start up

11

Apr'19

Questions to Ask Before Doing A Start-Up

The twelve questions you must get answers to before doing any start up.

Read More

08

Apr'19

What Should I Do Before Starting a Business?

What are the essential things to do before starting a business? We identify three important components.

Read More

30

Mar'19

The Art of Making Money

By P.T. Barnam, 1880 Point 1. DON’T MISTAKE YOUR VOCATION 2. SELECT THE RIGHT LOCATION 3. AVOID DEBT 4. PERSEVERE 5. WHATEVER YOU DO, DO IT WITH ALL YOUR MIGHT 6. DEPEND UPON YOUR OWN PERSONAL EXERTIONS 7. USE THE BEST TOOLS 8. DON’T GET ABOVE YOUR BUSINESS 9. LEARN SOMETHING USEFUL 10. LET HOPE PREDOMINATE BUT BE NOT TOO VISIONARY 11. DO NOT SCATTER YOUR POWERS 12. BE SYSTEMATIC 13. READ THE NEWSPAPERS 14. BEWARE OF “OUTSIDE OPERATIONS” 15. DON’T INDORSE WITHOUT SECURITY 16. ADVERTISE YOUR BUSINESS 17. BE POLITE AND KIND TO YOUR CUSTOMERS 18. BE CHARITABLE 19. DON’T BLAB 20. PRESERVE YOUR INTEGRITY Click on each link to see an expanded discussion. Brilliant. True.

Read More

09

Feb'19

When should a Startup Hire an Accountant?

The simple answer: the minute you need to do some accounting. That almost smart-ass answer is really pretty profound… because it focuses on something that many harried entrepreneurs fail to grasp: when you need to start looking at accounting data. Unfortunately, many entrepreneurs are not analytical types, and they don’t like to think about accounting or other backroom activities. As a result, they often crash and burn, because the “backroom” is just like the engine room in a boat: lots of critical stuff goes on there. Let’s put it this way: you start out on a journey to someplace you have never been. The first thing you do is consult a map. What’s the difference when you are starting a business? None. Successful business owners know that the roadmap of how they are doing is their accounting reports. They understand that looking at sales, expenses, assets, and liabilities is essential. It’s the measure of where they are and what they are doing. Sure, you can look at bits and pieces from here and there ( so called flash reports) but those have no proof of integrity. When you have an accounting system, the reports you get have a much greater …

Read More

27

Nov'18

New business: How do I get Visibility and Customers?

Ah, the proverbial question: how do you get customers. That’s what you want. Visibility, yes, but the only visibility you need is with people that will buy what you have to sell. Any other visibility is a waste of time and effort. In fact, visibility in the wrong venue can backfire: it may alert your competition, or inspire some other business to invade your space. So, you want to target your customers. Not with a shotgun, but with a rifle — send that message to the prospect and get them to buy. Too many entrepreneurs confuse noise with message. Noise is all around, does no good, doesn’t result in anything. Message is distinct, tailored, directed, and designed to emote action. So, how will you send an appropriate message directly to your target market in the most effective, efficient way? First you have to know a lot about your target market(s). You have to understand their demographics and their psychographics. Until you have this information, you are shooting in the dark. Then, you have to figure out how to reach those people directly. There is always a way. You have to understand the pathways of communication. Is it by social media? …

Read More

26

Oct'18

Key Factors for Success of a New Business

What are the key factors for the success of a new business? Everything you learned in Entrepreneur and Fast Magazine is probably wrong. Those magazines are pornography for business starters, and no I don’t mean that they contain images like you’d see on www.tubev.sex it’s just a figure of speech. This is going to be damn hard work. Harder than you figured, by a factor of 5. You can’t go home at 5. Most people just give up, exhausted and spent. Burn-out within 15 months is common. You are going to feel a lot of pain, anxiety, fear, angst and dread. If you can’t deal with it, if you’re not tough enough, it’s all over. Flame out comes sometimes within a year, most often after the 2nd year. You are going to have to plan things out. Which means you better do your research. Most available research is rubbish. You have to dig, hard. The vast majority of business plans aren’t worth the paper they are on. Business starters have to understand the dynamics of their businesses, and the key elements to success. Nothing happens until something is sold. Having the perfect product but no sales is guaranteed failure. You …

Read More

21

Oct'18

How does a New Business get Customers?

How does a new business get traction, get known, get customers? The answer is it depends upon your business… each business has a “most effective” marketing strategy. No two businesses have exactly the same approach. What you are in need of is a marketing plan. What follows is just a broad overview of some elements of a good plan. How do you attract customers? That’s the key. First, you have to know who your customers are or will be? Who are your target markets? What things are on their minds? What are their problems? What do they pay attention to? What are their habits? Demographics. Psychographics. How does your product or service solve their problem or need? Exactly. For example, you might say your coffee shop satisfies their thirst for coffee. WRONG. Your coffee house provides a certain ambiance, a place to meet people, relax, and enjoy a respite from the demands of the world. Ah, it is a refuge. You provide stress relief! ( I’m just making this up as I go along, the idea is to get you to thinking beyond the simple and into the subliminal and inferential.) Now that you know, what, figure out HOW. How …

Read More

27

May'18

Should I Go All-In and Invest All my Savings into my Startup?

All in? Invest everything you have into your Start-Up? No reserves except credit cards? Throw caution to the wind, jump onto that boat and make it float? If it springs a leak, use credit (borrowings) to float it for a while, until it finally floats? Eventually, sail off into the sunset with the gentle wind at your back, the beautiful girl at your side. I like the idea. Reality might be something entirely different. Do you have a business plan? Have you thought out what can ( and probably will) go wrong? Have you figured out how your competition succeeds? Have you really done the research to know what your costs and risks are? Remember, you are about to put real money into this… A true story may clarify. I have a good friend who started a business. At first they did very well. He upped the ante and put all his cash into it. Then the recession hit, and he weathered the storm, but incurred over $ 90,000 of credit card debt to keep it afloat. Limped along for several very stressful years. End of the story is he got lucky and found someone to buy the business for …

Read More

30

Mar'18

Do I need a License to Start a Consulting Practice?

The answer is that as long as you are not giving advice which is regulated, you are good to go. What’s regulated? Law, medical, actuary, insurance, investments, real-estate (in some locales), engineering (in certain fields), architecture, and certain trades. If they license the practitioners, they probably regulate the advice. For example, just try to practice accounting in Texas. They will be all over you if you are not a CPA … Also, you have to be very careful that you aren’t issuing an opinion on certain things. Accounting is a clear example. If you start doing financial statements and attaching some sort of opinion that they are correct, the CPA board will be on your case. Be very cautious about anything involving other people’s money. Giving advice about loans or real estate transactions can get you in big trouble if you are alleged to be an unlicensed real estate broker or loan broker. Even if there is no regulation, you should be careful where some sort of dealer license is involved. For example, I had a client who helped people find the right car for a price. The state alleged he was an auto broker. Big cat fight ensued. He …

Read More

19

Mar'18

Do I really need a business plan?

Why? No need to have a business plan. You can go ahead and fly by the seat of your pants and maybe you will be successful. I’ve done it a few times with several businesses and it worked out just fine. ( by the grace of the Lord and blind stupid luck) On the other hand…. your odds of success increase exponentially when you have done your research, done the planning, figured out the business model, have the USP ( unique selling proposition) well defined, and have a keen understanding of what your competition is doing now and planning to do. Your chance for success increases as you can enumerate a carefully thought-out plan of execution, identify the issues you will face, and have a Plan B and Plan C for the “unk-unks” that you will encounter. Gee, do all that and you have a business plan! Need more convincing? Check out our videos on business plans and starting a business at CEAnow.org.

Read More


The Small Business Research Institute is a non-profit corporation committed to advancing small business success.

Get the Newsletter

* = required field
top
CEA © 2016 All rights reserved.