What’s Your Passion? If you are thinking about starting a business, it should be something you enjoy. Since a lot of time and energy goes into running a business, it is smart to look at your hobby or professional experience as a potential business idea. For example, if you are good at sewing, consider a tailoring shop; or an accountant could look at bookkeeping or tax service. Now, imagine what your life would be like if you spent the majority of your day actually doing what you love. Do you have what it takes to be an entrepreneur? To improve your chances, here are 10 Extremely Important Tips for a Successful Business Launch.

Tip 1: The Name Game

Now that you’ve narrowed it down to ONE ‘business idea,’ you’ve got to figure out a name. A major challenge in starting a business is the process of searching and choosing the right business name. Choosing the right business name can mean success while a poorly thought out name could doom your business from the start. Three smart business name tips:

1. A smart business name must be unforgettable. It is imperative that potential clients be able to remember your business name. I’m sure most people have heard of Nike, Walmart, Target, Home Depot and McDonalds. Like these household names, your name should be easy to pronounce and memorable.
2. A smart business name must describe what your business does. When you create your business name, potential clients should be able to understand what products or services your company offers. For example in ‘ Browder Consulting Group,’ the word “Consulting’ is a clue that I provide specialized advice; or as in Lynn’s Styles & Cuts,’ the words ‘Styles & Cuts is a clue that this is a beauty salon.
3. A smart business name should be as short and sweet as possible. As you advertise your business, it is important that your name display well on your marketing material, such as business cards, ad campaigns, domain name and email. As potential clients search for you on the internet, you want it to be an easy spelled and searchable name.

Tip 2: On a Mission

A mission statement is an important tool that tells others who you are, what you do, how you do it and why you are superior than your competition.

• It identifies and clarifies the business’ vision, purpose and direction.
• It provides the path and focus needed for making and implementing decisions.
• It helps define to your future employees what they are doing, why they are doing it and where they are going.

Tip 3: Make it Legal

Be diligent in choosing the best Legal Form for your business. This is one of the first important decisions that you will have to make. This decision can have long-term implications, so here are a few things to consider when deciding which business structure is best for your business:

• Scope of business you plan to attain
• Size of your business
• Business’s vulnerability to lawsuits
• Tax implications based on the different ownership structures
• Level of control do you wish to have
• Expected profit/loss of the business

Tip 4: Surround yourself with a Progressive Team

Who do you need to know or collaborate with as a part of your external team? Having the right people on your team will allow you to focus on your business and help you to avoid costly mistakes. For example, you might need the following:

• Certified Public Accountant: best form of ownership, establish bookkeeping, record keeping procedures and tax planning, etc.
• Business Attorney: reviewing lease contracts, determining the right business structure, etc.
• Computer Information Technician: set up systems, repair issues, etc.
• Human Resource Management Consultant: assess your current HR processes for compliance, navigate through delicate labor issues, set up hiring processes, compensation and benefits and create employee manuals, job description and Standard Operation Procedural manuals.

Tip 5: Research Licenses & Permits Needed for Your Industry

As you can see, there are many steps involved in starting a business. With the daunting task of figuring it all out, it’s easy to overlook the important legal requirements associated with permits, licenses and registrations. Here’s a list that your business might need:

• State Requirements: Business licensing requirements may vary from state to state.
• Business Licenses: Depending on your state, county and city, a business license may be required for tax purposes and to conduct other basic business functions.
• Occupations and Professions: Depending on your profession, state licenses may be required for occupations such as, appraisers, accountants, barbers, building contractors, cosmetologists, funeral directors, physicians, private investigators, private security guards and real estate agents.
• Tax Registration: Some states carry a state income tax. If you establish your business in a state that does, you’ll have to register and obtain an employer identification number. If your business engages in retail sales, you will need to obtain a sales tax license.
• Trade Name Registration: If you plan to run your business in your local community only, registering with the state may be adequate.
• Employer Registrations: Are you planning to hire employees? If so, you’ll probably be required to make unemployment insurance contributions.

Tip 6: Know Your Clients

A common mistake that I encounter with new business owners is that they don’t know who their customer is… possessing a poorly defined target market. Most want to sell their products or services to ‘everybody’ instead of narrowing their targeted customer base to a manageable size. You must do your homework… i.e., market research. I’ve created a business resource guide to assist you, Resource Guide for Women.

Tip 7: Got Marketing?

In business, marketing plays a key role in getting the word out to your prospective clients. You must create an image and be consistent! It’s important to mold and hone your business image to successfully appeal to your prospects and customers. By choosing a relevant company name, answering your phone professionally, creating a professional and clear elevator pitch, investing in professional business cards, logos and brochures, etc… all are key in marketing your business.

Tip 8: Don’t forget Uncle Sam

Understanding tax obligations is one of the most important issues facing small businesses. The local, county, state and federal agencies does not care that you didn’t know or you forgot to pay your taxes. You will be subject to penalties for not paying on time. Here are some resources to assist you:

• For a list of state agencies: business.gov/states/
• For a SBA resource guide by state: smallbusiness3.com/magazine
• For IRS business information: irs.gov/businesses/index.html

Tip 9: Don’t forget the ‘B’ Word… Budget!

Create a start up budget. Because businesses are different, each will have its own specific cash needs at various stages of development, so estimating your start-up costs may vary. Some businesses can be started on a shoestring budget, while others may require considerable investment in inventory or equipment. It is imperative to know that you will have enough money to launch your business venture.

A few ways to prepare:

• Create a list of anticipated expenses for your first three years
• Projections are fine, be realistic

Have a tracking system

QuickBooks, Quicken, Ledger, Excel spreadsheets, I don’t care which you use…. It’s important to put a system in place that works for you. Personally, I use QuickBooks. I can send files to my CPA, easy to work with. In addition, as the treasurer on the board of a non-profit organization, I also use Quick books to reconcile the organization’s bank statements and to bill our member’s annual dues.

Open a business checking account. The worst thing you can do is run your business from your personal account… it is an accountants nightmare. Open up a business account so that you can separate the two… plus it tells others that you are serious and professional.

Tip 10: Put it all together… in a plan!

Last but not least, you must write your business plan. By failing to plan, you are planning to fail. If you can’t take the time needed to plan for the success of your business, then don’t waste your time starting one. Statistics show that 8 out of 10 businesses fail within the first three years. This is staggering but true! Invest your time in researching and writing a business plan. Many prospective entrepreneurs think that a business plan is very hard and tedious. The truth is it’s a powerful tool that can help you plan and achieve business success.

So, what is this thing called a business plan? Well, a business plan is your blue print or what I tell many of my clients, it’s your bible! A business plan defines your business, identifies your goals, and serves as your company’s resume. It will help you arrange strategic alliances, obtain financing and attract key personnel. By planning for success, you will be able to overcome many hurdles that may arise.

A closer look at why a business plan is important:

• To secure funding, your lender will request your business plan with completed financials. DO NOT approach a lender without having a completed business plan. In his/her eyes, you will look unprepared and too risky. By being prepared, you will have a better chance at securing funding for operations or expansion of your business.
• It is a great way to test the feasibility of your business idea. By the time you complete your market or competitive analysis, you will have a clear picture of the viability of your idea.

As you can see, there is a lot of work involved before starting a business. To ensure success, it is important to research thoroughly, take advantage of the resources available to you and learn as much as you can. Preparation is key to a successful start!

Sylvia Browder is Founder of National Association Women on the Rise, a virtual membership community for aspiring and established women entrepreneurs. For more about NAWR or resources and information for women entrepreneurs, visit us at http://www.nawomenrise.com.

In this article I show you the 5 best kept secrets to set up a successful business. Keep them in mind, absorb them and you will see the success will come after you!

Many roads lead to Rome. Let’s make that clear at first. There is no book or person who can tell you: If you do it this way, you will always succeed. It’s hard to tell, why some people do and why some people do not get success. When I started doing business, the success stayed away for a long time. I was desperate at times. Why am I not successful? I kept wondering. I work so hard, my product is good and I am not an uncomfortable person to do business with. Jealous I looked at the people who were successful and tried to find the reason. Why them and not me? This way of thinking, I continued for two years. Until I realized that this way of thinking will not bring me any step further. I started to look more at myself and stopped trying to search for the reason of success of others. I adjudged them their success and focussed on myself. This brings me to the first secret to set up a successful business.

* Think and stay positive

Especially when you occur setbacks, put yourself over it and move on. Be positive about yourself, to others and adjudge everyone their success. Negative thoughts should immediately be removed. Focus on your own success and stay to it!

Well, that’s easy. Think positive and now what?

This brings me two secret number 2.

* Enjoy doing business

Make sure that there is time for making fun. It makes no sense keep on swimming against the tide very hard. Turn around and see what it will bring you. Trust, that it is okay, to let go sometimes, think positive and see what happens. It will really surprise you. Do not feel guilty if you do have that extra cup of coffee while enjoying the sun. Enjoy the fact that you are an entrepreneur and you can determine your own time schedule.

Enjoying your work, is not so hard to do, is it? What is next?

* Live healthy

As an entrepreneur you have to work hard for your success. That’s okay, but you should be capable to do that. I sleep six to seven hours a night. I do not need more hours. The reason for this, is because I’m fit. I eat healthy, sport a lot and have relatively little stress. It is okay to sleep less hours when I am thinking of great new ideas while I am laying in my bed. Those lack of sleeping hours belong to my way of living. The next day I will be fully focused again and I am never sick.

it all seems so obvious isn’t it? Well let’s continue.

Maybe one of the most important secrets is the next one.

* Accept the success and amaze others

Gradually I got the success that I worked so hard for, but somehow I dared not to accept it. I thought it was strange that I had success and found it a little bit scary. People suddenly want something from you, will I not disappoint them? Do I really want this? Yes!! This is what you have strived for, otherwise you would not have never started it. Just accept it, enjoy it, take your responsibility and overwhelm other people in all their expectations. In fact, amaze them with your product or service. Always give that little extra, which they don’t expect. Even though you may not get back. Especially in these times of crisis, this is the way to distinguish yourself from the rest. People are going to talk about you and this will lead to the desired snowball effect.

Ho, stop what is going on here? People take it easy! This could be a summary of your thoughts, which includes the last secret.

* Be true to yourself, respect where you came from and respect others who are still there

You get busier and busier. And you notice that more and more people want something from you. Now you need to keep in mind where you came from. In the beginning, you were disappointed too when people didn’t answer your emails. You had to call people yourself, to persuade them to do business with you. Respect others who are now at that stage. So treat them like you wanted to be treated back in the days. Answer all emails, never be arrogant or set yourself above other people. Do not think you are better than anyone else. Make sure you still be the nice person to do business with. No matter, who the other person is. So, do not make the same mistake as many others do. They became cocky simultaneously with the success. It will work against you and even the cocky people will notice that once. Although they might be too proud to admit it.

With these 5 secrets in mind I am convinced that at least you will be on the right track to success and mostly stay on that track.

I wish you all the best!

Tjalling

Did you know that small successful businesses are on the increase? Many new home businesses are increasing every day. Why? Because now they can, since they discovered the crucial secret to a owning a home business.

Every day people enter into the world of small businesses by starting a kitchen table business expecting to rake in the cash, even while they sleep, and almost overnight.

Then reality sinks in. No immediate success and no overnight money.

Feeling disappointed they purchase one product after the next, in the hope that each product will give them the answer for owning a few small successful businesses from the comfort of their home. Soon after, they give up on their dream with no hope of living the lifestyle that they want.

If you can relate to this, relax. Here you will find 3 tips to owning a number of small successful businesses:

1. The role of your mind: your mind plays a vital role in the success of your businesses. It is your mind, or more specifically your subconscious mind, who brings about success or failure in your business endeavours.

When you have the right success mindset, you will automatically be propelled to take action, and you will attract opportunities and success to you with very little effort.

2. Decisions, decisions, decisions: now that you realise the vital role your mind plays in your home businesses, your next step is to make the decision that you will be committed to be successful. And your primary decision is now for you to decide to work on your subconscious mind; to programme it for success, to engage and align it in the direction of success.

It goes beyond than simply having wishful thoughts of having several small successful businesses: you will need to instill a successful mindset.

3. Set realistic goals: far too many people skip this step and they wonder why they have not been successful. Your subconscious mind is a goal-seeking mechanism. Without goals, it works on default, manifesting exactly what you’re aligned to receive – which is why you’re still stuck where you are at. Your subconscious mind must have a goal to work towards.

Rather than working on a few ideas you want to turn into small successful businesses, make it your goal to focus all your efforts on turning one small business into a success, and once you have fully initiated the successful mindset, you can move on to your second small business, and then your third.

Having a number of small successful businesses can be achieved, once you have programmed your mind for success.