LIFE LESSONS: STARTING A BUSINESS
Study your market. It’s important to consider your business’
effect on the community. Respect the mechanisms already in place that
allow the community to function.
Grow slowly. Take small steps so that you don’t get in over your
head.
Talk to local officials. Ask about necessary permits,
applications, fees, and any laws relevant to your new venture.
Plan for the dream. Develop a business and marketing plan to help
sharpen your focus, anticipate your customers’ needs, and find your
suppliers.
Make friends with banks. Approach banks with plans to employ
locals and give back to the area. Your loan officer might become your
biggest fan.
Find a niche market. Offer goods and services that are in short
supply.
Invest in goodwill. Donate some of your wares to a local cause or
fund-raiser. This approach will encourage positive word-of-mouth.
Learn from others. Speak with those who have made a similar move.
The more you learn about what to expect from starting a business, the
better prepared you’ll be to start your business.
Think broadly. Consider a business that caters to local interests
but has strong market potential beyond a single area.
Stay organized. Buy a computer program (accounting software) to
manage sales, invoicing, customer lists, receivable aging, tax records,
expenses, profits and cash flow. Update this information on a regular
basis.
Promote yourself. Print newsletters announcing new stock, host
gatherings for loyal customers, and make use of e-mail and Web site
opportunities.
Develop alternative sources of income. Most areas have seasonal
sales variances. These variances effect cash flow. To ensure a constant
stream of revenue, think creatively—invest in rental property, or ask
about rebates or refunds from vendors.
Network. Involve yourself in local political or civic groups.
Create relationships with other business owners.
Get your hands dirty. When starting a business, you have to be
willing to perform any task, no matter how menial.
Make contacts. Locate suppliers negotiate the most efficient way
to get deliveries.
Stay focused. If you need to accomplish something on a given day,
follow though. Always have a “To Do” list each day that you have the
discipline to complete. “Do it right, and do it right now”. Author
Temple, Temple-Inland Corporation, CEO
Find balance. Conversely, a business you love can turn you into a
workaholic. Make sure to take time off and enjoy a good book on the
beach, go sailing, or sign up for yoga lessons.
