SMALL BUSINESS STARTUP
Starting up a new business can be challenging, rewarding and exhilarating! Being an entrepreneur can be fun! By now you have likely heard all the sobering statistics about business failure, and small business ownership does have inherent risks. However, there are a number of things that you can do to mitigate those risks. Below is a list of do’s and dont’s with respect to starting a business.
TOP TEN LIST: Things You Should Do When Starting Up a New Business
Do
- Utilize your talents. Do what you love to do; something that you would do for no pay.
- Cut personal expenses and debt; save up money for starting your business.
- Consider getting experience by working for someone else who is in the same business.
- Consider the possibility of starting a part-time or home-based, family business.
- Consider subcontracting to low-cost suppliers if you’re manufacturing a product.
- Test market your product or service before starting or expanding.
- Make a “pros” and “cons” list describing the specific business you are considering.
- Talk with owners who are already in the business you are considering for advice and mentoring.
- Make a comparative analysis of the various opportunities you are considering.
- Understand the negative aspects of the business you want to start.
TOP TEN LIST: Things You Should Not Do When Starting Up a New Business
Don’t
- Begin a business without wise counsel from experienced entrepreneurs.
- Start unless you have a sound business plan.
- Quit your job until your business is funded and you have steady household income.
- Risk all the family assets. Limit your liabilities to a predetermined amount.
- Go into competition with your employer with your part-time business start-up.
- Rush into a business that you have not proven. Conduct plenty of due diligence.
- Enter a business venture with too much debt, or too little cash flow.
- Select a business in which you must have the lowest price to succeed.
- Hesitate to find others, perhaps even a partner to do work that you don’t like to do.
- Take a blind leap of faith, that should only apply to your spiritual walk.
- For an affordable Start Up package, take a look at our Jump Start package.
“I wanted to share with you that Alan Melton assisted my wife and I in achieving our lifelong dream of owning our own business. We began to work with Alan and his team when we felt that the Lord was leading us to own our own business. They were very instrumental by making our dream their own. Through numerous obstacles, they persevered and now we are the owners of Peninsula Research in Ormond Beach Florida. I would not only recommend Alan and his team but I would add that if in the future I was to seek out another acquisition I would not hesitate in reaching out to him once again for assistance. He is a man of high integrity and excellent work ethic.” Angel Ribo, President and CEO, Medical Research Clinic
“Storytelling is the most powerful way to put ideas into the world today.”
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