| These 10 Facts About Starting Your Own Business will | | | | also protect your assets by forming a corporation or |
| help you understand what you need to do to get | | | | an LLC. These will also give you certain tax |
| ahead of the game and keep from digging your own | | | | advantages. |
| grave! | | | | 5. Location |
| 1. Planning | | | | You have undoubtedly heard the saying, "Location, |
| Planning is the first and foremost topic you need to | | | | Location, Location!" Can your customers easily find |
| address when you are looking to start your own | | | | you? What about visibility, image, parking, room to |
| business. Have you researched all aspects of start-up | | | | expand? This is a key ingredient you can not leave |
| costs and on-going expenses? Do you know what | | | | out! This not only applies to your standard bricks and |
| your monthly projections will be and how you plan to | | | | mortar business but also to internet business as well. If |
| reach them? Do you have enough capital to carry | | | | your webpage is tucked away in a far corner of the |
| your operation in case of a loss period rather than a | | | | world wide web, you will never get any traffic, which in |
| profit? Are you prepared for the the excessive | | | | turn means no customers. |
| amount of hours you may need to work? Do you | | | | 6. Target Demographics |
| have the management skills necessary? It is absolutely | | | | Supply and demand changes frequently. Will you have |
| essential to have perfect planning when starting your | | | | the foresight, flexibility, resources and ingenuity to adapt |
| own business. Precise execution of your plan is the | | | | your business to the changing trends? Diversification |
| most important aspect of the planning process. It | | | | will protect you against the fluctuation of business |
| would do you no good to have a formal plan of action | | | | currents. Make sure you have plenty of options to fall |
| and not follow it. | | | | back on, this concept will allow you to be a little more |
| 2. Attitude | | | | versatile. |
| Attitude is always discussed when it comes to | | | | 7.Competition |
| success. It applies just as much to a business as it | | | | Check out your competition, know who they are, what |
| does to a person. Not only must you have the right | | | | they offer and what makes your products or services |
| attitude personally, but you must reflect your positive | | | | better or worse. Hold true to the saying, "Keep your |
| thinking onto all of your business aspects. Everything | | | | friends close, and your enemies closer." Though your |
| that a customer sees, hears and knows about your | | | | competition is not necessarily your enemy, rather an |
| business contributes to your image. As a business | | | | ally. Do not over step your boundaries but be aware |
| owner you must also have the attitude that you have | | | | of whats going on, and the changes that are |
| all of the answers to every question that your | | | | constantly being made in business. |
| prospective customers have. You need to be able to | | | | 8. Customer Service |
| think on your toes. You need to be someone your | | | | Once you have a client, you need to keep them this is |
| customers can depend on. If you have confidence in | | | | done by flexing your relationship marketing skills. You |
| yourself then your customers will have confidence in | | | | have to pay attention to the customer, fulfill their needs |
| you. | | | | in a timely manner, return their phone calls and emails |
| 3. Responsibility | | | | promptly, bill them properly, utilize a win-win |
| Responsibility is the keyword for business | | | | problem-solving attitude and BE NICE! |
| management. You no longer have someone watching | | | | 9.Portfolios |
| out for you. In fact the only person who will look out | | | | A business must have references and your |
| for you is you. Now there is no excuse for your | | | | references will always be the work you have done in |
| shortcomings. The bottom line is that when you run a | | | | the past. The key is to begin building a very |
| business you need to be 100% responsible for your | | | | professional portfolio of the work you do or the |
| business, your customers and yourself. You can no | | | | products you sell. These will be your guarantee of |
| longer sleep in late or skip work. When you work for | | | | future business. When you are just beginning you |
| yourself the person you are cheating is staring right | | | | obviously will not have a portfolio, so you need to |
| back at you in the mirror. So before you take the | | | | focus on your transactional marketing to begin your |
| plunge make sure you can fulfill the obligations required | | | | customer base. |
| of you on all levels. | | | | 10. Entrepreneurial Burnout |
| 4. Money Management | | | | Owning a business can cause a great amount of |
| Be prepared to put some revenues back into your | | | | stress. You need to make sure to take time off to |
| business. No excessive spending. Stick to a budget | | | | rest, relax and rejuvenate. While your business may be |
| and forgo vacations until you have a comfortable | | | | your main focus in life, do not let it be your only. Take |
| margin of profit. Don't use the business income on | | | | time for your friends and family, keep active and |
| personal spending and watch your business and | | | | healthy so that you can continue to operate your |
| personal debt, it can kill your new business. You can | | | | business for many years to come. |