tips for starting
NEW BUSINESS for
success, from our research &
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How to make a
business contact list...? No matter what
your business, a proper contact sheet will
help you to get organised. It can contain
business associates, co-workers,
freelancers, your personal contacts, or even
your local business joint. Here's how to
create a useful contact list.
At the top of the page write the title of
the list, such as "Business Contact List"
Below that make 7 column headings
horizontally with space between each that
read "Business Name," "Business Type,"
"Contact Name," "Phone," "Email," "Address"
& "Comments". Now create your categories
listed vertically. These will help you
further organise you contact sheet. These
categories should be a broader Introduction
of what the specific business offers (e.g.
"Automobile"). Make the font of your
categories rows larger or bolder then the
rest of the document so they stand out. Now
begin to fill in your rows with actual
information. For example, under "Automobile"
write (horizontally under each column
heading) "Metro Automobile". Continue to
fill in the row with the contact name, phone
number, email and address of "Metro
Automobile." Continue to fill in the contact
list with all of your contacts.
Advice for Starting A New
Business for Success...
important tips that helps you to start a new
Step : 1) If you?re going to devote a lot of
time and energy to starting a business and
building it into a successful business, so
it?s really important that you truly deeply
enjoy what you do, whether it be running
catering, financial advice, automobile etc.
Step : 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 your business means
money is in your pocket while you?re going
through the business start up process.
Step : 3) Do not start new business 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. Experienced
guidance is the best support system of all.
Step : 4) 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. Make
the networking & the contacts. Sell or even
give away your products or services. You
can?t start marketing too soon.
Step : 5) 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. (See ?Why You Need A Business
Plan? for other good reasons.)
Step : 6) Do the research. You?ll do a lot
of research working through a business plan,
but that?s just a 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.
Step : 7) 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 book keeper, 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.
Step : 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.
Step : 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.
Step : 10) Get the legal and tax issues
right the first time. It?s much more
difficult & expensive to unsnarl a mess
afterwards. Does your business need to be
registered? Will you have to charge CST
(Commercial Tex)? 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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wholesale listings of vendors offering
closeouts, surplus, factory overruns, and
bargain merchandise, at wholesale pricing
with low minimums.
Make a budget & save money as possible before starting.
important to note : People go into business
without any savings, exclusively using loan
money from friends, banks, or the money
lender. 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).
A better plan is to save up as much of the
needed investment money as possible,
including your living expenses for the first
year, or even two. Odds are that your
business won't be profitable for one to two
years. Even if you get plenty of business
coming your way -- and your customers pay
you on time, which isn't always a sure thing
you'll want to be able to invest most of
that money back in the business for space,
equipment, advertising, and insurance needs
Start from the minimum.
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 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.
Save & Protect your personal assets.
Note how & if you
will make a profit.
Always make a business plan, even how short it is.
Keep a competitive edge of market.
competitive edge into the fabric of your
business is crucially important to long-term
success. Some ways to get this edge are by
knowing more than your competitors, making a
product that is hard or impossible to
imitate, being able to produce or distribute
your product more efficiently, having a
better location, or offering superior
One way to hold on to your competitive edge
is to protect your trade secrets -
confidential information that gives you a
competitive advantage in the marketplace.
Examples of trade secrets include customer
lists, survey methods, marketing strategies,
and manufacturing techniques. To protect
your trade secrets under the law, you need
to take steps to keep the information
confidential. This includes marking
documents "Confidential," using passwords to
protect computer information, using
nondisclosure and/or no compete agreements,
and limiting access to employees with a
reasonable need to know the trade secrets.
Another way to keep your competitive edge is
to react quickly to bad news. Once you see
that your business faces some kind of
adversity, you need to come up with a plan
to deal with it immediately. This may
involve moving your offices, introducing a
new product or service, or developing a
better way to reach customers.
tips for starting
NEW BUSINESS for
success, from our research &