Important Dos and Don’ts When Starting Your Business – Abilene Marketing

Posted by on Nov 12, 2013 in Brilliant Business Ideas

When Starting Your Business

We are often asked about, “What are the most important things to be aware when starting a Business?” I have put together a list of some of the most important “Dos and Don’ts” considerations you need to think about overall before starting your business.

color business strategyTEN MOST IMPORTANT DOS

  1. Live thriftily and begin saving up money (your equity-injection) for starting your business.
  2. Focus on learning all you can about your intended business by first working for someone else in the same kind of business.
  3. Take into account the benefits of starting your business as part time and then growing it.
  4. Contemplate the rewards and advantages of starting and operating a family business.
  5. Be honest and measure your level of skills and training against your potential competition.
  6. If you’re manufacturing a product, think about subcontracting to low cost suppliers.
  7. You really need to test market your product or service before starting or expanding.
  8. Make “for” and “against” also known as “pros” and “cons” list that best describes and illustrates the specific business you are considering.
  9. Experienced advice is extremely valuable, so talk to as many people as possible in your intended business for advice.
  10. Compare all your opportunities that you are considering to determine the best.

A significant part of the realities of starting your business is not just the “dos” you need to always consider, but even more importantly are the “don’ts,” which more times than not creates bigger problems than forgetting one of the “dos.”

two businessman puts puzzleTEN MOST IMPORTANT DON’TS

  1. Consider leaving your job even before you have completed a business plan.
  2. Contemplate starting a business in a field you do not enjoy.
  3. Risk all of your family’s assets, and limit your liabilities to a predetermined amount.
  4. Go into competition with your employer by starting business part time.
  5. Hurry and rush to select a business. Remember, there is no penalty for missing an opportunity.
  6. Select a business with too great risks or hurdles. Go for the smaller hurdles and less risks.
  7. Select a business in which you have got to have the lowest prices to be successful.
  8. Ignore the obviously negative factors and issues of a wished-for business.
  9. Permit self-confidence to carry more weight in your decisions than careful diligence.
  10. Allow the promise of theoretical, dreamed about, and too good to be true rewards deter reality testing first.


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