1. The do’s and don’t’s of starting a business
THE DO’S AND DON’T’S
OF STARTING A
BUSINESS
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2. The do’s and don’t’s of starting a business
Starting a business is not complicated if
you are aware of what to do, and more
importantly, what to avoid. It is my hope
that these two lists will work together
and serve as a solid guideline when you
start your own business, no matter what
industry you're in.
Top 10 DO's of Starting a Business
In the planning stages of any new
business, optimism usually gives the new
business owner plenty of drive, but it
can be very easy to become misdirected.
This top 10 list was developed for
3. The do’s and don’t’s of starting a business
business owners to stay on course and
maintain proper direction in the
beginning stages. Every business is a
little different, however, so you may
need to make a slight modification to
these Top 10 DO'S of Starting a Business
when you apply them to your own
business model.
1. Live frugally and begin saving up
money to put into your own business.
2. Learn how to start your intended type
of business by working for someone else
in the same line of business first.
4. The do’s and don’t’s of starting a business
3. Consider the benefits of starting a
business on the side of your main-paying
job first, such as after hours, so you can
still eat and pay rent while learning how
to be successful in your business.
4. Consider the advantages of starting a
family business. (24/7 help, cheap labor,
employee trust, etc...)
5. Objectively measure your skills and
training against potential competition
before your start your own business.
5. The do’s and don’t’s of starting a business
6. If you're starting a business
manufacturing a product, consider
subcontracting to low-cost suppliers.
(China can make anything for less money
than you can.)
7. Test market your product or service
before putting any substantial money
into the business, even when just
expanding.
8. Make your own "pros" and "cons" list,
describing all the positive and negative
changes to you and to your bottom line,
6. The do’s and don’t’s of starting a business
including everything you can think of
related to the specific business you are
considering starting.
9. Talk to lots of people in your intended
industry for advice before starting a
business. -Sometimes sub-suppliers to
your industry have good advice, too.
10. Make a serious comparative analysis
of all opportunities you are considering.
Top 10 DON'Ts of Starting a Business
7. The do’s and don’t’s of starting a business
Like the list above, the following are
suggestions to consider when starting
any type of business. They are designed
to work hand-in-hand with the first list
so that you can avoid the most common
pitfalls of starting a new business.
1. Don't think about leaving your job
until you have started to see some
monetary results and fully completed
your full start-up plans for the new
business.
2. Don't consider starting a business in a
field you do not enjoy.
8. The do’s and don’t’s of starting a business
3. Don't risk all of your assets. Limit your
liabilities to a predetermined amount
when starting a business. It can be a
percentage of your worth of a dollar
amount, but the point is to pick it from
the start and to never cross that line.
4. Don't compete with your employer
when you start your own business,
especially when moonlighting!
5. Don't be in too much of a hurry to get
your business started. When learning
how to start most any business, there
9. The do’s and don’t’s of starting a business
are no real penalties for missed
opportunity.
6. Don't start a business that involves
too high a risk, or has to major a hurdle.
Take on ten 2-foot hurdles, never one
20-foot hurdle!
7. Never start a business in which you
must have the lowest price to succeed,
established competition can always
under-price once it's in their best
interest.
10. The do’s and don’t’s of starting a business
8. Don't be afraid to learn about the
negative aspects of your intended
business when you are first learning how
to start it. You can't start a business with
blinders on.
9. Don't let your entrepreneur self-
confidence outweigh careful due
diligence.
10. Don't let the promise of a conceptual
high reward deter reality testing. You
can never guess what people will
actually pay for anything until they do
so.
11. The do’s and don’t’s of starting a business
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