Tips for the New Entrepreneur
1. If you are looking for bank funding over $50,000, you must have a Business Plan.
2. Take time to be organized – you may have great ideas but unless you understand the fundamentals of good business management, all your hard work and long hours could be wasted.
3. Prioritize – make a list of what is important to move your business forward and tick off when completed. Repeat!
4. Teamwork – You can’t succeed on your own! Competitive athletes have a support team and you need one too! If you have employees, remember they are an important part of your team. Lead by your good example and they will reward you with extra effort.
5. Listen to your bookkeeper or accountant – it is important to have a good rapport with your bookeeper or accountant. They can help prevent serious problems that can cost your business unnecessary financial hardship or bankruptcy. Only 70% of businesses survive 5 or more years (Key Small Business statistics – Jan. 2009, Industry Canada)
6. Find a good business mentor – if you don’t know one, join a local organization that can help support you.
7. The importance of networking – word of mouth is the greatest referral. Look for networking groups that you can join.
8. Professionalism – if you want to keep your customers, treat them well. Go the extra mile to make your business stand out against your competitors. A satisfied customer will spread the word about your business, an unhappy customer can damage your reputation.