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5 Keys to Successfully Starting a New Business

5 Keys to Successfully Starting a New Business

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03/18/2014

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5 Keys to
Successfully
Starting a New
Business
Here are five factors that I believe are critical to success when starting a
business.
Starting a Business: Five Key Steps
Get your concept in motion
Your most valuable tool isr e se a r c h. Learn everything you can about what
you are going to sell. Know your customer! When starting my personal
services business I did research on several trades' sites including About Retail
Industry. Sue Higbee, founder of Sue's Errand & Mobile Notary Phoenix, said
she discovered her business model through research oni Vi l l age. com and built
a successful business based on the needs of homebound people and busy
companies.
Ask for help
Many people highly recommend the Service Corps of Retired Executives
( SCORE), which is a volunteer organization that helps new entrepreneurs with

advice regarding starting a business, from business plans and modeling to funding. Before setting up my business we met with SCORE to understand how to conduct business in Phoenix.

Business planning
Put your thoughts about starting your business on paper. My businesses
couldn't exist without a business plan. Jen Diebel, a partner in
NetworkNetPlay, a Phoenix venture, stresses, "we believe the business
planning process is essential. The structure of a business plan helps assure
that we haven't missed any of the key elements that could affect the success
of our company in the short or long-term. I t limits risks."
Funding, Funding, Funding

When starting a business there are basically three ways that it can be funded: from your own money, venture capital, and/ or from loans. To obtain funding you must be able to show how money is made and spent. Understandably, it can be difficult to pinpoint cash flow details with accuracy when writing a

business plan for a new business. Calculate to the best of your ability. Your
business plan serves several purposes, not the least of which is to show
lenders how they will be paid back if they grant your business a loan.

I nvestors, who take on greater risk with start-up ventures, are looking for
higher returns than they can get by investing in a more established company.

Vivian Valenty, president of VB Cosmetics I nc. based in Phoenix, has great advice for people who are interested in starting a business. "I t is easier to obtain funding when you have assets to use as collateral for the loan. VB Cosmetics I nc. grew on revenues generated from its business. Only after

being in business for six years did we solicit loans to finance a diversification

effort and equipment purchase for expansion. A track record of business profitability, company's cash and personal assets used as collateral were factors that led to funding."

Love w hat you do

Business is not only about money; it is also about your passion. Starting a
business takes a great deal of energy. I founded one of my businesses,
Accents By Allison, because I love great clothing, but mostly I love helping
women look their very best. Vivian puts it so poignantly when she says, "I

would be in the nuthouse from stress if I was not passionately in love with
creating products that help people look good."
Obviously every situation is different, and there is a lot of information to be

gathered and work that must be done when starting a business. These five
steps are pretty basic, but they were fundamental to getting my company up
and running successfully. I hope they are useful to you. Good luck in your

new venture
Home> Home Based Business > Home Based Basics > Business Licenses and Permits
1.Business License & permits
When you're embroiled in the excitement of starting a new business, it's easy to ignore
the need for licenses and permits. Sure, getting licenses and permits is about as fun as
visiting the dentist. But failing to do so-and doing it right from the beginning-is one of the
most common mistakes new entrepreneurs make.
Following are some of the most common licenses and permits homebased small-
business owners may need and where to go for more information.
Business License

Contact your city's business license department to find out about getting a business
license, which essentially grants you the right (after you pay a fee, of course) to operate
a business in that city. When you file your license application, the city planning or zoning
department will check to make sure your area is zoned for the purpose you want to use it

for and that there are enough parking spaces to meet the codes.

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