The do's and dont's of starting a business

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Everything you need to know about starting a business and managing it successfully. Visit http:/www.business-plan.co.za for more

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The do's and dont's of starting a business

  1. 1. The do’s and don’t’s of starting a businessTHE DO’S AND DON’T’SOF STARTING ABUSINESSCLICK HERE TO LEARN MORE>>>>
  2. 2. The do’s and don’t’s of starting a businessStarting a business is not complicated ifyou are aware of what to do, and moreimportantly, what to avoid. It is my hopethat these two lists will work togetherand serve as a solid guideline when youstart your own business, no matter whatindustry youre in.Top 10 DOs of Starting a BusinessIn the planning stages of any newbusiness, optimism usually gives the newbusiness owner plenty of drive, but itcan be very easy to become misdirected.This top 10 list was developed for
  3. 3. The do’s and don’t’s of starting a businessbusiness owners to stay on course andmaintain proper direction in thebeginning stages. Every business is alittle different, however, so you mayneed to make a slight modification tothese Top 10 DOS of Starting a Businesswhen you apply them to your ownbusiness model.1. Live frugally and begin saving upmoney to put into your own business.2. Learn how to start your intended typeof business by working for someone elsein the same line of business first.
  4. 4. The do’s and don’t’s of starting a business3. Consider the benefits of starting abusiness on the side of your main-payingjob first, such as after hours, so you canstill eat and pay rent while learning howto be successful in your business.4. Consider the advantages of starting afamily business. (24/7 help, cheap labor,employee trust, etc...)5. Objectively measure your skills andtraining against potential competitionbefore your start your own business.
  5. 5. The do’s and don’t’s of starting a business6. If youre starting a businessmanufacturing a product, considersubcontracting to low-cost suppliers.(China can make anything for less moneythan you can.)7. Test market your product or servicebefore putting any substantial moneyinto the business, even when justexpanding.8. Make your own "pros" and "cons" list,describing all the positive and negativechanges to you and to your bottom line,
  6. 6. The do’s and don’t’s of starting a businessincluding everything you can think ofrelated to the specific business you areconsidering starting.9. Talk to lots of people in your intendedindustry for advice before starting abusiness. -Sometimes sub-suppliers toyour industry have good advice, too.10. Make a serious comparative analysisof all opportunities you are considering.Top 10 DONTs of Starting a Business
  7. 7. The do’s and don’t’s of starting a businessLike the list above, the following aresuggestions to consider when startingany type of business. They are designedto work hand-in-hand with the first listso that you can avoid the most commonpitfalls of starting a new business.1. Dont think about leaving your jobuntil you have started to see somemonetary results and fully completedyour full start-up plans for the newbusiness.2. Dont consider starting a business in afield you do not enjoy.
  8. 8. The do’s and don’t’s of starting a business3. Dont risk all of your assets. Limit yourliabilities to a predetermined amountwhen starting a business. It can be apercentage of your worth of a dollaramount, but the point is to pick it fromthe start and to never cross that line.4. Dont compete with your employerwhen you start your own business,especially when moonlighting!5. Dont be in too much of a hurry to getyour business started. When learninghow to start most any business, there
  9. 9. The do’s and don’t’s of starting a businessare no real penalties for missedopportunity.6. Dont start a business that involvestoo high a risk, or has to major a hurdle.Take on ten 2-foot hurdles, never one20-foot hurdle!7. Never start a business in which youmust have the lowest price to succeed,established competition can alwaysunder-price once its in their bestinterest.
  10. 10. The do’s and don’t’s of starting a business8. Dont be afraid to learn about thenegative aspects of your intendedbusiness when you are first learning howto start it. You cant start a business withblinders on.9. Dont let your entrepreneur self-confidence outweigh careful duediligence.10. Dont let the promise of a conceptualhigh reward deter reality testing. Youcan never guess what people willactually pay for anything until they doso.
  11. 11. The do’s and don’t’s of starting a businessFind out more ….. click here

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