Advice On Starting A Business

 Advice on business is pretty easy to come by.  Getting good advice is a lot harder.  So here are some of the lessons we have learned from the thousands of businesses that we have worked with.

Start Your Small Business Now

That's right.  Now.  Don't wait "until the economy picks up".  It isn't going to "pick up" much.  With luck it will stabilize.  But we will never [thank goodness] ever go back to the go go days of 1990's and early 2000's. 

If your business makes sense a year from now, odds are pretty good that it makes sense now.  Even if you don't actually set up shop for a few months -- or a year or so -- begin the process now.  Cram as much knowledge into that time span as you possibly can.  You will need every bit of it.

Tip #1:
Learn How To Finance Your Business

Don't assume that any of these new government programs will be available for you.  They very well may not be available.  Find other, more creative, ways of financing your business.  Look to bootstrapping, networking, equipment leasing, lines of credit, and every other alternative you can think of.  Look at business financing as pulling in lots of small streams of financing, not getting it all in one glump.

Barter Anything You Can

Can you barter for some promotion?  or some product?  or lease considerations?  Anything goes.  I know a photocopy supplier that bartered a machine for some darn good advertising space, and a printer who bartered a bunch of printing for having his delivery truck painted.

Start Early Looking At Leases, And Be Ready To Walk Away

Those who say that nothing is negotiable in a lease have never tried.  There is a lot of boilerplate language that isn't worth changing.  But what if you could get six months free rent?  Or six months free, and another six months at half rent?  I know a company that did just that.  Ask for $10,000 lease credit toward the cost of signage.  If you are in a mall, ask for free advertising in the mall brochure. 

The key to getting lease concessions is the willingness to walk away.  That is why you need to start early.  Even if a location looks perfect, don't take it immediately.  Go looking for another "perfect" spot.  When you have a backup in your pocket, you have lots of negotiating room.

Tip #2:
Know The Territory

Knowledge is power.  There is no on the job training when you are the boss.  Know what you are doing, and know it well.  If you don't know it, learn it.  Now.  Don't wait until you have a business.  What you DON'T know could destroy your business.  Go work in the industry somewhere.  Apprentice yourself to a successful entrepreneur.  Get a job as a bookkeeper for a larger company in your field.  Be a salesperson in that field.  Learn.  Do.  Soak up all the knowledge you can.  You will need every bit of it.

Tip #3:
Construct Your Business Plan Now

Figure out what you do know, and what you don't know.  Begin looking at your options.  Set out your marketing plan.  Explore your options.  Explore alternatives.  Do it before opening shop.  You won't have time later.

Tip #4:
Start Your Online Component Now

It is the 21st century.  It is pretty well expected that your business will have an online presence.  You can pay others many thousands of dollars to build and maintain your website, or you can do it yourself.  Even if others do build it, and maintain it, know what you are buying.  There is a pretty good learning curve here, so start now, and keep on going.

There is a lot to do.  You can do it.  Honest.  Begin now.  Keep on going.  You will arrive at a strong business before you know it.