Search This Blog

Saturday, July 10, 2010


Starting a business in today’s world is an exciting time during which they are re-energized by the possibility of success and the fun of tackling new challenges. It is also a time to make lots of mistakes when starting up a new business!
Many of the mistakes people make during the start-up phase can be avoided. One of the best ways to steer clear of shortcoming is to talk to established business owners about what they learned during the process. Ask your legal representative or accountant for referrals to business owners who have relevant experience and attend trade association meetings and talk to people in the industry you are entering into.
No matter research and preparation you do, you are bound to make mistakes when you are starting a new business, but the common errors listed here may help you avoid a few.
Common mistakes include:
The first step for many people when they launch a business is registered with the state office of incorporation. While incorporating is an appropriate step for many businesses, it pays to wait until your business idea is well formed before taking the plunge.
A frequently overlooked component of business start up is determining whether the target market for your product or service will buy from you. The best way to derive the answer to this question is to ask them. Arrange to speak to as many of your potential customers as possible. Questions to ask include: Would you buy my product or service? Where do you currently obtain this product or service? How much would you be willing to pay for it? What do you like/dislike about your current provider? Where would you look for this product or service when you need it?
Legal representative' hourly fees add up extremely quickly and newly-minted business owners are often shocked by their first few legal bills. The temptation when you start is to involve your legal representative in all aspects of your business for counsel and drafting of documents. Many business owners quickly learn that it pays to do your own research, draft your own documents, and call on the expertise of your legal representative to refine your work.
Remember that a nice office and great computer equipment make many entrepreneurs feel as though their dream of entrepreneurism is coming true. While one of the pleasures of launching a business is setting up an office that you are proud of, expensive accessories have put many businesses out of business before they got off the ground so be extremely careful when tatting a new business.
Check out the next post…

Getting Business Started

Getting Business Started
Napoleon Hills once said that ‘you can never be rich working for somebody’. In other words many who are living on pay cheques can never be real rich because working for somebody will strangulate your progress in life’s ladder.
But one might argue that some people who are working for others today are rich. Yea! You might be right but in the real sense of the word, who on earth will like to pay you so that you become like him/her?
That’s where the argument ends. So, many who are working today, will one day become entrepreneurs and be employers of labor too. This is very commendable. But there are challenges in getting every business started. In this blog I will be explaining to you various businesses you can start, how to start them and what you might encounter when getting your business started.
Check out the next post…