7 Tips before Starting to Build a Business

Discussion in 'Articles & Tutorials' started by techsulit, Dec 6, 2012.

  1. techsulit

    techsulit
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    Want to Be Your Own Boss? Check Out 7 Tips for Starting Your Own Business​


    By T.JOHNSON
    Sept. 5, 2011

    With flat job numbers and few solutions to get Americans back to work, starting your own business can be your path to financial recovery.

    In fact, despite the economic turbulence, new data from Manta -- the world's largest online community for promoting and connecting small business -- finds 500,075 new businesses were created in the second quarter of the year. That's a 27 percent increase from the first quarter 2011 and nearly 2,000 more new businesses than were formed in the same period last year.

    1. Be Clear on Why You want to Start a Business
    While the idea of starting a business may be daunting, the fatigue of looking for a job may be even greater. Taking control of your working life by venturing out on your own may be scary, but doing noting can be worse. That said, don't start a business because you've run out of options. If you're truly interested in doing your own thing and you're ready to go for it with gusto, then small business ownership can be the most frustration and the most freeing avenue—with the possibility of the greatest financial security.

    2. Determine Your Business Type
    You don't have to reinvent the wheel. The best idea for you may be tried and true with your personal twist. When I started Women For Hire 12 years ago, career fairs were a dime a dozen -- still are. I put my spin on the category by focusing on women and I created a very successful business. Today I'm doing the same thing with my new venture -- Spark & Hustle. I'm putting my twist based on my experiences on helping current and aspiring small business owners to launch and grow their businesses. Take a look around and you'll see no shortage of repeatable ideas: People buy cupcakes, we all get haircuts, everyone likes some kind of jewelry, at some point plenty of homes need plumbers. Competitors can co-exist quite successfully. You just have to execute your version really well. So nail your idea -- and keep in mind that a service business (a service you provide based on your expertise) is much less expensive to launch than a product business where it costs money to create a tangible good.

    3. Create a Simple Business Plan
    Most new aspiring businesses owners think they're supposed to sit down and write a detailed and lengthy business plan, making all sorts of wild assumptions about how much money you'll make in five years, and so on. Some people worry so much about dotting every "i" and crossing every "t" until their plan is just perfect, they never start their business. For a basic business, I favor a one-page business plan that covers what you offer, who you're targeting, how much you'll charge and what you'll do to make it happen. It's a fluid process that will change once you dive in, so keep it simple at the start. CLICK HERE FOR GUIDELINES FOR WRITING YOUR BASIC PLAN.

    4. Nail Your Target Customer
    Determine exactly who your customers are with great specificity. If you're creating a skin cream, don't say "all women" or "everyone with skin" could buy from you. Is it targeted to women who visit a dermatologist for monthly facials or to women who grab anything from the drug store aisles? Your ingredients, process, packaging and pricing will all determine who the customer is. Be specific: I'm going to provide bookkeeping services for restaurants; I'm going to create social media campaigns for self-published authors. The more you can pinpoint your targeted client, the more focused your marketing efforts will be to reach them. You'll be able to ask for the right referrals and you'll know who and what to search for on the Internet.

    5. Perfect Your Pricing
    Your pricing shouldn't just cover your costs; it must also generate a profit for your business. Don't undervalue your time and talent, which is a classic mistake. One option is to work the numbers from the top down: What are you looking to make annually? How does that break down monthly and weekly? How many products must you sell or how many clients will you need to bring in to meet those numbers? What are all of the costs associated with delivering that product or service? None of this requires fancy charts or advanced accounting skills. Plan around with the numbers so you know what's realistic as you get going—and revisit your numbers monthly.

    6. How to Find Start-Up Money
    Until you start bringing in sales, you must keep costs down. Think creatively: it would be great to rent a fancy commercial kitchen to bake those cupcakes, but use a cheap or free church or community kitchen in off-hours instead. I worked with a woman to launch a series of art classes for kids, but she didn't have money for supplies. The solution: she required parents to purchases the supplies and pay for the courses upfront. Forget hiring a full staff; ask friends for help and train interns. Barter for key services.

    If tapping personal savings isn't an option or if you need a more creative financing option, one of the fastest growing now is crowdfunding, which allows your network of friends and family to contribute to your start up costs if they like you and want to support your small business idea.

    7. Go Out and Get Customers
    This is where the magic happens. Nothing else matters if you don't have customers. The majority of your time and effort must focus on sales. Having a smart marketing plan to attract interested people, and then convert them to customers is your number one priority. Don't get overwhelmed about how to dive in: just start where you are. Create a list of 50 potential prospects that you'll go after and begin making calls one by one. Build a serious social media presence for your business where you can engage directly with your target market.

    Dreaming about how fabulous your business can be is good; but doing some to get it there is sensational. It's all about the hustle: the decisions you make and the actions you take each and every day – that'll get you where you want to go.

    Disclaimer: Author is not connected or in somewhat related to the company

    About Us:
    Visit http://www.filambiz.com/ for business ideas
     
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  2. angelOnEarth

    angelOnEarth
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    I'd have to agree with you on all of that except for one thing, number 6.
    It's not all the time you can barter for services especially if you're planning to start a business online. Most of the times you're going to need the help of some very skilled people. Of course you might have to pay them.
    On instances like these; what you should do is hire someone from a reputable and reliable online job site (like https://www.staff.com/ or oDesk). If you're going to need a web developer or a graphic designer for your business, you could hire someone from a low income country like the Philippines. With this, you're going to be able to hire an exceptional but also affordable staff.
    :cool:
     
  3. noreturn

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    Those tips right there are so true, I feel that every new business owner should read this and take it into heart..

    I feel that this thread should be stickied.
     
  4. Beth

    Beth
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    As per my suggestion, business people are the most passionate ad energetic people when they got to assemble their innovative ideas that may lead them to riches.There are several criteria's that are measured before starting up a new business. There are many would-be-entrepreneur's who are held back by fears of failure as they cannot take the risks of business, especially for those who are involving lot of time commitments and start up capital.
    I would like to suggest you some tips that can help an individual who is entering into the business and they are:
    -Try to know how you will fund it.
    -Be realistic about business set up time.
    -Keep overhead low.
    -Tests your idea on prospective customers.
    -Create a business plan and a business model.
    -Build your network.
    Hope this may help...:)
     
  5. e-bus.org

    e-bus.org
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    Starting business online is a smart idea because the internet is the biggest market these days. But if you just think of money without a good contents on your website you'll fail!
     
  6. dan213

    dan213
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    I appreciate and agree with the article you have written. There are many challenges with starting a new business that arise and with proper planning, some of these challenges can be eliminated right from the start. Proper planning and being sure that the financial backing is there are important factors.

    Great article!
     
  7. jimarmstrong

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    Excellent gist for online business start up! However, i would like to add one more crucial segments for online business which is more an mandatory aspects for online business. Its SSL certificate security which protects online users confidential information while doing online shopping through credit card, paypal, and bank wire details. Here I m representing an article on SSL certificate, exactly how it will influence online business and its conversions.

    REASONS TO USE SSL SECURITY FOR SUPERIOR PROTECTION

    The internet is a community composed of billions of people throughout the world. Representatives from each country meet online to interact, buy, sell and trade. As with any community, there are members with good intentions and those with bad intentions. When engaging in transactions online, it is important for Internet users to protect themselves with SSL security to ensure their computers and personal information are protected.

    Many people actually make a living preying on those who do not have sufficient SSL security protection. They steal identities, credit card numbers and personal information from random users and use it for their own benefit. SSL security tools work in different ways to ensure users’ protection when they use the Internet to conduct business or send personal information.

    The most important reason to use SSL security is to keep private information safe. People send and receive all kinds of personal information on a daily basis. Without SSL security, someone could intercept this data and use it against its owner with malicious intent. Data encryption and password protection are the easiest ways to ensure only those one authorized to have access to one’s personal information can use it. Without these tools, each internet user could find themselves subject to snooping and intrusion by any person who has the time and desire to access their personal accounts and information. Infiltrating personal accounts online is easy when there is no protection in place, so it is important for one to avoid making oneself an easy target.

    Buy SSL certificates security to be a vital business platform in the fight against online crime and identity theft. There is too much information sent through the Internet on a daily basis for all users to neglect protect themselves with some form of SSL security. SSL security programs keep users safe and give them peace of mind as they browse the internet. As they can give personal information to a bad actor inadvertently, they are a necessity in an ever-growing Internet world.
     
  8. kristenhanna

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    I strongly agree with all your points. These are the most important points to be considered before starting your business.
     
  9. andrewtarant

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    It is not so easy to start new business. There are so many things that you have to keep in mind to start new business. This is really very nice and informative information for the people to get knowledge. I also say that marketing is the important part of business success so you have to use good marketing strategy.
     
  10. Bharat Book

    Bharat Book
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    Starting your business

    yes these are the important steps while starting the business, right strategy leads you to the great success While identifying target customers we also need to identify there age group which we required according to it have to start quest. promotional activities are also important.
     
    #10 Bharat Book, Jan 24, 2013
    Last edited by a moderator: Jan 24, 2013
  11. russellmark85

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    Starting business online is a good suggestion because the internet is the biggest market these days.
     
  12. programmingservi

    programmingservi
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    It’s really great tips & technique; Thanks for sharing to all and I will definitely use it for my new business.
     
  13. TimeRider

    TimeRider
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    Great points there techsulits. I agree with most of your points mentioned. Also, I think A person should be dedicated with this business. He should never give up in losses. He should always seek ways for promoting his Business.
     
  14. mzpz

    mzpz
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    Very valuable article. It is true, from my experience.
     
  15. Jay.

    Jay.
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    Interesting and useful article. I would have to agree with every single point you made.

    Thanks for posting it.
     
  16. amal

    amal
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    Analysis of customer's requirements and customer satisfaction are most important factor to succeed in your business.
     
  17. kenzo

    kenzo
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    All tips are valuable and true, but i think we all already know them ;) In my opinion, someone who decides to start a business and doesn't know these simple rules(and many more), is just not ready for this.
     
  18. sadiyakhan

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    Tips before Starting to Build a Business are shared here these are nice and resultant of Analysis part. Analysis is part which allows you to think all the strategy of each factor of business. I would like to share some tips on the same and these are:
    Establish Reasonable Goals and Milestones.
    Know Your Market
    Write a business plan
    Do the research
    Know about professional help
    Get the legal and tax issues right information
     
  19. andrewtarant

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    This all tips are very nice and very useful for all people to know who want to start their own business. I want to say that planning is the most important part of all business without planning its very difficult to start new business.
     
  20. sameera

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