the success of your overall marketing efforts.

The control of your time is key to being productive especially as a small business owner or new entrepreneur.  With the sheer volume of things to do each day it is critical that you are organized and not falling prey to distractions.  

from http://www.startingabusinesscoach.com/