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What You Need To Know About
Starting a Business

Starting a business is no small thing. Let’s just say this right now – there is nothing small about a small business. The amount of work required to make your business profitable is not small. The amount of risk you are taking (including both financial risk and emotional risk) is not small. The number of hours you have to put in, even if you are starting out part-time, is not small.

And no matter how much money you are investing in getting your business off the ground, it’s not a small investment. Your financial investment may not be large by Donald Trump’s standards, but in proportion to your available resources, I’m certain it’s not small.

So, what do you need to consider as you start a new business. Before we go any further, let me emphasize two things.

First, take it one step at a time. If you try to focus on everything you need to do, you’ll be overwhelmed, and you probably won’t get it done.

Second, be aware that there are some things you really can’t skimp on (like getting a business license, opening a checking account, etc.), but there are other things you will be continuously improving over time. There will be a point at which you need just jump in and go for it.

Important Things to Consider When Starting a New Business:

• Choose the right business for you. There are so many choices, it’s almost mind boggling! You can sell goods or services. You can take advantage of an established franchise or multilevel marketing opportunity or you can start a business that is completely one-of-a-kind. You can start part-time while you keep your job or you can jump in with both feet.

  Click here to see my tips for choosing a new business idea that's right for you.
  
  

• Develop a business plan. You know the old saying, “If you fail to plan, you plan to fail.” Well, it’s true in this case. Developing a business plan forces you to think through the logistics of starting your business. It then becomes your road map for the weeks and months ahead. There are many resources that can help you, but one of the most common is the U.S. Small Business Association’s Small Business Planner. Click here for some help creating a business plan.

• Don’t forget about the IRS. While this should be included in your business plan development, so many new small business owners have fallen prey IRS penalties (some are very severe!) due to poor planning and poor recordkeeping, that it is worth mentioning separately. Go to the Internal Revenue Service’s website for guidance. The IRS even has a checklist for starting a business that can help you avoid trouble.

  Click here to see the IRS's checklist.
  
  Read my article "10 Ways Small Business Owners Get in Trouble with the IRS" to help you avoid tax-related trouble.
  
  Click here for some business banking tips that will help you keep your financial house in order!
  
  Click here for some ideas about funding sources for your new business.
  
  

• Start marketing your goods and services from the beginning – and don’t ever stop. Now, there are many ways to market your goods and services, and there are literally thousands of excellent resources. Just be sure you use them. There are two marketing myths that often trap new business owners. The first is, “This product (or service) sells itself.” No, it doesn’t. You need to learn how to market it and how to sell it. Trust me on this. The second myth is, “I can’t afford any marketing or advertising right now – business is too slow.” Lacking sales is precisely the reason why you must market your goods or services. Read my tips for low- and –no cost marketing techniques.

• Get into action and stay in action.
  Click here to read some time management tips to help you stay productive.
  
  
• Use electronic tools to help your business grow and succeed. While relationships are, and always have been, the foundation of good business, there are more tools now than ever to help you succeed with your customers, with recordkeeping, and with sales. Don’t be left behind by others who aren’t afraid of innovation.

• Get help!. You have already started that by coming here. Congratulations! But you’ll need even more help than you can find here. Read my suggestions for surrounding yourself with a winning team.

• Keep learning. Technology changes daily. Twenty years ago, the fax machine was barely even heard of. Five years ago, even the most advanced techies would have been amazed over the speed and price of this now basic laptop I am using to write this. Processes used in manufacturing are changing every day. Technology and print-on-demand (POD) have revolutionized the world of publishing. No matter what your industry is like today, it will be different tomorrow. Don’t be left behind. Also, there is more learn than you will ever be able to assimilate about marketing, sales, and customer service. Keep reading. Keep learning. And you’ll be successful.

• Be prepared for the hard times and do not quit. Most small business people start out part-time and quit when the going gets tough. They were not prepared for the difficult times, the discouragement, and yes, the loneliness of self employment. They believed the get rich quick stories and when they didn’t come true for them they became disappointed and skeptical. You can avoid this by being prepared for the full range of experiences that affect new business owners. And never, ever quit. Remove the word from your vocabulary. If you don’t, you won’t succeed.

  Click here for more small business tips to help you get started!
  
  

  If you're interested in tips on how to get your small business started and running smoothly, check out my blog site. By following my blog, you can follow along with my business experience. I'll be writing about my successes and challenges - YOU will benefit! Your Small Business Guide Blog is a collection of day-to-day tips for starting and running a small business.

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