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Key Tips On Starting And Running A Successful Business

Essay by 24  •  July 15, 2010  •  1,410 Words (6 Pages)  •  1,218 Views

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Every business started out as an idea. It takes dedicated people to turn those ideas into reality. Entrepreneurs dedicate their money, time, and hard work into their business. Most entrepreneurs run the risk of being in great debt if their business is not a success. People who take the risk of starting and managing a business are called entrepreneurs ( (Nickels 4) . There is no guarantee that their business will be successful. An entrepreneur must understand that there are many circumstances that could hinder their business for success.

The first thing a person who is interested in starting a business needs to do is create a detailed plan of their vision of their future business. They must have a clear understanding of their goals and how to accomplish them. I would suggest writing the goals down. You are more likely to follow through with a plan if it is in writing. Figure out what it would cost to get your business started. Create a detailed budget. Be realistic with yourself, if the cost is over your budget, go back to your initial plan and make some adjustment. These adjustments don't have to be permanent, just until you can afford it.

Determine what type of business you want a franchise or start your own business. If you choose to start you own business you then need to name your business. Be creative and original. Once you have decided the name of your business you then need to register your URL. Register a URL immediately because you need a good web address and the faster you register the more options you have. You will then need a business address and telephone number. Understand that you are only at the beginning stages of starting your business, your home address can be your business address for the time being. Create your logo, letterhead, etc. Take your time on your logo. People recognize businesses by logos. For example people know Nike by the swoosh logo. Your logo identifies your business. People are more likely to remember a picture rather than a name. (Blair Rhodes)

When you can afford to rent or purchase a space for your place of business make your decision carefully. Location is everything. Location can determine failure and success. You want to make sure the service you provide is need at that location. For example I would not open a business selling snow boards in Florida because the climate is too hot. You are likely to be more successful opening your business in Northern Minnesota.

You must save up as much money as possible before starting your business. The more you save the better off you are. Unless you have an outstanding amount of money or your business doesn't require much money, expect to get a loan for your business. Saving money will help you avoid outrageous loans that you will have to pay back, plus interest. (Ten Tips for Starting and Running a Successful Small Business - Small Business)

Think smart. When you first start your business try not to spend a large amount of money on things that is not needed right away. Wait until you know your business is a secure business. Don't hire employees right away, wait unit you can give then a full day's work. In the mean time, you can hire temporary workers to get by. I would suggest taking small steps when you first start your business. The worst thing you can do is invest all your money into a business right away and then it doesn't work out or you lose interest in it. If you start your business out small you an easily back out of it if it is not for you. (Ten Tips for Starting and Running a Successful Small Business - Small Business)

Always make sure your personal assets are protected. Remember you are going in business for yourself; you are liable for all debts for the business. This means if you are not careful the business debts could cause you to lose your personal assets like your car, home etc. Just because you have a business up and running does not mean your business is making profit. Even though you have money coming in, you also have money leaving. To earn profit your revenues must be greater than all your expenses. Some business takes months even years before their business starts making profit.(Ten Tips for Starting and Running a Successful Small Business - Small Business)

As an entrepreneur running your own business you must stay competitive. Competitors are always looking to steal your customers. You must work hard to make sure your employees are working effectively and efficiently. You never want to get lazy cause you're the boss. You should always be focused on how to become better. Keep tabs on all your competitors and what they are doing. This information gives you an advantage over your competitors. Try it keep as much information about your trade business as secretive as you can because they can use that information to their advantage.(Ten Tips for Starting and Running a Successful Small Business - Small Business)

Get all your business contracts and agreements in writing. Getting written contract is important in more than just business. With any contract or agreement

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