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Top tips for starting a business that will succeed

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vanny
(@vanny)
Eminent Member

Re: Top tips for starting a business that will succeed

Hello Friends,
Here are Five good tips to starting a new business.
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).
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.
4.Take time to speak to professionals:- If you need specific business advise, then contact a professional, e.g. accountants and solicitors.
5.Prepare for contingencies:- Do you need life cover? Key person insurance? What would happen if the key people in your organization could not work? Do you require stakeholder pensions? Have you satisfied public / employee liability requirements? Get professional advice on all these issues.

Thanks & Regards.
Vanny

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Posted : 27/03/2010 6:07 am
Markwilson
(@Markwilson)
Eminent Member

Re: Top tips for starting a business that will succeed

heyyy nice post.. when ever stating a new business You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise...don’t do it alone.... u need a support 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....do the networking. make the contacts. sell or even give away your products or services....Get the money lined up is must.. good luck

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Posted : 27/03/2010 12:02 pm
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