Tips for starting new business

Re: Tips for starting new business

Here I'm also Sharing With You some Of The Main Tips For Starting a New Business:
1)Write a business plan. The main reason for doing a business plan first 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.)
2) Do the research. You’ll do a lot of research working through a business plan, but that’s just a start. 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.
3) Get professional help. On the other hand, just because you run a small business, doesn’t mean you have to be an expert on everything. If you’re not an accountant or bookkeeper, hire one (or both). 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 rurun trying to do things yourself that you’re not qualifed to do.

Re: Tips for starting new business

Market research is so KEY. Make sure your stuff will be purchased by people. Don't just live out a dream of being the next Kenneth Cole- people have to like it and buy it. Try making a few samples 1st and go to shops and see their reaction.

Just register your business name in your city and open up a business checking account and you're golden. You don't need an attorney for that. If you do start selling, get the Quickbooks program for your computer and apply for a tax re-sale certificate in your state. That's it.

Avoid taking out loans for the business. Just get a secured credit card at your bank for a limit of $300 and live with that for a year.

The website is OK but you need to advertize in magazines etc for people to see it. Most people will buy clothes in person and not on line because they have to feel and touch everything.
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online childrens clothing first bra

Re: Tips for starting new business

new business depend on your experience ,in which field you have experience you start job according to this.

Re: Tips for starting new business

Suggestions to help get your business off to a smooth start and keep it going for the long haul.

1. Save up as much money as possible before starting. All too often, people go into business without any savings, exclusively using loan money from friends, banks, or the SBA. They except to be able to start paying the loans back right away with their profits. What these business owners don't realize is that it can take months or years to make a profit. And once a lender discovers a business isn't as profitable as expected, the lender is likely to call in the loan or refuse to renew it for another year. Often new business owners then have to take out home equity loans or use credit cards to pay off their loans (which puts their home and credit rating at risk).

A better plan is to save up as much of the needed investment money as possible, including your living expenses for the first year, or even two. Odds are that your business won't be profitable for one to two years. Even if you get plenty of business coming your way -- and your customers pay you on time, which isn't always a sure thing -- you'll want to be able to invest most of that money back in the business for space, equipment, advertising, and insurance needs.

2. Start on a shoestring. Think small. Don't rent premises if you can work somewhere else, and don't hire employees until you can keep them busy. (You can hire independent contractors or temps in the meantime.)

People who start their small business on the cheap, often in a garage, den, or some other scavenged space, and create their first goods or services with more sweat than cash, have the luxury of making their inevitable rookie mistakes on a small scale. And precisely because their early screw-ups don't bury them in debt, they are usually able to learn and recover from them.

3. Protect your personal assets. When you go into business for yourself, you are usually personally liable for all judgments and debts that the business incurs. This includes business loans, taxes, money owed to suppliers and landlords, and any judgments against the business as a result of a lawsuit. If you don't protect yourself, a creditor can go after your personal assets, such as your car and your house, to pay for these debts.

While you can protect yourself against lawsuits by buying business liability insurance, this won't help you with business debts. If you will be running up big debts, consider forming a corporation or limited liability company (LLC). Just one person can form either of these types of businesses.

4. Understand how -- and if -- you will make a profit. You should be able to state in just a few sentences how your business plans to make a substantial profit. For starters, you need to know your costs: how much you'll spend purchasing inventory, paying the rent, compensating any employees, and covering what is likely to be a surprisingly long list of other costs. Then you can figure out exactly how much you need to sell each month, for how many dollars, to cover those expenses and have an adequate profit besides. These numbers are all you need to create a "break-even analysis."

5. Make a business plan, no matter how short. Understanding your profit numbers and creating a break-even analysis is the first step in making a business plan. For most small companies, the key portions of a business plan are the break-even analysis, a profit-and-loss forecast, and a cash flow projection. (Projecting your cash flow is key and will make or break your company: Even if your business is getting plenty of work or selling its products, if you're not getting paid for 90-180 days, you're not going to survive unless you've planned for it.) With a cash flow spreadsheet in place, as well as a profit-and-loss forecast, you can tinker with your business idea and improve it before you start -- and continue to use them after you start.

Creating a business plan also allows you to determine what your projected start-up costs are (how much money you'll need to save) and what you marketing strategies are (how you'll reach customers to make sales). If you can't make the numbers work on paper, you won't be able to make them work in real life.

6. Get and keep a competitive edge. Building a competitive edge into the fabric of your business is crucially important to long-term success. Some ways to get this edge are by knowing more than your competitors, making a product that is hard or impossible to imitate, being able to produce or distribute your product more efficiently, having a better location, or offering superior customer service.

One way to hold on to your competitive edge is to protect your trade secrets -- confidential information that gives you a competitive advantage in the marketplace. Examples of trade secrets include customer lists, survey methods, marketing strategies, and manufacturing techniques. To protect your trade secrets under the law, you need to take steps to keep the information confidential. This includes marking documents "Confidential," using passwords to protect computer information, using nondisclosure and/or noncompete agreements, and limiting access to employees with a reasonable need to know the trade secrets.

Another way to keep your competitive edge is to react quickly to bad news. Once you see that your business faces some kind of adversity, you need to come up with a plan to deal with it immediately. This may involve moving your offices, introducing a new product or service, or developing a better way to reach customers.
Thank you............

Re: Tips for starting new business

Hi,

One must do a good deal of research working via a business plan. You must be an expert on your products, services, and industry to start the business. The main area in starting a business is getting clients or customers. No business will succeed without clients and customers. Do not wait to get the clients and customers until you start your business officially. Networking and getting contacts are highly essential.

Re: Tips for starting new business

Some really good points in this thread. Here are a few more that may be of help.:)

When the opportunity arises to start a work at home business there are several points to consider before beginning. These points can make a work at home business run more smoothly, save money and bring success. Planning is very important when starting a work at home business.

The first thing to consider is what kind of business to start. What kind of products or services will likely be sold? Is it a product you’re selling for someone else or is it your own invention? Is it a service you will perform yourself or are there others that will do this? Will it be an online program? Finding the right niche is very important and everything will revolve around this.

Second, where will this business be located? It is important to have a space for this purpose and only this purpose. Preferably a separate room with a door that can be closed for quiet and privacy. There needs to be enough room for a desk and any other furniture you desire. Also, if there are products that must be kept in your office, make sure you have the room to store them. If you make your own product, make sure you have a space for this purpose so everything can be organized and streamlined. The worst thing is being unorganized. It wastes time and time is money.

Third is budget. What kind of budget can you work with? With every business, whether it be online or brick and mortar, there comes cost. Cost to make the product, advertising, any kind of monthly fee for programs you are involved with, even the internet connection. Consider any kind of furniture or office supplies that are needed. A monthly budget must be laid out so over spending can be avoided. Do not take on more than can be afforded.

Fourth is advertising. Consider the type of advertising you like. Some may like running ads in newspapers and others may prefer solo ads in online ezines. Whatever you decide, make an advertising plan and stick to it. Make sure it is within the budget you set up though.

Time is the fifth point to consider. If a job is still held outside the home until the home business becomes successful, make sure there is sufficient time to work on the home business. Balancing work, home and children is hard enough. Trying to build a home business on top of all that may be challenging. Set a schedule that is realistic and follow it. Don’t forget to schedule some down time too. You’ll need to relax and spend time with family.

After considering these points you can create a plan and start building your own successful work at home business.

Re: Tips for starting new business

good tips for starting business are based on cmbination of "great" and Devies17 said.
passion and some business plan to make it work.

Re: Tips for starting new business

HELLO.

thank you for sharing..

really these great tips here by you here.. keep it up...

Re: Tips for starting new business

Hello

Wow.... Great Tips. Thanks for sharing this informative information.These tips are really very useful. Definitely i'll try these tips. then it will really help, keep sharing and reading such type of informative discussion.

Thanks
Have a nice time

Re: Tips for starting new business

Thanks for sharing this thread.
We learn lot of information about it.

Re: Tips for starting new business

h**l thanks for great info by you.

Here I'm also Sharing With You some Of The Main Tips For Starting a New Business:
1)Write a business plan. The main reason for doing a business plan first 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.)
2) Do the research. You’ll do a lot of research working through a business plan, but that’s just a start. 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.
3) Get professional help. On the other hand, just because you run a small business, doesn’t mean you have to be an expert on everything. If you’re not an accountant or bookkeeper, hire one (or both). 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 rurun trying to do things yourself that you’re not qualifed to do.
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Re: Tips for starting new business

Very good tips.keep it up:D

Re: Tips for starting new business

Here I'm sharing With You Some Of The Tips For Starting up a Small business:

1. 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 businses start up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start up program. Experienced guidance is the best support sytem of all.

2. 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.

3. Write a business plan The main reason for doing a business plan first is that it can help you avoid sinking your time and money into starting a business that will NOT succeed.

4. Do the research. You’ll do a lot of research working through a business plan, but that’s just a start. 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.

Re: Tips for starting new business

Hello to all

1.Don't talk about what you do in terms of your career. When you talk about your business or what you do you should always talk about it in terms of "Why do I want that?"
2.Become the recognized expert for producing the outcome, result, or solution your ideal clients already want.
3.Make yourself known among your ideal clients for your area of expertise. Make yourself known among your peers and other experts for this area of expertise.
4.Use the motivation your ideal clients already have to act to trigger their action.
5.Keep it simple when it comes to working with you. Start with 3 easy to understand options.
6.Run your business the way your prospects want you to run it.

Thank you for sharing and reading
Have a nice day