Start Up Business Tips

Posted: May 11, 2011 in Uncategorized

When starting a business, there are four critical components to focus on to ensure successful operation and management. The four critical components are: education, finance, marketing and support. First of all, commence reading business publications, like a local business journal, this magazine, the newspaper business section, etc. Also, take advantage of free counseling and inexpensive workshops from resources like SCORE, Small Business Development Center, S.C. Women’s Business Center, and FastTrac. Furthermore, write a business plan to compile all relevant data in one place. As far as finance aspect, a new business owner should save at least six months of income, so he or she can concentrate on building the business rather than paying the bills. Moreover, create a sound record-keeping system to track mileage for meetings, office supplies, accounts receivable, and equity; identify the business tax write-offs. Lastly, track and profile the business most profitable and least profitable jobs.

As far as marketing concern, recognize that marketing is an important, ongoing investment. Nonetheless, distinguish a business with a professional logo, letterhead, business cards, and Web site. It is valuable to ensure that all the marketing efforts are consistent. Consider investing in a public relations campaign; it usually will provide the best value for a business that is tracking every dollar. Most importantly, remember that bad marketing strategies can actually do more harm than good. As far as the support aspect, find a mentor in his or her field to obtain business advice. Join professional groups and leads groups to learn, share concerns, and network. However, find ways to separate the work life from the family life, while still including his or her family in his or her endeavors. Lastly, indulge a hobby that allows a person to get away from the business.

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