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TIPS |
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Spend Some Time in the Trenches |
Get as much information as possible about your
business venture or expansion. Talk to those already in
business. Surf the Internet. Visit the library.
Learn all you can from trade associations and trade
publications. And find out how to get help from federal,
state and county government agencies. |
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Yes, You'll Need Money |
Face the fact that it may require more money than
you've anticipated to start or improve your business. Have
enough working capital on hand and back-up resources--in case
the new business does not prosper as you had anticipated. |
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Know Thy Enemy |
Study your competition carefully; they've already
experienced what you are about to discover. Read their
literature. There is a reason your competitor is in
business. You'd better find out what it is--and how you
can turn their customers into your customers. |
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Image
is Everything |
What kind of public image do you want to create
with your service, merchandise, quality, decor, packaging,
personnel, vehicles, advertising and pricing? How does
that image correspond with the customer you are trying to
attract? Define and develop your brand. |
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Keep Records--You Didn't Think It
Was All Glamorous |
Complete, accurate records are
needed to file taxes, properly manage your bank accounts and
most importantly, give you guidance. Always know where
your business stands financially. |
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Let's make Some Money |
Profit is the bottom line.
Make sure that all expenses are accounted for, including your
own living costs, possible losses, shrinkage, unseen costs such
as fringe benefits and taxes. Then, add a legitimate
profit to your risk. If the profit does not come out
right, perhaps you should rethink your ideas of starting or
growing your company. And, make sure you consult a
SCORE
counselor for help. |
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