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| Notes on Starting a New Business from Colin Duguid MICM |
- No Sales = No Business. You must know where, how, and most importantly, who will get your sales once you are up and running
- Talk to 10 small business owners who have been in business between 6 months and over 5 years: listen well!
- Market research is best conducted with a pen, paper and your legs: plus, calling potential buyers for their views not only gets you market research but a great opportunity to make contacts - you will not get a better opportunity to pre-sell
- Few new business owners escape stress - will you be able to handle it and maintain your drive to build your business?
- One person in the business must know basic business finance to a standard of being able to complete and understand an instant review of the total business finances
- A franchised business is one of the safest routes (if not the cheapest) to starting a new business - that said, if you, nor anyone else has heard of the franchise, is it a true franchise?: being an opportunity to buy into a proven formula
- If you are thinking of buying an existing business you need a lot of favourable answers to your questions and independent enquiries: be totally satisfied with the owners reasons to sell
- Do not 'gloss over' business areas that you do not understand - get books, advice, training - start learning NOW
- When you start your business, expect your competitors to fight as you would yourself
- If you need a bank loan to start your business do not cut corners with the loan: going back to your bank manager for more money is a bad move, ask for what you need - you might not get it, but it will be easier to go back to the bank in future
© ROK Associates Credit & Debt Management Limited 2000
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