My tips for start-up success:
- Learn as much as you can about your proposed business. Ask questions. Join industry associations. Is there a need for the product or service you are going to offer?
- Accept the fact that starting a business always takes more money than you anticipate.
- Study successful competitors carefully.
- Don’t go into business with the sole objective of making a lot of money. Chances are you won’t.
- But if you put service, quality, and customer satisfaction first – the money will follow.
- Be willing to work harder and longer than you have ever worked before. Forget about the eight-hour-day and the forty-hour-week.
- Keep complete and accurate records for tax purposes, for your banking needs, and most importantly, for your own guidance. Data doesn’t lie.
- Ensure you have the right people for the right job.
- Find a lawyer, accountant, banker, and insurance agent and seek their advice as needed. Now is the time to develop these relationships.
- Run it yourself. Beware of absentee ownership. No one will look after your money, your property and your business like you will. (trust me on this)
- Prepare a comprehensive business plan before investing your money into a business venture.
- Planning is the key to the survival of your business.
Remember, help is only a message away. Inbox me anytime.
Be brave!
-KL
Kirsten Lowis 