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llcollins82
10-15-2008, 01:56 PM
Hey guys,

I wanted to start a thread here for people to outline some of their favorite tips for starting a business.

What can you share that will benefit others?

BillR
10-15-2008, 03:04 PM
Absolutely positively make sure you understand what a P&L report and a balance sheet report are.

One you know how to read those - heed this advice: Once your short term liabilities exceed your working capital you are technically bankrupt even if your Accounts Receivable is a billion jillion dollars.

http://www.inc.com/magazine/20081001/street-smarts-secrets-of-a-110-million-man_pagen_2.html - good reference on this exact topic under #3.

Actually, everything in that article is good.

KristineS
10-15-2008, 03:45 PM
Make sure you have a marketing plan. Make sure you know who your target market is, and no your target market cannot be everyone. You can't market to "everyone". You need to target certain segments of the market, figure out where they are, and then market in those places.

If you don't have a plan, you're just throwing money around randomly and it most likely won't do you any good.

Dan Furman
10-15-2008, 05:21 PM
My two biggies:

1) Go make some money and get some experience. This is my #1 piece of advice. If you want to sell a product, start selling something at the flea market. If you want to start a service, start offering the service on weekends, etc. All the planning in the world is worthless unless sales are made anyway - so go make some sales, and let it develop from there.

Lots of businesses are started with talk, dreams, and papers... I advocate starting with action.

2) Make sure you have a few bucks to market and advertise. Don't start the business and then depend on homemade fliers and a cheap website. The cost for a decent website and nice brochures (etc) is nominal - having a few bucks to work with goes a long way here.

orion_joel
10-16-2008, 12:59 AM
The absolute must i think is to know the business you are in. There is not a lot of point in going into a business that you know nothing about and cannot properly monitor.

This is probably my biggest stopping point in that i want to go into a new business, but i have little knowledge of other business besides the one that i am already in. If i dont know about a business i don't like the idea of being involved, because it means that i have to put to much reliance on to another person.

bthompson6472
11-25-2008, 10:43 PM
Great tips for starting a small business!

I came across this fun, holiday-inspired business success story that outlines some good things to consider when starting a small business. Check out "Santa's Toolkit: A dream, a wish and a world of inspiration" **spam removed**.

I hope it inspires you!

SteveC
11-25-2008, 11:06 PM
Learn to Sell.... if you want to start a business you must be able to sell, if you can't sell, learn too or don't go in to business (unless you have lots of money).

llcollins82
11-26-2008, 12:19 PM
This **spam removed** gives a good overview of steps to cover when starting your own business.

cbscreative
11-26-2008, 03:03 PM
Just a little FYI for the members here. This thread was a typical ploy used by spammers. Thanks to an alert member, we now have all doubt removed. We exercised "benefit of the doubt" until we were sure; now we're sure. I've decided to leave this lame Spam in place (but edited) to demonstrate the strategy used, and to put other scourge on notice that we do pay attention here and don't tolerate Spam. To the Spammer, congrats on getting your site flagged as a known Spammer, you just made it easier for others to recognize you.

Mozzy
12-03-2008, 01:42 PM
Networking! This is so crucial. The more you network the more gregarious you become and this allows you to sell your business in a real and convincing way. You can endlessly go to classes that teach you how to effectively network but you never really achive that success unless you grab the bull by the horns and do it yourself, and with much repetition.

Go to networking events
Hire speakers to dicuss your business at seminars (unless you're already a good speaker)
Tele-seminars
Mail out business cards either to businesss related to yours or even in your neigborhood
Form strategic joint ventures with other companies
Keeping in touch with your existing client base and giving them incentive to promote your business i.e. offer a percentage of the sale
Carry your business card everywhere you go
Blogs, Article Posts, Forums, Ezines and email blasts
and the list goes on....

mr.ro
12-04-2008, 11:50 AM
great tip mozzy I think I fell in that dept of networking with people. I have to work on being a better people person in general. the times where I was outgoing and talkative it lead to me getting clients or working with someone.

as far as my tip I would have to say if you are starting out you must do your product or service research, to find out what your product/service is going for in price range and benefits that other companies offe. I have messed up on a few of my products by either under charging or over charging on an item. which now I look at could have been avoided if i would have did better research.

huggytree
01-01-2009, 04:21 PM
know your product or service 100%...be an expert

find out how your competition does things....do it better!

find out how your competition does things...do it different!, market it different!

BEING THE LOWEST PRICED IS NOT DIFFERENT....ITS JUST STUPID!

The more I realize what makes my company different the more successful i become.
The better I learn to express those differences to my potential customers the more successful i become..

'its not who you know, its who knows you!'.....i meet so many people and cant possibly remember most of them, but because i express how my company is better they remember me!

FormerlyToolman
01-03-2009, 09:08 AM
Do not over-leverage! Have sufficient cash, from your own resources. If you have to start small, so be it, but be very careful with financing and borrowing!

Leverage multiplies gains when they happen, but it also multiplies the losses!

Jagella
01-05-2009, 06:05 PM
Hey guys,

I wanted to start a thread here for people to outline some of their favorite tips for starting a business.

What can you share that will benefit others?

Some businesspeople recommend that if you're starting out, then organize your business around a 40-hour work week. For every hour not making money, spend time selling your product to new clients. Also, make sure you have designs for your business created. Logos, letterhead, signs, business cards, and Web sites based on your target market should be up and running.

Good luck!

Jagella

Harold Mansfield
01-19-2009, 03:53 PM
My only tip would be to do it because you want to be in business for yourself, because you want to be the best, because you thrive on the competition, and because you love what you do.
If you have that passion first, you will find a way to be successful.

If you just want to go into business because you think it's the gateway to riches while working on the beach with a laptop...you will most likely fail.

billbenson
01-19-2009, 05:48 PM
Mine came out of desperation. Career ended in the middle of a recession in 99.

Having said that, as a career salesman, accustomed to working out of my house and having a technical background armed me pretty well.

The one thing I hate and am lousy at, but would be a big help is a good accounting background.

phanio
01-19-2009, 07:31 PM
As stated before, watch your cash flow. Not what your P&L shows but actual cash in and out of the business. Try to collect ASAP and pay as slow as possible.

Everything does not have to be new – used equipment is just as good.

Don’t think you need a big campus either – only pay for the space you will need – while keeping an eye on the future.

Network, network, network.

Lastly, it is up to you – how much you want to work – how much you want to succeed. No one will do it for you – you have to go get it – keep a great attitude and work hard/smart.