Top 10 Tips for Starting a Business That Will Succeed

Top 10 Tips for Starting a Business That Will Succeed

Advice on Starting a Business to Ensure Success

By Susan Ward, About.com Guide

1) Do what you love.
You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice.

2) Start your business while you're still employed.
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting a business means money in your pocket while you're going through the starting a business process.

3) Don't do it alone.
You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start up program. When you're starting a business experienced guidance is the best support system of all.

4) Get clients or customers first.
Don't wait until you've officially started your business to line these up, because your business can't survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon.

5) Write a business plan.
The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed. Remember, you don't have to work through a full scale business plan for each new business idea you come up with; but a good business plan will let you test the potential of your business idea much more quickly.

6) Do the research.
You'll do a lot of research writing a business plan, but that's just a start. When you're starting a business, you need to become an expert on your industry, products and services, if you're not already. Joining related industry or professional associations before you start your business is a great idea.

7) Get professional help.
On the other hand, just because you're starting a business, doesn't mean you have to be an expert on everything. If you're not an accountant or bookkeeper, hire one (or both). If you need to write up a contract, and you're not a lawyer, hire one. You will waste more time and possibly money in the long run trying to do things yourself that you are not qualified to do.

8) Get the money lined up.
Save up if you have to. Approach potential investors and lenders. Figure our your financial fall-back plan. Don't expect to start a business and then walk into a bank and get money. Traditional lenders don't like new ideas and don't like businesses without proven track records.

9) Be professional from the get-go.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

10) Get the legal and tax issues right the first time.
It's much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you have to charge Witholding Tax or VAT? Will you have to have Workers' Compensation Insurance or deal with PAYE taxes? How will the form of business you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

Following the advice on starting a business above will make starting a business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.

 Starting a business is one of the most exhilarating things a person can do. But unfortunately, a few bad decisions and some poor breaks and it can also be one of the most stressful and disappointing events in a person's life and a complete waste of time and money. 

The following are the advice given by other people to anyone starting a business to increase their chances of starting a successful business: 

One piece of advice

Have a goal; find your target; think of your goal every minute; find a path to your target which will lead you to your goal and take RISKS.

—Sabaoon rahimi

Just Start!

1) Don't wait until everything is perfect to get started...because then you'll never start. Get going and you can learn, make improvements along the way. 2) Be sure you love what you do, because you'll be spending a lot of time doing it. 3) Hire professionals for the areas you're not an expert in. You don't have to know it all. 4) Keep working in your day-job if you can because it might take a while to get your business going and you don't want to feel the financial pinch. 5) Failing is your greatest teacher! Don't be afraid. Embrace. Good luck! Claudia CEO and Founder www.RentingInternational.com

—rentinginternational

Books to read

4 Hour Work Week, Referral Engine, and E-Myth had the BEST and most practical examples of successful businesses and instructions on how to be like them, from using Social Media to networking clubs to build business. In 4 Hour Work Week Tim points out there's a market for dwarf entertainment. Your job is to figure out what market you can best serve, then develop a strategy and budget to go after them.

—chowsr

Starting a Business Takes Determination

You must make up your mind you want to do it; no looking back. Also, consider your abilities, capabilities and funds. Focus on your strength and work on your weakness. "You don't have to be great to start but you have to start to be great".- Zig Ziglar

—Bayo Farinade

Passion and Excitement

There are three things which you should ever consider when you start a business and want to succeed: Passion, Excitement (motivation) and Faith. If you don't love what you do, if you don't put passion in it, and feel motivated to wake up early in the morning, that business will never grow. It will find a way to survive in time but will never grow.

—CJ

Don't Run Away From Initial Failure

One thing you must know that when you are starting a business it won't start giving profit instantly from the time you start it. Hence you must wait and learn and apply new ways of doing business to succeed, not leave it after initial failure.

—sagun

vision

Don't let money get in the way of vision. Ideas and concepts are free. Do the legwork prep work and homework yourself. Prove to the people around you that you are dedicated and committed and they will want to invest in YOU, not your business.

—silver

Learning From Others

Learning from others' mistakes is perhaps the best way to strategize Success.

—nut

Don't Look Behind If Starting a Business

If you want to grow with your own business, just make sure first and than don't look behind. Always remember, loss and success fly together, so don't be disheartened about little things. Be brave and never be downcast.

—saman

The very first step is missing

About all the articles I must say, they are 2nd or 3rd or later steps in starting a business. What is missing and what causes even highly motivated and gifted people to fail, is a good strategy as the very first step in considering self employment. In my time-management-use.com site, I cover under Biz Time what I call meta time management and give a short description of the EKS ® Strategy (a bottleneck concentrated behavioral and guidance strategy) of the German business economist Wolfgang Mewes. Unfortunately found no better english description so far. I do not want to devaluate the countless useful points of view of all the authors. However, without the right strategy they miss informing business starters about the inevitable solid foundation Following the well meant advice and tips is nice, but do not secure a successful start.

—hero58

Know Your Industry

I do believe that all of these comments are true. Because when you start a business you need to know your business you want to start. Its very important to know where you stand. Always be on top of the game.

—mw

Base Your Business on Respect

Respect your customers and treat them well; because of them is what you are. Always be respectful with them for them to feel confortable with you and increase the trust they have in you.

—slatter

Be an Expert in Your Field

If you do not understand your business, the competitors, the cycles, and the industry, then you will fail. You must know everything about your field of business.

—Ron Floyd

making the right choice

When you start your own business it's all about making the right choice. What i mean is that you need to plan out what what you are doing and tell someone to check it for you to see if it's good and then make the choice.

—unknown

Grow With Your Business

Always remember that the best business plan today can be obsolete tomorrow.

—chibuikem