10 Tips for New Business Owners

10 Tips for Starting Your New Business:

1. Be clear on your business idea and the reasons why you are creating the business. Take the time to write a business plan – even if not a complete plan – outline essentials.

2. Be honest about your skills. Outsource when you need to. You can’t do everything, and the more you focus on your strengths and hire others to also use their strengths the better off your new business will be.

3. Incorporate your business and research whether LLC, S-Corp, or some other type of corporate entity is the best way to structure your new business.

4. Funding takes a long time. If you need it – make sure you start this process soon after deciding you’re going to start a new business.

5. Research grants and other alternative funding. If your business is a non-profit – Google and other major internet companies (Microsoft, Yahoo) have grants available for certain business types. Also, your business may qualify for funding under the Enterprise Finance Guarantee Scheme.

6. Try to get more money than you need. Low capital is one of the primary reasons businesses fail. If your business is viable you’ll be able to find funding – it might take a lot of effort, but you’ll find it.

7. Hire only great people. Don’t settle. You’ll waste more time with one that isn’t right than is worth it! Don’t hire close relatives! How can you share the strengths in your organization?

8. Position yourself in the market where you are offering a service or product much better than someone else is. The harder it is to reproduce, the more solid your business footing. Identify the best markets for your business to be in – use the internet to find them.

9. Take time to speak to other professionals in the same or a parallel niche as the one your business targets. If you need specific business advise, then contact a professional at the SBA, an accountant or business coach.

10. Prepare for contingencies. What would happen if the key person, or two persons in your business couldn’t work all the sudden – or worse, quit? Don’t put all your eggs in one basket – and always have contingency plans for everything to pull your business out of any hole it might fall into.

It pays to know a lot of people. Networking is probably the least thought of activity for new business owners – and yet, it can be one of the biggest advantages for your business. If you knew someone – one person even, that could handle expertly the major areas of your business – how much would that be worth?

You’re running the show – the show is going to go much more smoothly the more people you involve and know on a personal and business level. Get to networking and marketing – the two fundamental tasks of a new business…

And, GOOD LUCK!