Before starting a Business, there aresome important overall considerations you need to think about.
TOP 10 DO’S Live frugally and begin saving up money for starting your business. Learn your intended business by working for someone else in the same business first. Consider the benefits of starting a moonlight business. Objectively measure your skills and training against potential competition.
TOP TEN DO’S Consider subcontracting to low cost suppliers if you’re manufacturing a product. Test market your product or service before starting or expanding. Make “for” and “against” list describing the specific business you are considering.
TOP TEN DO’S Talk to lots of people in your intended business for advice. Make a comparative analysis of all opportunities you are considering.
TOP TEN DO NOT’S Think about leaving your job before you have the complete start-up plans. Consider starting a business in a field you do not enjoy. Risk all the family assets. Limit you liabilities to a predetermined amount. Compete with your employer in a moonlight business.
TOP TEN DO NOT’S Hurry to select a business. There is no penalty for missed opportunities. Select a business in which you must have the lowest price to succeed. Select a business that is too high a risk or hurdle. Go for the two-foot hurdle. Ignore the negative aspects of an intended business.
TOP TEN DO NOT’S Permit self-confidence to outweigh careful diligence. Allow the promise of a conceptual high reward deter reality testing first.
People fail in business because they make avoidable mistakes. Start up Entrepreneurs is possessed with enthusiasm and confidence but too often are unaware of potential fatal business potholes that lies before them.All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes: Not picking the right business to begin with. Inadequate prior experience in the business. Quitting job security too soon, before adequate plans are laid. Not having a progressively updated written business plan. Inadequate protection in business documents including lease. Failed partnerships. Lack of selling and marketing ideas. Expanding too rapidly before adequate testing.
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