Tips4Biz: Advice & Strategies
Thinking Ahead is Key

Great advice for any business startup:

• Don't go for a business just because everyone says it will make a lot of money. Go for a business that you are passionate about, one that you already know or are prepared to learn thoroughly.
• Almost everyone has certain skills, abilities, knowledge. Define what yours are.
• When you make mistakes, learn from them. You can greatly enhance your likelihood for success by avoiding the mistakes that you predecessors have made.
• It's important that you believe in the business you are going to start, and not just view it as an escape from your present situation.
• Don't operate in a vacuum.
• Be professional, well organized, and a good manager of your money.
• Manage your time effectively.
• You must be able to promote the business to potential customers and clients.
• Make sure that you know your market.
• Evaluate who your customers will be and how you can effectively reach them.
• Consider popular trends and preferences of the times or season, that can have an impact on your business.
• Figure out how much you can competitively charge for your product or service. Ask a fair market price, and keep the competition in mind.
• Set your prices and stick to them. Don't be wishy-washy.
• Determine if you can live on the the profits that are generated.
• You must be able to make a profit with your business.
• Have a plan to effectively collect your fees.
• Pay attention to your tax obligations.
• You must satisfy the customer! The better you are at satisfying customers, the more likely that they are going to recommend others to you.
• Remember, the customer is always right, whether he or she technically is or not.
• Be good to your customers and they will speak highly of your business.
• Explore the field you choose thoroughly and learn every aspect of it.
• Location plays an important role in retail operations.
• Use your business plan as a management tool.
• Know your basic day-to-day operating procedures, and how much your business is costing you.
• Determine if the field you select has a future, or if it could be made obsolete by technology.
• If you're looking at an operation with technical aspects, be sure to calculate the cost of periodic retraining for yourself as well as initial training for any employees you might take on.
• Make sure you have a place with privacy from which to run your business. Find your own spot in your home. Cutting down on the distractions makes you feel like you're actually at the office.
• Don't spend money on new stuff and equipment when you can buy or lease more economically more economically.
• Leasing is a practical option to consider,and it's cheaper than buying.
• Use garage sales, close out sales, auctions, bankruptcy sales, equipment supply houses, classified ads and trade magazine to find bargains.
• Keep all your business office space, supplies, and equipment separate from your family's. You need a place you can call 'your office'.
• Negotiate with suppliers to cut down your startup costs.
• Pay special attention to your cash supply, merchandise suppliers, your inventory, and any possible legal liabilities.
• Deal with all problems and mistakes immediately.
• Have a lawyer read all contracts and important documents.
• Avoid serious errors in judgment—they can be devastating to your business.
• Know a lawyer you can use, just-in-case. You don't have to retain one in most instances, but knowing one is within reach is comforting.
• Be prepared to work long hours running your business, especially when first establishing it.
• Determine how the business affect your family. The first few years of business start­up can be hard on family life; the strain of a spouse that is not supportive may be hard to balance against the demands of starting a business; you may have to adjust to a lower standard of living or put family assets at risk.

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