10 Extremely Important Tips for a Successful Business Launch

What’s Your Passion? If you are thinking about starting a business, it should be something you enjoy. Since a lot of time and energy goes into running a business, it is smart to look at your hobby or professional experience as a potential business idea. For example, if you are good at sewing, consider a tailoring shop; or an accountant could look at bookkeeping or tax service. Now, imagine what your life would be like if you spent the majority of your day actually doing what you love. Do you have what it takes to be an entrepreneur? To improve your chances, here are 10 Extremely Important Tips for a Successful Business Launch.

Tip 1: The Name Game

Now that you’ve narrowed it down to ONE ‘business idea,’ you’ve got to figure out a name. A major challenge in starting a business is the process of searching and choosing the right business name. Choosing the right business name can mean success while a poorly thought out name could doom your business from the start. Three smart business name tips:

  1. A smart business name must be unforgettable. It is imperative that potential clients be able to remember your business name. I’m sure most people have heard of Nike, Walmart, Target, Home Depot and McDonalds. Like these household names, your name should be easy to pronounce and memorable.
  2. A smart business name must describe what your business does. When you create your business name, potential clients should be able to understand what products or services your company offers. For example in ‘ Browder Consulting Group,’ the word “Consulting’ is a clue that I provide specialized advice; or as in Lynn’s Styles & Cuts,’ the words ‘Styles & Cuts is a clue that this is a beauty salon.
  3. A smart business name should be as short and sweet as possible. As you advertise your business, it is important that your name display well on your marketing material, such as business cards, ad campaigns, domain name and email. As potential clients search for you on the internet, you want it to be an easy spelled and searchable name.

Tip 2: On a Mission

A mission statement is an important tool that tells others who you are, what you do, how you do it and why you are superior than your competition.

  • It identifies and clarifies the business’ vision, purpose and direction.
  • It provides the path and focus needed for making and implementing decisions.
  • It helps define to your future employees what they are doing, why they are doing it and where they are going.

Tip 3: Make it Legal

Be diligent in choosing the best Legal Form for your business. This is one of the first important decisions that you will have to make. This decision can have long-term implications, so here are a few things to consider when deciding which business structure is best for your business:

  • Scope of business you plan to attain
  • Size of your business
  • Business’s vulnerability to lawsuits
  • Tax implications based on the different ownership structures
  • Level of control do you wish to have
  • Expected profit/loss of the business

Tip 4: Surround yourself with a Progressive Team

Who do you need to know or collaborate with as a part of your external team? Having the right people on your team will allow you to focus on your business and help you to avoid costly mistakes. For example, you might need the following:

  • Certified Public Accountant: best form of ownership, establish bookkeeping, record keeping procedures and tax planning, etc.
  • Business Attorney: reviewing lease contracts, determining the right business structure, etc.
  • Computer Information Technician: set up systems, repair issues, etc.
  • Human Resource Management Consultant: assess your current HR processes for compliance, navigate through delicate labor issues, set up hiring processes, compensation and benefits and create employee manuals, job description and Standard Operation Procedural manuals.

Tip 5: Research Licenses & Permits Needed for Your Industry

As you can see, there are many steps involved in starting a business. With the daunting task of figuring it all out, it’s easy to overlook the important legal requirements associated with permits, licenses and registrations. Here’s a list that your business might need:

  • State Requirements: Business licensing requirements may vary from state to state.
  • Business Licenses: Depending on your state, county and city, a business license may be required for tax purposes and to conduct other basic business functions.
  • Occupations and Professions: Depending on your profession, state licenses may be required for occupations such as, appraisers, accountants, barbers, building contractors, cosmetologists, funeral directors, physicians, private investigators, private security guards and real estate agents.
  • Tax Registration: Some states carry a state income tax. If you establish your business in a state that does, you’ll have to register and obtain an employer identification number. If your business engages in retail sales, you will need to obtain a sales tax license.
  • Trade Name Registration: If you plan to run your business in your local community only, registering with the state may be adequate.
  • Employer Registrations: Are you planning to hire employees? If so, you’ll probably be required to make unemployment insurance contributions.

Tip 6: Know Your Clients

A common mistake that I encounter with new business owners is that they don’t know who their customer is… possessing a poorly defined target market. Most want to sell their products or services to ‘everybody’ instead of narrowing their targeted customer base to a manageable size. You must do your homework… i.e., market research. I’ve created a business resource guide to assist you, Resource Guide for Women.

Tip 7: Got Marketing?

In business, marketing plays a key role in getting the word out to your prospective clients. You must create an image and be consistent! It’s important to mold and hone your business image to successfully appeal to your prospects and customers. By choosing a relevant company name, answering your phone professionally, creating a professional and clear elevator pitch, investing in professional business cards, logos and brochures, etc… all are key in marketing your business.

Tip 8: Don’t forget Uncle Sam

Understanding tax obligations is one of the most important issues facing small businesses. The local, county, state and federal agencies does not care that you didn’t know or you forgot to pay your taxes. You will be subject to penalties for not paying on time. Here are some resources to assist you:

  • For a list of state agencies: business.gov/states/
  • For a SBA resource guide by state: smallbusiness3.com/magazine
  • For IRS business information: irs.gov/businesses/index.html

Tip 9: Don’t forget the ‘B’ Word… Budget!

Create a start up budget. Because businesses are different, each will have its own specific cash needs at various stages of development, so estimating your start-up costs may vary. Some businesses can be started on a shoestring budget, while others may require considerable investment in inventory or equipment. It is imperative to know that you will have enough money to launch your business venture.

A few ways to prepare:

  • Create a list of anticipated expenses for your first three years
  • Projections are fine, be realistic

Have a tracking system

QuickBooks, Quicken, Ledger, Excel spreadsheets, I don’t care which you use…. It’s important to put a system in place that works for you. Personally, I use QuickBooks. I can send files to my CPA, easy to work with. In addition, as the treasurer on the board of a non-profit organization, I also use Quick books to reconcile the organization’s bank statements and to bill our member’s annual dues.

Open a business checking account. The worst thing you can do is run your business from your personal account… it is an accountants nightmare. Open up a business account so that you can separate the two… plus it tells others that you are serious and professional.

Tip 10: Put it all together… in a plan!

Last but not least, you must write your business plan. By failing to plan, you are planning to fail. If you can’t take the time needed to plan for the success of your business, then don’t waste your time starting one. Statistics show that 8 out of 10 businesses fail within the first three years. This is staggering but true! Invest your time in researching and writing a business plan. Many prospective entrepreneurs think that a business plan is very hard and tedious. The truth is it’s a powerful tool that can help you plan and achieve business success.

So, what is this thing called a business plan? Well, a business plan is your blue print or what I tell many of my clients, it’s your bible! A business plan defines your business, identifies your goals, and serves as your company’s resume. It will help you arrange strategic alliances, obtain financing and attract key personnel. By planning for success, you will be able to overcome many hurdles that may arise.

A closer look at why a business plan is important:

  • To secure funding, your lender will request your business plan with completed financials. DO NOT approach a lender without having a completed business plan. In his/her eyes, you will look unprepared and too risky. By being prepared, you will have a better chance at securing funding for operations or expansion of your business.
  • It is a great way to test the feasibility of your business idea. By the time you complete your market or competitive analysis, you will have a clear picture of the viability of your idea.

As you can see, there is a lot of work involved before starting a business. To ensure success, it is important to research thoroughly, take advantage of the resources available to you and learn as much as you can. Preparation is key to a successful start!

Sylvia Browder is Founder of National Association Women on the Rise, a virtual membership community for aspiring and established women entrepreneurs. For more about NAWR or resources and information for women entrepreneurs, visit us at http://www.nawomenrise.com.

5 Best Kept Secrets to Set Up a Successful Business

In this article I show you the 5 best kept secrets to set up a successful business. Keep them in mind, absorb them and you will see the success will come after you!

Many roads lead to Rome. Let’s make that clear at first. There is no book or person who can tell you: If you do it this way, you will always succeed. It’s hard to tell, why some people do and why some people do not get success. When I started doing business, the success stayed away for a long time. I was desperate at times. Why am I not successful? I kept wondering. I work so hard, my product is good and I am not an uncomfortable person to do business with. Jealous I looked at the people who were successful and tried to find the reason. Why them and not me? This way of thinking, I continued for two years. Until I realized that this way of thinking will not bring me any step further. I started to look more at myself and stopped trying to search for the reason of success of others. I adjudged them their success and focussed on myself. This brings me to the first secret to set up a successful business.

* Think and stay positive

Especially when you occur setbacks, put yourself over it and move on. Be positive about yourself, to others and adjudge everyone their success. Negative thoughts should immediately be removed. Focus on your own success and stay to it!

Well, that’s easy. Think positive and now what?

This brings me two secret number 2.

* Enjoy doing business

Make sure that there is time for making fun. It makes no sense keep on swimming against the tide very hard. Turn around and see what it will bring you. Trust, that it is okay, to let go sometimes, think positive and see what happens. It will really surprise you. Do not feel guilty if you do have that extra cup of coffee while enjoying the sun. Enjoy the fact that you are an entrepreneur and you can determine your own time schedule.

Enjoying your work, is not so hard to do, is it? What is next?

* Live healthy

As an entrepreneur you have to work hard for your success. That’s okay, but you should be capable to do that. I sleep six to seven hours a night. I do not need more hours. The reason for this, is because I’m fit. I eat healthy, sport a lot and have relatively little stress. It is okay to sleep less hours when I am thinking of great new ideas while I am laying in my bed. Those lack of sleeping hours belong to my way of living. The next day I will be fully focused again and I am never sick.

it all seems so obvious isn’t it? Well let’s continue.

Maybe one of the most important secrets is the next one.

* Accept the success and amaze others

Gradually I got the success that I worked so hard for, but somehow I dared not to accept it. I thought it was strange that I had success and found it a little bit scary. People suddenly want something from you, will I not disappoint them? Do I really want this? Yes!! This is what you have strived for, otherwise you would not have never started it. Just accept it, enjoy it, take your responsibility and overwhelm other people in all their expectations. In fact, amaze them with your product or service. Always give that little extra, which they don’t expect. Even though you may not get back. Especially in these times of crisis, this is the way to distinguish yourself from the rest. People are going to talk about you and this will lead to the desired snowball effect.

Ho, stop what is going on here? People take it easy! This could be a summary of your thoughts, which includes the last secret.

* Be true to yourself, respect where you came from and respect others who are still there

You get busier and busier. And you notice that more and more people want something from you. Now you need to keep in mind where you came from. In the beginning, you were disappointed too when people didn’t answer your emails. You had to call people yourself, to persuade them to do business with you. Respect others who are now at that stage. So treat them like you wanted to be treated back in the days. Answer all emails, never be arrogant or set yourself above other people. Do not think you are better than anyone else. Make sure you still be the nice person to do business with. No matter, who the other person is. So, do not make the same mistake as many others do. They became cocky simultaneously with the success. It will work against you and even the cocky people will notice that once. Although they might be too proud to admit it.

With these 5 secrets in mind I am convinced that at least you will be on the right track to success and mostly stay on that track.

I wish you all the best!

Tjalling

10 Steps to Generating Your Next Successful Business Idea

You don’t have to be a genius to come up with a business idea. It’s the exact opposite! It’s really simple to come up with business ideas all the time, however, the challenge lies in coming up with a business idea that works for you and suits your personality and needs.

This is where most people get stuck, many people want to start their own and think about it all the time, the big question is, what business should I start? And it is not a small question, often, the kind of business you are in will dictate whether you will be successful or not.

So, if you have some sort of framework or directions to get your mind focused on business ideas that will suit you and work with your own situation, then you’ve taken a big step toward becoming successful in business.

1. Start thinking! Get your brain to work
Whether you’re too busy with your daily routines to take the time to think and reflect on what you want, or feel that your brain is too pressured and lacking the ability to run wild with your imagination, worry not. This article has tips and advice that will help you get started with the creative process.

The first step towards creative thinking is understating how the mind works and how to stimulate your brain. I will dig deep into this topic, because we might need several book to cover it, but I will briefly mention the key elements.

The brain has two main parts; the right and the left hemispheres, each of these have different functions and work differently. The right hemisphere is creative and artistic part, it’s the part that appreciates art, it uses shapes, colors and images to analyze and process information, and it’s also the part that controls creativity and the imagination.

The left part is the logical part, it’s the part that performs mathematical calculations, looks for causes and effects, uses words to describe and define, and it’s also the part that controls speech, grammar and word order.

For you to be successful in business, you have to have a balance on both sides. You have to be imaginative and creative to come up with business ideas and to come up with creative solutions for business problems. You also have to be logical to analyze and define business opportunities, calculate business risks and weigh your options to deal with the daily business issues.

The brain is like a muscle, if you don’t exercise it regularly to get it in shape. You can’t prepare for a marathon by sitting on the couch all day. Common barriers to creative thinking are habits, attitudes, daily routines, lack of confidence or the constant need for guidance from others. A good way to break or overcome those barriers is to be open minded, be receptive to new things, take new challenges, or by simply giving your brain the green light to think creatively. So take the time to think and get your brain stimulated.

Change is one of the best ways to stimulate your brain and discover new ideas. A change of scenery can help you clear your mind off your daily issues and give you some clarity to start thinking creatively, you can go to a garden, beach or anywhere you like and take the time to exercise your brain. A change of people will also help you, by meeting new people and listening to them talking about their issues or frustrations, you can gain a better insight into their needs and aspirations, which is the basis of any successful business. A change of place will also definitely help you discover new ideas you have not seen or heard of before, you might see a new type of store in your trip to Tokyo that you think will work well in your city.

Bottom line is, you don’t need to go to the other side of the globe to find new ideas, the small changes that you make in your daily, will pay in a big way.

2. Buy a notebook
Now that you know how to stimulate your brain and get started with the creative thinking process, you need to keep count on your ideas and make sure that you can document them to study and examine them further.

Every business you can think of started with a small idea somewhere, from a small observations, a frustrating situation, or while taking a shower. The difference is that those people who had those ideas took the time to think about these ideas and improve on them to create successful businesses. You never know when the inspiration comes, so keep a notebook close to you at all times to write these ideas down whenever they come.

3. Follow your passion
Once you start your business, you will spend most of your day for several years doing that business. So make sure you chose a business that you feel passionate and excited about. If you don’t like the business you are, chances are, you might not succeed in that business, probably not because you don’t have what it takes, but mostly because you might lose interest too easily in the face of the challenges that will come your way.

Starting and building a successful business is no small task, it will be a lot of work, you will face many problems, you will have to deal with situations you never encountered before, so it better be something you love doing. You will find that when things go tough, it is your passion that will get you going and make you overcome the hurdles. If you don’t love what you’re doing, you will take the first exit when problems arise.

Additionally, if you do something you love personally and understand its motivations, you will be in a better place to understand your customer needs and deliver on them. Understanding customer needs and their motivations to buy is a key element of understanding your business and ensuring its success.

Having that said, when you decide to take an old hobby into a new business, you have to work out the calculations and make sure that there is enough demand for this product or service, and that people are willing to pay for it. Otherwise, you will end up doing something not many people are interested in.

4. Keep your eyes open
New business opportunities get born from new situations every day. Keep an eye on what is happening around you, make it a habit to read the newspaper and identify new opportunities. You may read that people are complaining from poor health services in your area, or the lack of schools in your neighborhood.

Talk to your neighbors and the people you know, what is frustrating them? What would they want to change in your neighborhood? Is your neighbor complaining that she needs to drive long distances to get to the nearest dry cleaner? Or is your other neighbor complaining about the lack of groceries in close proximities to where you live? Are you coworkers frustrated that there are no restaurants close to your work building?

If you keep your eyes open to new developments and changes around you, you might capitalize on the emerging opportunities that arise. You don’t need to come up with an original and unique business idea to be successful, often, it’s the ideas that have been tested time and time again that prove to be successful, so look into your area, and see what is missing, it could be your next business.

5. Capitalize on your strengths
Most people are good at something. Look at your experiences and career, what is it that you can do well? Have you been working in project management for 15 years and know the ins and outs of the business, this is often the best place to start.

Most people are afraid to start their own business because they focus on the weaknesses and think that they will fail because of the things they cannot do well. No one is perfect, not every successful business owner is a superman.

Instead of focusing on the things you cannot do well, focus on the things you are good at. What can you do better than others? How are the others doing it? And how can you do it differently? Sometimes, you need a new idea to start a business, maybe a small change to an established idea is your answer. If your industry is behind other industries in the way it does business, maybe you can come up with a new system to automate their processes or to computerize their records.

Bottom line, look at the things you know best, and focus your thinking on these areas. They don’t necessarily need to be from your work life. You might discover that you are good at helping your friends sort their personal finances, so you might think about opening a business where you help individuals plan personal finances.

6. Explore new things
As mentioned earlier, change is one of the biggest stimulators to the brain. Even if you don’t want to open your own coffee shop, next time you’re in one, look at how things are done and think of new ways to improve it. Often this thinking might lead you to new ways to improve on your business ideas in your chosen field.

Strange enough, your next business idea might be something that never crossed your mind if you haven’t been to that business meeting out of town. The more you experience, the wider your options are, leaving you in a better position to generate new ideas and come up with new thinking.

7. Check your bank account
Starting and running your business requires money. Depending in your situation, you need to think of businesses that suit your budget. Everyone’s finances are limited, so make sure whatever business idea you come up with is doable.

If you have a small amount of money, then look into business ideas that are not cash hungry, maybe start small and then grow with the business.

Having that said, there are places where you can get finance for your business, like banks, venture capitals, family, friends and small business associations in your area. Work out in advance the level of finance you are able to raise, and focus on business that will not exceed those limits.

Another key point to consider here, while there are obvious benefits to getting outside financial help to start your own business, those will usually mean that you will have to share your business with others or be in debt. Think carefully about these options and decide in advance if these are risks you want to take or you want to do it completely on your own.

8. Know what you want in life
Aside from your business goals, think about the reasons you want to start the business in the first place. What is it that you are looking for? What are your goals in life? Are you starting a business to be able to spend more time with your family? To make more money? To be respected among your peers?

Whatever your goals are, make sure that your business idea complements these goals and help you achieve them. If your goal is to find more time to spend with your family and do other things, then starting a business that requires you to work 16 hours a day or travel constantly might not be the best idea.

More often than what people think, money is not the real reason most why most people start their business. While financial freedom is a big perk of having a successful business, any business can make money, the type of business and how you run your business will be dictated by things other than money alone.

9. Choose a business that suits your personality
Are you morning person or a night creature? Each person has his/her own peak hours of the day. You will find very few successful bakers or newspaper owners that don’t like to wake up in the morning. If you are not a morning person, avoid businesses that will need you to work in the early hours of the morning. If you are a night person, then maybe running a night club or a restaurant that stays open till late hours is more suitable for you. conversely, if you sleep early, running a business that requires you to stay late might not be suitable for you.

Are you an indoor or outdoor person? Do you like working in an office for long hours or can’t stand the office and feel that you need on the move all the time? If you like the office quiet environment, then pick a business that can be done from an office. If you like to be on the move, pick a business that requires you to go to different places and meet new people.

Are you brainy or handy person? People do things differently, some people like to do things that involve thinking and working their brains, other people like to do things that involve craftsmanship and handy work.

Are you a shy or outgoing person? If you are a shy person, then becoming a public speaker might not be the best idea for you. If you are an outgoing person and like to meet new people all the time, having an internet based business might deprive you from that joy.

I think you get the idea, think of your personal traits and attributes and pick a business idea that suits your personality.

10. Read about other people that started their own business
A large part becoming successful involves looking at other successful people and learning how they achieved their success. Reading autobiographies about prominent and successful business figures and learning how they started their journey will give you great insight on how they did things and what exactly they did to become successful.

You find that most of them started from nothing. Many of them failed in several businesses and had to listen to people that told them they will never be successful. But they stood up and tried again and again until they succeeded. It is not whether you fail that makes you the man you are, it is how you stand up after the fall.

Study their characters, what do successful have in common? How did they achieve their vision? What challenges did they have to overcome? Look for similarities between their stories and your situation right now. You will find that it is a great source of inspiration and motivation. If others just like you did it, then you can do it too.

I hope you found that this article have inspired you to start thinking about your next big idea! If you have any stories you would like to share about how you came up with your own business idea or any extra points you think the readers would like to know about, then please do comment below and share the knowledge.

Thank you for reading and have a good day.

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