Tips for a Successfull Start-Up

Friday, October 13, 2006

Here are eight guidelines you'll want to follow to help you make sure the business you're starting or buying has a fighting chance to survive -- for both the short and long term:

1. Find something you'll enjoy daily. It's important that you enjoy both what your company does and what running the company entails.

2. Don't start if you can't ensure a solid profit margin. Make sure your business will have a solid profit margin, which is vital to long-term success.

3. If it's your first business, think about buying an existing business or a franchise. Your first business will always be the toughest because you have so much to learn. An existing business or franchise provides a shortcut through much of that process.

4. Buy into a growing industry and market. Remember, you're building your business for the long term, so think about how your company will evolve over a 10-year period. You want to have a good sense that there'll still be a demand for your product or service 10 years out.

5. Marketing and selling to new customers is expensive. Repeat business is where the profit is in just about every venture. Make sure you have it.

6. Keep recurring costs to a minimum. There'll be times when you're first starting out that you'll have slow cashflow. Don't cripple yourself by committing to expenses years in advance.

7. Get good advice. Work with the best and learn from these mentors. Don't just get them to do a job for you -- learn why they do what they do so you gain knowledge in their field.

8. Be prepared to work really hard for the first year or two. Strong sales, effective marketing and nonstop networking all are vital to building a solid cashflow and profit. At times, you'll probably feel like it's too hard and you'll want to give up, but if you stick with it, things will get easier.

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posted at 8:58 AM |

8Comments:

Great step by step guides you have there!

To your success!
Daryl
Free Gifts
http://www.jobscreation.com/optin3/TAF-Step1_3.html

Commented by

Business888, 1:48 PM

I really agree with finding something you enjoy. I went 25 years with at my old JOB! Now, I never work - because I do something I enjoy, it is not work anymore.

Commented by

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Commented by

Anonymous, 4:18 PM

your points are great, you should be comfortable with the business that you're working at, its not always the profit

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Commented by

erikko, 5:39 AM

I wholeheartdely agree with point #3. If this is your first time starting a business, buying a franchise opportunity or existing business wil greatly increase your chances of success in todays competitive market. And yes, I think to some extent you should follow your bliss and do something you can enjoy.

Commented by

Anonymous, 11:35 AM

Seek for help. Don't wait until something becomes a challenge for your business. Surround yourself with experienced professionals that will help you improve your business performance and give you expert and professional advice for your business.

Commented by

Business Strategy Consulting, 1:07 AM

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Commented by

deepy, 12:54 AM

People starting a business need to understand that it will take money to start and run a business. If a person does not have the money or is unwilling to invest in doing things right from the start... the odds of success go down fast.

Commented by

Maria, 11:52 AM

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