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10 Tips for Your Business Startup

These are simple but important things to consider.

There are dozens if not hundreds of self-help books for people thinking of or in the process of starting their own businesses. Whether you are starting a new brick and mortar based operation or a business from home, the following 10 simple tips may be of help.

  1. Do one thing perfectly, not 10 things poorly. As a business owner, you are a multi-tasker. If you are doing your own bookkeeping for example. Get it out of the way before you begin the next task.

  2. Businesses built around your strengths and talents will have a greater chance of success. Make a list of those strengths and review them each day.

  3. Always be ready to pitch your business. State your mission, service, and goals in a clear and concise manner. Fit the pitch to the person. Less is always more. Read up on the “elevator pitch”.

  4. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessperson. You cannot be everything to your business and often, a mentor or advisor will provide a better take on an issue or a problem.

  5. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Don’t be an impulsive buyer whether it is stock or business equipment. Every dollar counts in the first few years.

  6. Never jump right into a new business without any thought or planning. A business plan is a must and a business plan written by yourself is better. Keep in mind, your business plan can be modified as your business plan moves along.

  7. Find ways to prove your business model on a shoestring budget. The more frugal you are in the beginning stages, the better this will serve you as your business grows by keeping costs down.

  8. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Be prepared to “live the lifestyle”.

  9. Know when it’s time to walk away. If your idea doesn’t work out, reflect on what went wrong and the mistakes that were made. Do not keep throwing good money after bad if your business model is not working out.

  10. Failure is not inevitable. A true entrepreneur will prevail over adversity keeping mind, the previous tip.

Finally, keep this old English saying in mind. “Look after the pennies and the pounds (in this case dollars) will look after themselves”. In your office, have a shoebox or small wooden box where you throw in receipts from each purchase you make — no matter how small the amount. Paid $2 for parking? Get a receipt. It all adds up over the course of a year and every dollar spent on your business and documented is a tax deduction and is money in your pocket.

Good bookkeeping is everything in business.

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