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Tips for starting a business Source : Managing Small Businesses ( www.Bizmove.com ) Starting a business tip # 1- Stay current Join an industry or business association related to your product or offering. Read newspapers, newsletters and magazines that cover your business. Consider joining a local chapter of an organization like Chamber of Commerce, Associations for Manufacturers, Exporters, Farmers etc. They have great sources of advice and information as well as great discounts on business expenses. Read and constantly be researching topics about your business. It's easy on the internet! Starting a business tip # 2 -Make sure you have a financial plan Also a budget and a measurement process to keep track of how you are doing monthly. If you don't know where you stand financially and have no short term and long term financial goals, then you are just letting fate dictate your success and we know those odds aren't too good. Control your own destiny! Starting a business tip # 3 - Cash forecasting It sounds boring and difficult, but it's not. Keep it simple. Look at your next 3 months projected income or revenue, then just lay next to it all the expenditures you need to keep the business running. The difference is your cash flow. You must do this to avoid surprises. Most businesses hit the brick wall because they fail to understand their cash flow. The key to judging the right amount of working capital your business requires is understanding your cash cycle. Put simply, it’s the time between when cash is converted into raw materials or products and when you actually receive payment for them. Starting a business tip # 4 - Get an advisory board or a mentor Sounds crazy for a small operation? It's not! The board can be family members that you trust, or friends. Ask them to be your board of directors and review your business plans and results with them. Having someone to bounce ideas off and get an objective opinion is critical. Starting a business tip # 5- Maintain a balance between work, play and family This is critical for long term success. We all put in crazy hours on a short term basis to get a hot project done or the product out of the door, but if you do this on a long term, regular basis it is a dangerous sign that you are losing perspective. You need to be able to step away on a regular basis and get your batteries re-charged. And also have time for family because if they suffer it is almost a sure bet your business will suffer too. Starting a business tip # 6 – Network It's easy to get isolated in a home business or your own small business operation. Force yourself to get out and meet with others that can provide a business support structure for you. One of the benefits of a corporation is the workings of teams and the on going support structure it provides. You need to create that for yourself. Don't think you can do it all by yourself; By talking to others in business you will find out great ideas and it will help motivate you. Starting a business tip # 7 - Stay Motivated One of the hardest aspects of a small business or home based business is creating the discipline or motivation to work each day. It is so easy to get distracted and put off the essential tasks that need to get done. Keep your work place and hours separate from the rest of your responsibilities. Develop a to-do list EVERYDAY. Set goals for the week. Review how you are doing against them. We all struggle with this and it is one of the key elements of success when starting a business. Starting a business tip # 8 - Don't rest on your laurels Be prepared to always change. Force change. Look for things to do more efficiently or how to improve your offering or product. Constantly evaluate your competition and benchmark yourself against them. Starting a business tip # 9 - Do something you love If you are in a business that you hate, then it is a good bet you won't be successful. Find where your true talents and skills are and get in a business that exploits them. The saying," if you do what you love and the money will follow" is so true, especially for people considering starting a business. Remember success is more attitude than aptitude and never forget that failure is only the opportunity to begin again more intelligently.
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