Advice for New Business Owners

Based on your experiences, what advice would you give for someone who is just starting out?

Write a good business plan! Planning is by far one of the most important things to consider. Plan out your sales strategy and how you will get yoru product/service out to the market. Plan out your financials and what types of loans or funding you will need to get started along with how many sales you will need to pay all of that back. A well written, well thought out business plan will encompass these things as well as require you to do research on your competition and further flush out the positioning of your business.

I am not saying that every single decision you make needs to be well thought out and planned. Starting a business is all about taking chances and risks, but the more informed you are, the less risky your decisions may be.

My advice is seek help and ask lots of questions.  There is so much that goes into starting and running a business and you can't be expected to know everything right away.  There are many great resources out there to seek help and solicite advice (this site being one of them).  People join communities like MySolutionSpot to not only seek help but to also share their knowledge and help others succeed.  I guarantee any question or issue you may have someone else has experienced it.  It's better to alleviate mistakes by seeking advice from someone who has already found a solution to an issue or problem you are experiencing.  You can save yourself a lot of time and maybe even money by simply asking questions.

Totally agree, good business plan is a must for a business.