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.

Hi Nit,

Some basic business startup steps below:

1)    Explore and design your business
2)    Get business assistance and training
3)    Choose a business startup location
4)    Capital/finance your business
5)    Find out the legal structure of your business
6)    Register a business name & design on some online websites
7)    Get a TIN code & register for state and local taxes
8)    Employer responsibilities
9)    Market your business through online/offline methods
10)    Coordinate with other businessmen and expert pros
11)    Provide all work within a deadline
12)    Always focus on quality rather than quantity
The above rules could definitely help your SMB.

Hey Nit,

Good luck on your new venture! Understanding the market where you want to deliver your service or product is really important. Knowing what the competition is doing, how you can differentiate yourself, and what your sell cycle might actually look like are important in getting started. Make sure what you are selling is of value to the customers! Learn to speak the language of what is working for other vendors in your niche. Define your niche! Love what you do and make sure that love translates clearly into helping your customerrs get what they want.

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Okay, here goes. Identify the business and write a project report that would be your business plan as they call it. Now you need to figure out if you have the money for the venture. Would you need to get a loan or borrow money from elsewhere? Talk to a law firm and understand what all this would mean for you legally. I think that is very important. Identify a venue if you need office space, and consider if the venue is appropriate for what you plan to do.Make sure you do the order fulfillment side efficiently.

I can think of only so many things. Then you take the plunge and start your venture. All the best!