Have you ever dreamed of tapping the wisdom of experienced entrepreneurs who know firsthand how to manage capital in a startup? Here’s a short list of tips from successful business owners designed to help increase the odds of success for any entrepreneurial venture:
- Forget costly branding. Spending a lot of money on a company’s image often is not worth the investment for a startup. A business should look professional. But the focus should be on building business relationships, not furnishing an upscale office. Concentrate on learning the entrepreneurial ropes, hiring the best people, seeking out mentors and exploring sources of potential capital.
- Get out there and circulate. Networking is critical to making strategic connections. Let your connections know you’re launching a new business. Have a business card always at the ready. Never underestimate the power of serendipitous connections. This is one venture where old-fashioned networking can lead to big opportunities.
- Expand your comfort zone. You remember those pledges you made as a child to be forever best friends? When you’re launching a business, your closest friends may not make the best business partners or employees. The right people can make or break a new enterprise.
- Know thy taxes. Too many startups pass the first hurdle of getting their new business off the ground, but don’t pay strict attention to ensuring all local, state and federal taxing agencies are given their rightful due. Ensure you have set aside sufficient capital to remit all taxes in a timely manner. Don’t let late or underpayment tax penalties undermine your business.