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5 Steps to Starting Your Business, Even When the Money’s Not There

admin — Wed, 07 Jan 2009 12:40:16 +0000

5 Steps to Starting Your Business, Even When the Money’s Not There

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

Let’s face it, there are very few things more attractive than being your own boss. In fact, thousands of entrepreneurs start their own businesses each year. They don’t have some magic formula for success, however. They simply make the conscious decision to turn that business idea into a reality. What about you? Are you ready to take the first steps towards being your own boss? If you’re like most first-time entrepreneurs, your primary concern is probably money…or lack thereof. But even if you don’t have the funds ready right now, there are still some steps you can take toward starting your own business.

Journal. Jot down any and every idea you have about your business, whether it seems huge and significant or minor and meaningless. Carry your journal with you everywhere you go…in the car, to the store, to your current job. Not only can you keep track of the great ideas you’ve already though of, but it’s a great way to generate new ideas. Simply by writing your thoughts, you’ll be able to tap the most faraway recesses of your brain where all the good ideas are stored. Don’t be afraid to write down everything, even if it seems silly or stupid. Even the silly ideas can generate better ideas that could end up being the cornerstones of your business.
Create Your Business Plan. Chances are that you’ll require some amount of financing for your business, and almost any lender will want to check out your business plan before giving you any money. One of the greatest benefits of creating a business plan is that it gives you a hefty dose of reality regarding just how much money you’ll need to run your business, and how much needs to be done between now and the time you plan to launch your business. There are plenty of online resources to help you go about creating your business plan, and the Small Business Administration is also a good resource to check out.
Check Out the Competition. It doesn’t cost a dime to do investigate your competition. How do they market themselves? What do they do to set themselves apart from the crowd? By investigating the competition you’ll both find out best practices for your own business, and you’ll discover if there’s a place for your business in your market niche. Your investigation may reveal that the market is saturated and that now isn’t a great time to introduce your product. In that case, you’ll have saved yourself a lot of time, money, and heartache. You might also use this time to visit social networking sites to find out what consumers are saying about your competition. If the comments are negative, think about what you can do in your own business to avoid the shortcomings of your competition. If the comments are positive, what are some small things you can do to emulate their good business practices?
Check Out the Bureaucracy. If you’re going to create your own product, take the time to find out if there are rules and regulations for putting that product on the market. The Small Business Administration is a great place to get this information, as is the local library. Be sure to investigate local rules as well as state and federal regulations.
Start Building from the Ground Up. Even when you don’t have the money to start your own business, it’s never too early to start climbing the learning curve. Do you know how to keep the books for your business? Do you know how to go about getting a license for your business? What about compliance with tax codes, both state and federal?

Even if the cash isn’t at hand, there are many things you can do to start building the foundation for your business. Use your time wisely, and when the money is available you’ll be ready to go!

The 7 Biggest Entrepreneurial Mistakes and How to Avoid Them

MoeTamani — Tue, 23 Dec 2008 03:43:51 +0000

The 7 Biggest Entrepreneurial Mistakes and How to Avoid Them

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

The world of entrepreneurship is full of potholes and wrong turns. You may work for months and months only to find out that you need to scrap your original idea and try something else. You may follow a particular protocol for years before you realize that there’s a more efficient way to run your business. Much of this trial-and-error experience is to be expected when you’re starting your own business, and you can learn a great deal from your mistakes. But be sure to learn from other people’s mistakes, too. Here are 7 to avoid.

1. Working In Your Business Rather than on Your Business. Every business consists of little tasks that must be done to make the whole operation run smoothly. There is always work to be done. But your job as the owner of your own business is to work on your business rather than in it. You are the one with the vision. You are the one with the dreams. You are the one who knows exactly what needs to be done in the big picture to make your business everything you dreamed it would be. You can find volunteers, staff, and interns to do the work in your business. Internet marketing is one of those things you ought to outsource so that you can focus on your business. So many entrepreneurs keep on messing with SEO techniques for years to realized they have been doing it wrong. Make sure your first priority is working on your business.

2. Assuming You Know Exactly What’s Going On. Just because you’re in the office everyday doesn’t mean you know exactly what’s happening with your business. Find an organizational assessment tool to help you figure out what’s going on in your business both internally and externally. Using an assessment tool will help you look at your business objectively rather than subjectively.

3. Running Your Business Without a Plan. One of the most essential aspects of running your own business is creating and using a strategic plan. A strategic plan lists exactly who does what within the business, and when they do it. If you’re running your business without a plan, you’re leaving too much to chance, and you’ve done too much work to let that happen.

4. Not Working the Plan. Just as important as having a plan is working the plan. If you neglect the plan, you’re wasting money and time, and you don’t have the time or money to spare.

5. Shortchanging Yourself. You wear most of the hats in your business and you do most of the work. So pay yourself first and pay yourself what you’re worth. One of the biggest mistakes you can make is continuing to take on more responsibility without compensating yourself appropriately. While the inherent feeling of accomplishment is one of the greatest rewards of owning your own business, you still need to pay yourself for all you do.

6. Shortchanging Your People. Sure, people are often tough to work with. They get sick. They don’t always do what you expect. But people are also the ones who engage your customers and bring you a loyal following. So avoid the temptation to spend a lot of money on technology and invest in employee development instead.

7. Spending all of Your Time at Work. Most small business owners agree that they could spend all of their waking hours working on their businesses and still find more things to do. You’re probably the same. But be intentional about balancing your work life and your personal life. The law of diminishing returns applies to the time you put into your business, and you’re only doing yourself a favor by taking time off to spend with the people you care about.

Make the mistakes you need to make in order to make your business a success, but be sure to learn from these 7 mistakes and save yourself just a little bit of time and heartache. Enjoy being your own boss and the wonder of running a successful business!