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Thread: Recommendations for New Business Owners

  1. #21
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    I like your point about excellence, Karen. You may not win everyone because some shop price alone, but you will definitely gain a loyal following. And yes, patience is very important.
    Steve Chittenden

    Web design, graphic design, professional writing, and marketing.

    "Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure, than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat." -- Theodore Roosevelt

  2. #22
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    A couple Suggestions for starting out..

    1. Have a solid business plan and have it reviewed by someone already in business. Be it a trusted friend, and SBA/SCORE type program or Even a Consultant (if you have more cash than time). this is a living breathing document that allows you to gain a clear picture of how you're going to operate and what financial realities exist for your business

    2. Interview and select a primary care CPA and Attorney... these are people you'll want to know BEFORE there's a problem.

    3. Find and set up a seperate Free/Low Fee Business Checking account with a Credit Union or Bank. MANY financial institutions are now offering "free" business checking... there is no need to pay $50-$100 a month for a commercial checking account.

    4. Register with the state and the Feds... as a sole proprietor you COULD use your Social for taxing/reporting purposes, but who wants their SS# floating around out there. Getting a fed Tax ID is FREE and Fast from the IRS you can do in online in less than 5 minutes.
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  3. #23
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    Good recommendations Ad-vice Man. I especially like the one about a separate checking account. I'd guess that some people would mix their funds and run into problems in the future.

  4. #24
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    Wow, you all have great tips. These are fantastic for anyone starting their own business. I especially like hearing that you need to have 3-6 months expenses set aside, because sometimes i think people dont think about that stuff.

    fantastic, everyone.

  5. #25
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    I thought of another one to add to this thread. Personally, I think it is better to get a little from a lot of places than a lot from only a few places.

    Here's the principle so I can illustrate what I mean. Many business owners understandably want to get big accounts. That can be good, but it can also be bad. If you rely too heavily on one source, losing that source could be devastating to your business. I have seen this happen to self employed people and other businesses.

    I look at from the perspective of why I am in business for myself instead of having a job. A large account could easily become like a job with all or most of your income from one source. We all know that job security is an illusion. I am not saying I would turn down a large client, but in my case, I don't pursue them, which is worth considering if you are starting out in business and looking at how you want to build your business.

    Also keep in mind that the competition to get large customers is usually more fierce and cut throat, and those customers often enjoy lording their power. Large customers are also highly prone to "restructuring" or other changes where they stop buying or change vendors for any number of reasons.

    By having several "small" clients, I do not have the worries of losing a large stream of income. No one client has the ability to make or break my company. No one can be like a tyrannical boss where I stay simply because I fear losing.

    Sure, getting a large account can jump start a business, but slow and steady growth is much healthier. It's not the fast track, but once you get there it's easier to keep growing.
    Steve Chittenden

    Web design, graphic design, professional writing, and marketing.

    "Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure, than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat." -- Theodore Roosevelt

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