Do your research, Small Business, Startup, business model ,

1. Do's and Don'ts
of Starting a
Small Business

2. Do's and Don'ts
of Starting a
Small Business
Starting your own business can be both
the most exciting and frightening
experience of your life.

3. Professor & Lawyer
Puttu Guru Prasad
B.Com., M.Com., M.Phil., M.B.A., PGDFTM., AP.SET.,
M.Phil., DRMS., L.L.B., ICFAI TMF., DIRM., L.L.M.,
Pre PhD (PhD)from JNTUK.,
“Diploma in Psychology from YALE University”
MHRDI’s IIC Ambassador
NSS Certified Program Officer, (A.U)
Senior Faculty for Business Studies, Economics, Accounts
Head, Board of Administration & Management Science,
Bhagavad Gita & CLAT Program Coordinator,
Commerce Department, VIVA-VVIT, Nambur,
My Blog: puttuguru.blogspot.in

4. Introduction
If you have comeup with an original idea and believeyou can
turn it intoa business then it should be the most thrilling time
of your life. Let's face it, most of us want to be our own boss -
we all dream of working hours that suit us and watchingthe
money roll in.
The reality, of course, is a very different thing, with four in ten
small businesses unlikelyto survive beyond four years. In
America,the figures are even more terrifying - 80% close within
18 months. You might believe in your business. You might
believe it cannotfail. The reality is very different.
We haveno intentionof insulting your intelligence,but we
recommendthat you spend a few momentsreading our do's
and don'ts when it comes to starting and running a small
business.

5. Do your research
You've got the idea, and you believe in it,
but is it original? Is anybody else in your
area doing the same thing? And if they
are, can your business really offer a
better service? And why?

6. Don't buy too
much stock
In the early days you will want to ensure that your
potential customers can buy what they want from
you when they want to.
So you may be tempted to buy in too much stock
- don't overstretch yourself as it could cause you
some serious financial problems and, when you
are trying to establish your business, you want to
get cash in as quickly as possible to help you keep
things ticking over

7. Do develop a thick
skin
It is your business. You love it, you are developing it and
you believe in it. Not everybody else will. You may have
banked on an individual using your services or buying
your product, but they may decide it is not for them after
all.
They may even make some uncomplimentary remarks
about what you are trying to achieve. Don't take it
personally. Rejection is a huge part of business. If you
can learn from the criticism then you should do so. Take it
on the chin and move on. It is their loss, not yours

8. Don't put all your
eggs in one basket
Do not, under any circumstances, depend on
one client or customer for your income.
What happens if they run into trouble? What
happens if they decide the service you are
offeringis not what they expected?
If you have done your research properlythen
you will have identified all your target markets
and potential customers

9. Do keep your
focus
If you have started off with a great
idea and it takes off, be careful about
going off at a tangent. Your core
business is what got you here in the
first place and is what got the ball
rolling and the money coming in.
Too many small businesses lose their
focus and forget why they started in
the first place. If the quality of your
core business suffers, you will soon
find yourself in serious trouble. Do
keep knocking on the door

10. Do keep your
focus
If you are convinced that your idea and
your business model will work, don't
give up when a door closes in your
face. Ask yourself why you have been
rejected by the bank or the supplier -
and ask them too.
It might well be that this is your first
business presentation, that you
haven't taken the advice you should
have done or that you have missed
something.
Go back to the drawing board, go
through everything with a fine tooth
comb - and try again.

11. Do not watch the
clock
If you are a clock-watcher then running your own
business is almost certainly not for you.
Running any business is hard work, but running your
own business is harder still.
If you work from home, don't let distractions get in
the way - so no popping out to the shops, no 'five
minutes' in front of the TV, no coffee breaks with the
next-door neighbour.

12. Do not watch the
clock
How many successful small business owners do you
know who only work 40 hours a week? You get out
of it what you put in. Any problems are yours to
solve.
Self-motivation is vital - without it, you are doomed
to failure. Your work ethic will have to include
delivering your work on time (always) and to the
highest possible standard (always).
If you fall down on either of these, there will always
be somebody else ready to do it instead of you.

13. Do keep your
customers happy
Look at the service you are providing or
the product you are selling and ask
yourself this question: "Would I be happy
to pay for this?”
If the answer is yes, the chances are that
your customers will also be happy with it.
And happy customers will come back.
They will also tell other people. So keep
your promises and be reliable. Always.

14. Do get it in writing
Make sure that you get everything in writing and
that you always read the small print.
And yes, go and speak to your legal adviser or your
accountant if you have any doubts. It is always
better to be safe than sorry.

15. Don't stand still
The best businesses are those that refuse
to rest on their laurels.
Can you improve the product or service
that you provide?

16. Don't sink
We all feel overwhelmed at times,
and if your business is taking off then
you may need to take a deep breath
and prioritise.
Write down what you need to do,
and schedule time every day to do
what you said you would.
If you have a plan and time set aside,
you’re more likely to do it than look
for an excuse to put if off.

17. Do use social
media
Social media is part and parcel of everyday life in the
21st century, and if you ignore it you can be absolutely
certain that you are losing out to your rivals.
If you are on social media, people you would not
otherwise have had a prayer of reaching will notice
you and they will begin to associate your products or
service with certain situations.
But it is a difficult balancing act. Don't overdo it, or
else you could find that it will take over your life.
Consider trying a couple of outlets initially, such as
Twitter and Facebook. And use social media to give
advice and build your presence.

18. Don't
overstretch
yourself
Spreading yourself too thin means there is a risk
that you actually don’t complete anything, or you
do but none of the jobs you do are up to scratch.

19. Do seek help from
professionals
Don't take short cuts with legal
matters or bookkeeping. If you try to
do it all yourself it will almost
certainly cost you in the long run -
and when all is said and done, you
only want to concentrate on running
your business.

20. Do enjoy it
It is your business and if it is successful then it will
quickly dominate your life so, for goodness sake,
make sure that you are doing something you love.
Most people leave their full-time jobs because they
hate them. If you start a business that you don't
enjoy, you will not give it your best - even if it does
make money.
And your customers will quickly work out that you
are not fully committed. Passion rubs off. If you love
what you are doing, your customers will pick up on it

21. Do be patient
Often, when struck with a really brilliant idea we’re
absolutely sure can’t fail, it’s incredibly
discouraging to not see an immediate return on
your investment of time and money. You’ve done
the research, everyone agreed it’s a great idea, so
where is all the business?
The truth is that building a business takes time. You
need to get your name out there, get people to
associate you with your particular field, and build
up a solid reputation. Overnight successes are few
and far between but keep going and you’ll carve
out a place of your own. There’s enough success
going around for everyone.

22. Don’t ignore negative
feedback
We all like to think that we are the best at what we
do and if we are offering a service or selling a
product then we want our customers to feel the
same way.
Life is not always like that. It is inevitable that people
will complain, will tell you that the service you have
provided is not what they expected.
Nobody likes criticism, but do not ignore it. Listen to
what they are saying, take it on board and learn from
it.
You may be surprised - sometimes criticism will
actually help you to improve the service you offer.