10 Top Business Tips for Starting a Business That Will Succeed
10 Top Business Tips for Starting a Business That Will Succeed
19 Jan
19Jan
You don't have to love whatever your business is about (and probably shouldn't), but you do have to be fired up about it. 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. Make sure you're on the right track by asking yourself these three questions before you do anything else.
2) Start While You Are 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 start up process. Not employed right now or can't continue in your current job? Read How to Get Your New Small Business to Make Money.
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 ones provided through Futurpreneur Canada. When you're starting a business experienced guidance is the best support system of all.
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; ask these 5 Questions to Discover If Your Business Idea is Worthwhile.
6) Do Your 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 associationsbefore 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 qualified to do.
8) Make Sure the Money is 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. Look at 5 Creative Ways to Raise Money for Your Business and alternatives such as crowdfunding.
Following the business tips above will make starting your new business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.