10 Excellent Tips for Starting a Business

If you’re keen on starting a new business in 2013 there are many tasks that you have ahead of you. Deciding on the type of business that you are going to open, picking a name, finding a location and much more. What you’ll also need, in our humble opinion, is a lot of advice and guidance, especially if you are keen on being successful (and we know you are). With that in mind we’ve put together 10 of the best tips that we have for starting a business. Have a look, follow their advice as much as you need and, as always, enjoy.

  1. No matter what you do make sure that you really enjoy doing it because you’re going to be doing it an awful lot. Whether it’s a dance studio, an online service company, an advice blog or any one of a million different and myriad ideas, if you enjoy doing it you will have a much better chance of success.
  2. If at all possible start your new business while you’re still employed. Simply put, most people don’t have enough savings to be able to support themselves if they don’t have some type of income and most new businesses don’t start making money for at least a few months. Knowing this, it would be a great idea to keep your job, and thus the income you make from it, while your new business gets up to speed.
  3. Start putting your support system into place now. As an entrepreneur we know you’re keen on being the boss and we have no problem with that. What we encourage however is that you have a support team in place, whether a mentor, a family member or a good friend. Applying for a business startup program in your city or town is also an excellent idea, all with the goal of having people who will support you in your new business when things get tough (and also to celebrate with you when things finally turn the corner).
  4. Don’t wait until your business opens to start getting new customers. Start letting your entire network of friends, family and colleagues know about your upcoming new business and start looking for people who will be able to use your services or want to buy your products. The fact is, it’s never too early to start marketing and advertising for your business, even if it’s only word of mouth.
  5. One of the most vital tips that we can give is that you write a business plan before starting any plans for your business. A well thought out and fully realized business plan will give you an amazing amount of information, some of which you might not have even thought about. This info, good or bad, will help guide your future decisions and may also help you avoid spending your time and money in a business that has a low chance of success.
  6. During the time that you’re writing your business plan you will be doing a bit of research. What we suggest is that you don’t stop there but continue to research the industry, product, services or anything else involved in what will eventually be your new business. Another great idea is to research and join professional associations that relate to your industry before you get started.
  7. While you may be an expert in some things there are very few people that are experts at everything.  That being said, it is vital that you surround yourself with other experts that can help you to achieve your new business dreams and goals. Attorneys, accountants, bookkeepers and other professionals of this type should be on your speed dial before you start any business.
  8. Weeks or even months before your proposed opening day you should be lining up your finances and talking to your banker or even several bankers. As the old adage will tell you, it takes money to make money. Get your money lined up before you start so that you can start making money.
  9. As a small business owner you assume a great amount of responsibility to be a professional.  What you wear, how you talk and especially how you treat people all will be seen in a different light once you own your own business. Also, having business cards, a business phone number and a separate business email are important to projecting a professional image.
  10. Get legal and tax advice from professionals when you first set up your business. The fact is, depending on where you live there may be quite a few legal hurdles that you have to clear before you can start. We suggest that you do this right the first time because it will be much easier than fixing a big mess down the road.

We hope that these 10 tips will help you immensely in determining how to go about opening your new business. It’s an exciting time and we wish you the best of luck with everything. Follow the tips and advice above and we’re sure that your new business will be quite successful. Also, please come back and visit us often for more advice and tips on starting and running your own business. See you then!

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