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Top tips for starting a business that will succeed

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stepheny
(@stepheny)
Eminent Member

Hi

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

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 run trying to do things yourself that you're not qualified to do.

Get the money lined up. Save up if you have to. Approach potential investors and lenders. Figure out 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.

Be professional from the beginning. Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

Keep sharing and reading
Thanks

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Topic starter Posted : 18/02/2010 9:06 am
maxwel19
(@maxwel19)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello Friends

1)Develop your personal and company goals:New business success requires a combination of knowing what you are doing and capitalizing on a good opportunity. Develop and clearly state your goals in a written plan, which will then serve as your road map. They give you a sense of direction and help you get to your destination, a successful business of your own, with a minimum of time, effort, and expense.
2)Define a viable market segment for your product or service:The next step in starting a new venture begins with listening to the marketplace. Define an unmet consumer need first, before you develop a product to satisfy that need.
3)Develop your marketing plan. The purpose of the marketing plan is to describe how you will attempt to create and maintain customers for a profit. It needs to state whom you are going to sell to, how you are going to penetrate the market, why you will be successful with your sales campaigns, and finally, how much you will sell annually over the next five years.
4)Write your initial version of the business plan:Your business plan must reflect the unique environment you will be operating in as well as what you plan to be your competitive advantage. It is an outline of the direction in which you plan to take your company, an analysis of your business strengths and weaknesses, and a skeleton from which your formal business plan will later be developed.

Have a nice day

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Posted : 22/02/2010 7:44 am
mike15
(@mike15)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello Friends,
Here is a some tips guide to set up your own business and make it successful as well:-
Do what you love. 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 is running fishing charters, creating pottery or providing financial advice.
Start your business while you're 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 your business means money in your pocket while you're going through the business start up process.
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.
Get clients or customers first. Don't wait until you've officially 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.
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.

Thanks.

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Posted : 24/02/2010 4:12 am
carl12
(@carl12)
Trusted Member

Re: Top tips for starting a business that will succeed

That's are great Posts Friends which You have shared here With us
I Found it really very useful for Myself Keep sharing such Informative Posts With us.

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Posted : 25/02/2010 1:47 pm
maahi123
(@maahi123)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello
Hi

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

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 run trying to do things yourself that you're not qualified to do.

Get the money lined up. Save up if you have to. Approach potential investors and lenders. Figure out 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.

Be professional from the beginning. Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

Keep sharing and reading
Thanks

Warehousing

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Posted : 26/02/2010 4:42 am
maahi123
(@maahi123)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello
1. Be clear on your business idea and the reasons why you are setting up in business.
2.Be honest about your skills. If you are a fantastic sales person but lousy on finance then seek advice and get help. Identify your strengths and weaknesses.
3.Take advice on the most appropriate structure of the business - sole trader, partnership or limited company.
4.If you require funding, make sure your business plan and financial projections are well thought out.
5.Research what grants and outside support are available. For example, the business may be suitable for funding under the Enterprise Finance Guarantee Scheme.
6.Always ask for enough finance. If you don't, your business may not succeed. Ask for what you will need, not what you can get.
7.Look at the key people within your organisation. Have you hired the right people? Have they got the right skills?
8.Positioning. Where is your business in the market? Against competitors? Where does your product / service fit? Is there a market for your product?
9.Take time to speak to professionals. If you need specific business advise, then contact a professional, e.g. accountants and solicitors.
10.Prepare for contingencies. Do you need life cover? Key person insurance? What would happen if the key people in your organisation could not work? Do you require stakeholder pensions? Have you satisfied public / employee liability requirements? Get professional advice on all these issues.

Warehousing

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Posted : 26/02/2010 4:49 am
andrew16
(@andrew16)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello Friends,
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.
1.Get clients or customers first:-Don't wait until you've officially 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.
2.Write a business plan:-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.
3.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.
4.Be professional from the get-go:-Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.
5. Start your business while you're 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 starting a business process.
Thanks.

Shoes

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Posted : 27/02/2010 6:05 am
hansh
(@hansh)
Eminent Member

Re: Top tips for starting a business that will succeed

1) Do what you love.
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.

2) Start your business while you're 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 starting a business process.

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 Self-Employment Program. When you're starting a business experienced guidance is the best support sytem of all.

4) 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. (See Attracting New Business on a Shoestring Budget and Just Do These Two Things to Get More Clients for tips.)

5) Write a business plan.
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; my Quick-Start Business Plan, for instance, will let you test the potential of your business idea much more quickly.

6) Do the 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 associations before 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 qualifed to do.

8) Get the money 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.

9) Be professional from the get-go.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

10) Get the legal and tax issues right the first time.
It's much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you have to charge GST or PST? Will you have to have Workers' Compensation Insurance or deal with payroll taxes? How will the form of business you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

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Posted : 05/03/2010 2:38 am
ronny21
(@ronny21)
Eminent Member

Re: Top tips for starting a business that will succeed

Hi

* We begin by assuming that you are in the business you love. If you are not, the first tip we have for you is that you find something about it to like or move to something that you are passionate about.
* Cash! Plans! Cash forecasting and financial plans are next on the agenda. A planned budget, a measurement process, both short and long term will help your business start up. It's imperative that you know your projected income or revenue and cash expenditures to drill down to your cash flow.
* Research your business, your competition, and the industry and stay current and then define your USP. (Unique Selling Proposition) Read, read, and read! Get start up advice, join organizations that will help you, get on to the net and do all your homework there.
* If you can differentiate and find that USP, leverage it to the maximum.
* It helps to establish and fall back on a trustworthy mentor or advisory board. It could even be family, someone whom you can bounce ideas off, and get an objective opinion on your USP among other factors.

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Posted : 05/03/2010 6:12 am
rob24
(@rob24)
Eminent Member

Re: Top tips for starting a business that will succeed

1)Decide What You Want:Step number one, decide exactly what it is you want in each part of your life. Become a "meaningful specific" rather than a "wandering generality."
2)Write it Down:Second, write it down, clearly and in detail. Always think on paper. A goal that is not in writing is not a goal at all. It is merely a wish and it has no energy behind it.
3)Set a Deadline:Third, set a deadline for your goal. A deadline acts as a "forcing system" in your subconscious mind. It motivates you to do the things necessary to make your goal come true. If it is a big enough goal, set sub-deadlines as well. Don't leave this to chance.
4)Make a List:Make a list of everything that you can think of that you are going to have to do to achieve your goal. When you think of new tasks and activities, write them on your list until your list is complete.
5)Organize Your List:Organize your list into a plan. Decide what you will have to do first and what you will have to do second. Decide what is more important and what is less important. And then write out your plan on paper, the same way you would develop a blueprint to build your dream house.

Thanks

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Posted : 10/03/2010 6:23 am
nick25
(@nick25)
Trusted Member

Re: Top tips for starting a business that will succeed

Hello,

1. Identify the appropriate market and target the appropriate segments within the market -- Deep pockets; ability to leverage core product from one segment to another without major design/development changes.

2. Make sure there exists a market problem/pain that currently demands a solution. Is the problem large enough to justify the price of your solution? Is someone with P/L responsibility willing to pay for the solution? Test: Are you able to clearly delineate a value proposition that gets a customer’s attention?

3. Solve the customers problem, don’t just build cool technology. Value is always in the application of the technology, not technology per se

4. Have a clear understanding of your value chain. Know who are your partners, competitors, and customers – it isn't always obvious

5. Understand where you are in the market cycle, from a timing perspective: new technology, competitors entering, segmentation, consolidation, solutions offering, commoditized, etc.

6. Don’t fight the market and where it is in its life cycle – you will lose

7. Price based on value of solution, not to undercut competitors. Compete first on functionality, not price. If you truly are the only one solving the customer’s problem, you should be able to price your offering based on value of your product/solution to the customer You compete on price only after the product/solution has become a commodity – end of the life cycle

Thank you for sharing.
keep sharing

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Posted : 17/03/2010 3:10 am
chris27
(@chris27)
Estimable Member

Re: Top tips for starting a business that will succeed

1. Target
You are not all things to all people. Decide on your niche--narrow your focus and broaden your appeal.

2. Be Different
If your competitors are doing it, don't. Stand out from an overcrowded marketplace where so much of the advertising and products look the same.

3. Be Fast
Time is the most precious commodity. When delivery is expected Friday, show up Thursday afternoon. Return calls and emails now.

4. Be Consistent
Make sure your business has a consistent look and feel. A customer must get the same flavor from everyone within your organization.

5. Fanatical Optimism
The glass must always be half full. Attitude will always win out in the end and infect all of those around you.

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Posted : 22/03/2010 3:05 am
gregbraddy
(@gregbraddy)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello Friends

1)Develop your personal and company goals:New business success requires a combination of knowing what you are doing and capitalizing on a good opportunity. Develop and clearly state your goals in a written plan, which will then serve as your road map. They give you a sense of direction and help you get to your destination, a successful business of your own, with a minimum of time, effort, and expense.
2)Define a viable market segment for your product or service:The next step in starting a new venture begins with listening to the marketplace. Define an unmet consumer need first, before you develop a product to satisfy that need.
3)Develop your marketing plan. The purpose of the marketing plan is to describe how you will attempt to create and maintain customers for a profit. It needs to state whom you are going to sell to, how you are going to penetrate the market, why you will be successful with your sales campaigns, and finally, how much you will sell annually over the next five years.
4)Write your initial version of the business plan:Your business plan must reflect the unique environment you will be operating in as well as what you plan to be your competitive advantage. It is an outline of the direction in which you plan to take your company, an analysis of your business strengths and weaknesses, and a skeleton from which your formal business plan will later be developed.

Have a nice day

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Posted : 23/03/2010 7:00 am
carl12
(@carl12)
Trusted Member

Re: Top tips for starting a business that will succeed

These are really a great Tips Which You have shared here With us
I Found it really very useful For myself keep sharing such Informative Posts With us,

Thanks & Regards,
carl

Brampton Real estate agent

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Posted : 24/03/2010 12:30 pm
saramedows
(@saramedows)
Active Member

Re: Top tips for starting a business that will succeed

Its very important to choose right industry or field you wants to do business in, set goals, gain resources and at the start select a nieche market, advertisement plays main important role through out the life of business, strategies you choose are also vital , nice info added by all

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Posted : 25/03/2010 11:54 am
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