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Are You Really Ready?:
Are You Really
Ready To Do Business?
Now that you're about to open for business, here are five
tips for starting out on the right foot:
1. Search for suppliers and subcontractors you can count
on. Use these sources:
- Yellow Pages
- Trade organizations and industry groups
- Chambers of commerce
- Research organizations
- Specialty magazines in your industry
- Connections and networks
2. Carefully evaluate each supplier's quality, price, and
service by checking references and using trial orders.
3. Establish good credit by paying your bills as quickly
as possible.
4. Negotiate the best terms you can, using your start-up
situation as leverage.
5. Seek to build long-term relationships with your best suppliers.
8 Basic Steps
For a review of basic start-up principles, here are eight
dos and don'ts:
1. Do create a written business plan. Don't worry about its
length (10 to 40 pages, depending on the type of presentation)
as much as its strength (include 8 or 9 basic components).
2. Don't shortchange yourself in terms of staff, equipment,
and space-but do think "lean." During your early stages of
growth, do strive to keep your business as simple as possible.
3. Do apply for credit in your start-up period, even if you
don't need it. It's important to start building a credit rating
and credit history as soon as possible so evidence of your
creditworthiness grows as your financial needs grow.
4. Do establish a working relationship with more than one
banker. Not only will this help keep your bankers competitive
and protect you against unexpected changes in the banking
community, but it will give you more options as your financial
needs grow.
5. Don't use short-term debt to finance long-term needs.
Match loans and terms to your need and payment base. Since
you are building equity in equipment and real estate from
profits over a number of years, you should finance it the
same way.
6. During your start-up period, do give your suppliers proof
that there's demand for your product or service. They want
you to succeed. If you show them why you can, chances are
they will not only extend credit, but also give you the attention
you deserve.
7. Do ask customers for feedback regularly. Invite them to
be candid and to tell you about your weaknesses as well as
your strengths, and how you can serve them better.
8. Don't rely solely on long-term goals (e.g.., annual or
quarterly). Do set daily and weekly objectives that will help
you measure performance day to day and week to week.
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