Starting a business is easy, staying in business is the difficult part

What tips do you have for business owners that want to build a thriving business?

Sometimes I get carried away on LinkedIn when I comment in groups and I suddenly realize that my comment is almost a blog post. This is one of those. The title and heading are from a conversation started by Andrew Patricio in Canadian Business Community Group. This short mini blog was my first contribution to what turned out to be an interesting conversation.

Nederlands: Linked In icon

Nederlands: Linked In icon (Photo credit: Wikipedia)

Thoroughly research your business venture before you start. Write a detailed Business Plan paying extra attention to the Marketing Plan (including Social Media Marketing). Review and revise the plan every month once you know your actual numbers.
If you don’t know where you are going you might end up somewhere else. Research all of your competitors and know their products and services as well as your own. (SWOT each one)
Over fund yourself to start with and set up a separate account for “Contingencies” as well as a separate account for Taxes. Pay an accountant to review your books.
Place a value on your time. Don’t get bogged down in details you could be paying someone else to do for you.
Set up an advisory board and brainstorm with them often. A situation that feels like the end of the world to a struggling entrepreneur may be something easily resolved by a more experienced mentor.
People like to deal with people who they “Know, like and trust”, so behave accordingly both inside and outside of your business. Make sure that your business reflects your most cherished personal values.
Never give up. When an obstacle gets in your way go over it, around it, through it or under it but find a way to overcome it.
Act like you are already successful. If it quacks like a duck………..
I’ll stop here before this evolves into a 10 tips blog!

If you are interested in 10 tips on Business Plan Writing you can read my recent Guest Blog Post on the “Look Before You Leap Blog Spot”  http://lookbeforeyouleap-selfemployment.blogspot.ca/2013/06/business-planning.html

Advertisements