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Published on October 2, 2018

23 Tips for New Entrepreneurs to Get Your Business Underway

23 Tips for New Entrepreneurs to Get Your Business Underway

Being your own boss, working from home, financial freedom, these all the things that motivate people to become entrepreneurs.

But the fact is, while a lot of people dream about having all of these things, most will never take even the first steps to become an entrepreneur, why not? For a lot of us, coming up with a “million dollar idea” is easy, implementing it is not.

Knowing how to get your business started is the hardest part. There are a lot of things to think about. Is my idea even good enough? How do I get financing? How am I going to market the business. Do I even have the time to start a business? And it seems like a million more questions come flooding through your mind.

Because all of these things are legitimate concerns and many don’t have a clear cut “right” answer, many people end up doing nothing.

Today, we are going to talk about the most common issues new entrepreneurs face and how to overcome them. Let’s take a look at the 23 tips for new entrepreneurs:

1. Evaluate Your Idea

In any list of tips for entrepreneurs, this should always rank as number one. Do you have a business idea that will work? Good business ideas will do at least one of the following.

A. Make a person’s life easier/better – The home computer has made communication much easier, especially over long distances.

B. Save people time or money – The advent of the washing machine saved countless hours of hand washing clothes item by item.

C. Adds value to an existing product – The value of home computers really increased with the development of software. Word processors, accounting and tax software, spreadsheets etc.

2. Evaluate Yourself

This can be difficult, especially because it requires you to be completely honest. The up side is that if you are honest it’s invaluable knowledge to have.

What type of a person are you? Are you a “big picture” person or a “detail orientated” person. Are you good with accounting and numbers or would you rather be out meeting customers and selling products?

Understanding your strengths and weaknesses will tell you how you need to allocate resources.

3. Do Market Research

You not only need to know your product or service inside and out, but you also need to know your customer inside and out.

Who are you marketing to? What is the benefit that you or your product is giving them? What is there biggest complaint about their current product or service? Does yours fix that problem? Just how big is the market for your product or service?

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Through market research, you should be able to answer all of these questions.

4. Have a Business Plan

A lot of new entrepreneurs get stuck with this one because they don’t know how to do it. The important thing here is to not get to bogged down in the details.

When you are first starting out, your funding sources are probably going to be friends, family and maybe a bank that does SBA loans. They are not expecting anything to elaborate, but you must have a well thought-out business plan to show them. Here’s a great article on how to write a business plan.

5. Think About Branding

Don’t just think about branding as a logo or catch-phrase. Branding is the way you will differentiate yourself from your competition. Branding is what makes you or your product unique. Ultimately, branding is why customers will choose your products over the competition.

No matter how you decide to brand yourself, it’s going to take time and consistency, so get started right away!

6. Secure a Domain for Your Website

In today’s world, having a website is a must. It really doesn’t matter what type of business you have, you need a good website.

Securing your domain name, while it’s a simple process, it’s not uncommon to find that your first choices are taken.

For example, “Donny’s Lawn Service” is probably already taken. Don’t get discouraged, just get creative. You might try “Lawn Maintenance by Donny” or “Donny’s Executive Lawn Service”, “Landscaping by Donny”, “Donny’s California Lawn Service”.

Whatever you choose, think of your website as an extension of your branding efforts.

7. Get Your Social Media Set Up

Much like a website, having a social media presence is a must in today’s world. Facebook, Twitter, Instagram, Pinterest are all valuable places for you to market your business and engage with customers.

Securing your social media presence now to get a jump start on your launch.

8. Decide on a Legal Structure

Is your business a Sole Proprietorship, LLC, Partnership, Corporation? What’s the difference? All of these entities have their own strengths and weaknesses as well as tax consequences. This is where professional advice is a must.

Consult your lawyer and tax adviser as to the best option for your situation.

9. Register with the Government

Exactly what you need to do will depend on what type of business you have. If you have a retail store, you will normally need a business license and sales tax license. If you do personal services such as hair or nail salons, your will need to register with the local health department.

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Depending on the business structure you have an EIN (Employer Identification Number) maybe required. You can find a complete list of federal and state licensing requirements on the SBA’s website.

10. Make Financial Projections

Remember that research we talked about earlier? Here’s where it comes in handy. You’ll want to have a good idea of exactly what your startup costs will be.

Things like inventory, marketing, rent, utilities should all be in there, but also make sure that you are accounting for things like a (modest) salary for yourself, you need to be able to live while you are getting started.

Insurance, legal and professional fees, questions and concerns that require expert advice are bound to come up in the first year of the business.

11. Develop a Marketing Plan

The days when “if you build a better mouse trap the world will beat a path to your door” are over. In today’s world, marketing is what determines the success of a business.

First you’ll need to define your market, are you selling something to a locally (Boutique, Hair / Nail Salon, Lawn Service) or are you going to be selling nationally or even internationally (Software, Electronics, Consulting Services)?

Your marketing strategy will depend on these and other factors.

12. Set up a Sales Plan

While a marketing plan is focused on how to get people interested in your product, the sales plan’s focus is about turning that interest into revenue.

The type of sales plan you develop should be directly related to what you are marketing. If it’s a brand new never seen before product, having a physical sales force that can go out and show the product demonstrating how it works might be useful.

On the other hand, if it’s software or a consulting service it’s probably much more efficient to build a website with a good sales funnel.

13. Start Securing Funding

Once you have the financial projections and you know how much you’ll need, you can start looking for funding.

So how much funding will you need? If your financial projections show that you will need $40,000 the first year, you should secure funding in the range of $50,000 – $55,000. And where should you get this funding, the very first place should be through your own resources.

Now, you don’t need to put every last penny you have into it, but going to others for funding without any “skin in the game” on your part will not inspire confidence.

Other funding sources can include, SBA loans through banks, successful business people looking to invest and even crowd funding. Oh and don’t forget friends and family!

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14. Set up an Accounting System

You can either do this in house, or by hiring an outside firm. Keep in mind that your accounting will need to be kept up to date and it can be time consuming.

You maybe better off spending your time growing the business and letting an outside firm handle this aspect of the business.

15. Find a Good Insurance Broker

Getting the right insurance is a must. Without the right insurance, you are not only risking the business itself, but potentially all of your personal assets too.

Besides, your banks and investors wont even consider investing if you don’t have the proper insurance. Most businesses have a trade association, this is a great resource for your insurance needs.

16. Start Putting Together a Team

One of the most important tips for entrepreneurs is to assemble the right team. A lot of times founders will try to be a “Jack of all trades” and do everything. This is a mistake, a good rule of thumb is that entrepreneurs are ‘big picture” and employee are “specialists”.

17. Consider Compensation Packages for Key Employees

One thing that almost all start ups have in common is a lack of money. You want to attract the best employees but you are competing with more established companies that can often times pay more.

Consider some creative options when hiring key employees. For instance, you may not be able to offer a company car, but you may be able to pay for mileage. You may not be able to match a salary, but consider giving key employees a stake in the company. There are always creative ways around problems.

18. Setup a Work Space

It doesn’t matter if you are going to be working by yourself at home or if you’ll have several employees. You need a professional work space.

If that involves leasing office space, you’ll most likely need a security deposit, first months rent as well as deposits and fees for utilities.

If you are working out of your home, set aside a area that is dedicated for work. It should be a place that you can work uninterrupted and is quiet enough that you can make professional business calls without dogs barking and babies crying.

19. Start Getting the (Pre-Launch) Word Out

The launch of your start up should not come as a surprise. You need to be building your brand and creating a presence in the marketplace before you launch.

Start joining discussion boards devoted to your industry or profession. Offer tips and suggestions on your social media pages to get likes and followers. All of these things will create excitement and anticipation for your official launch.

20. Get Feedback

This can be included in your pre-launch activities. Offer a prototype, or give a description of the service and ask for feedback.

Don’t get upset or discouraged by negative comments. What you are looking for is a pattern. What aspects of your product or service get the most positive and negative reviews? Use this information to make adjustments to the product / service, or it just change the way you present (market) your product / service.

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21. Do a “Soft Opening”

A soft opening is basically just a practice run for your grand opening.

The soft opening is where you will start getting your very first “word of mouth” advertising. It’s also where you will work out the kinks in the system that inevitably occur.

22. Launch Your Grand Opening

This is the day you’ve been waiting for, everything is set up, you’ve worked out any issues during the soft opening and now your ready to go.

The grand opening should be a big event with a lot of pre-planning and social media hype.

Notify trade associations, Facebook groups and discussion boards. Offer “door buster” deals to the first X number of people who sign up or purchase a product.

23. Constantly Evaluate and Adjust

Remember when we talked about doing all that planning? Well now you will need to evaluate those plans and make adjustments as needed.

There’s no such thing as a straight line to success in business, and even the best laid plans hit road bumps.

Your job as a manager is to recognize the bumps before they damage the car. Remember that it’s always better to catch problems too early than too late.

Evaluate, Adjust, Monitor, Repeat.

The Bottom Line

Starting a new business can be one of the scariest, stressful, agonizing things you can do in life. But it also can be one of the most rewarding and fulfilling things you’ll ever do.

I like to say that businesses are like marriages, bad ones are awful, but good ones are priceless. And just like a marriage, the more you work at it the better it gets.

So here’s to a solid foundation to both your relationships and business ventures!

Featured photo credit: rawpixel via unsplash.com

More by this author

David Carpenter

Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

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Last Updated on February 21, 2019

7 Natural Memory Boosters That Actually Work for All Ages

7 Natural Memory Boosters That Actually Work for All Ages

Forgot a name? Misplaced your keys? Taking longer to find the right words? Don’t panic. There’s plenty you can do to improve your memory.

You’re probably expecting us to reveal 7 little known and newly discovered herbs from the forests of the Amazon, the peaks of the Himalayas and the Arctic tundra. No such luck.

Despite Americans spending hundreds of millions of dollars a year on Ginkgo Biloba, Ashwagandha, Periwinkle, Bacopa, Vitamin B’s, Omega 3’s and memory boosting supplement cocktails, there is very little scientific evidence they actually work. [1]

Instead, we’re going to offer you 7 completely natural memory boosters, backed up by scientific research. It may take a little more effort than a magic memory pill, but the benefits will transcend your memory and improve your overall quality of life as well, making you more fit, energetic, happy and sharp.

How Do We Remember?

The first process in remembering is creating a memory.

This is where our brain sends a signal, associated with a thought, event or piece of information our mind is processing, over our brains neural pathways, called synapses.

Think of our neural pathways like roads and information like trucks. The better the roads, the more trucks can be driven.

The second step in remembering is memory consolidation.

Consolidation is when the brain takes that thought, event or piece of information and actually stores it in the brain. So now we’re talking about taking delivery of the trucks and storing its contents in the warehouse.

Consolidation helps us store information and label it properly, so its organized and easy to retrieve when needed.

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The last step is memory retrieval.

That’s the step whereby we try to retrieve the information stored in our brains. You know when you have the name of someone on the tip of your tongue.

You have the information; it’s been stored, but you just can’t find it. Our memory recall is typically better the stronger the memory is and the more often we’ve used it.

Memory decline is a normal part of aging. However, new scientific research is discovering many new ways for us to improve memory creation, consolidation and retrieval–no matter our age.

7 Natural Memory Boosters

So how to work on memory and boost your brain power? Here’re 7 brain boosters backed by science that you should try:

1. Aerobic Exercise

Aerobic activity is about as close as we get to a magic pill for our memories. Exercise helps your brain create new capillaries and brain-derived neurotrophic factor (BDNF) which creates new brain cells and connections. To put it in plain english, aerobic activity changes our brains and helps it grow.

Studies have shown that exercising increases the size of the hippocampus and improves memory. In fact, even if you start exercising as an older adult, you can reverse cognitive decline by 1 to 2 years and protects against further decreases in the size of the hippocampus, which is essential for memory. [2]

In another study, reviewed by Dr. Ian Robertson of the University of Dublin, they looked at a group of people of 60 years and older, who engaged in “active walking” for four months.

They compared them with another group of people who only stretched over the same period of time. After testing both groups before and after the 4 month period, the walkers improved their memory and attention considerably more than the stretching group.

So which exercises are best and how much do we have to exercise?

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Turns out, it doesn’t really matter whether you run, swim, row or bike. What does matter is that you push yourself beyond your current abilities, keep doing more, keep getting better. Set yourself short term goals and keep pushing the goal posts.

2. Sleep

You need your sleep. The deeper the better. Sleep helps improve your procedural memory (how to do things, like how do I navigate my iPhone) and declarative memory (facts, like what’s my password). [3]

Even short naps from 6 to 45 minutes have been shown to improve your memory. In one Harvard study, college students memorized pairs of unrelated words, memorized a maze and copied a complex form. All were tested on their work. Half were then allowed to take a 45 minute nap. They were then retested. Those who took a nap, got a boost in their performance. [4]

Another study showed that getting REM (deep) sleep can increase your memory and mental performance by 33% to 73%. Getting a deep sleep helps the brain consolidate memories through dreams and “associative processing”. However, the study also revealed that heart rate variability in deep sleep also contributed significantly to increased memory performance. [5]

3. MIND Diet

Healthy eating, particularly more dark colored fruit, vegetables and oily fish has been shown to improve memory and stave off cognitive decline.

The MIND diet is proven to reduce the risk of dementia. It’s a mix of the popular Mediterranean diet and the low blood pressure DASH diet. [6]

The study kept track of the diets of almost 1,000 older adults. They were followed for an average of 4½ years.

The study concluded that “people whose diets were most strongly in line with the MIND diet had brains that functioned as if they were 7½ years younger than those whose diets least resembled this eating style.”

The study also showed that people who followed the MIND diet in the study reduced their chance of getting Alzheimer’s disease in half.

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So what does the MIND diet consist of? Lots of vegetables, leafy greens, nuts, berries, beans, fish, poultry, olive oil, whole grains and wine.

4. Relax

We all know that stress is bad for our health. It can raise our blood pressure, impact our immune system and interrupt our sleep. Stress also impairs our memory.

When our body gets stressed, it releases cortisol into our blood stream, which can cause short and long term physical changes to the brain. While cortisol has sometimes been shown to cause increases in short term memory, it can actually decrease our long term recall memory.

To help reduce the stress in your life, try relaxing with meditation, yoga or breathing exercises. Unplug–even for just a few hours. Stop checking your emails, social accounts and news. Release some endorphins with some exercise.

Bottom line, the more anxious and stressed we are, the less clearly we think, the poorer our memory works.

5. Continuous Learning

The mind is like a muscle. The more you challenge it, the stronger it gets. The more you learn, the more you can learn.

Research shows that learning can actually change the physical makeup of your brain. Not too long ago, we used to think that you were born with a fixed amount of brain cells, which declined with age. New research now shows that we can actually increase the number of brain cells we have throughout our life.

Aside from staying physically active, learning new skills and studying can actually keep our brains healthier. Consider taking a continuing education class, studying a new language, learning a new instrument, playing new card games. [7]

Studies show that the more complex the task, the more benefits for your mind. Simply showing up to class is not enough. You need to be actively engaged. Anything that forces you to focus and learn something new and get out of a rote routine will help you sharpen your mind and boost your memory.

6. Stay Social

The more deep and meaningful social connections you maintain, the more you protect your brain. Bottom line, the more friends you have, the more people you work with, the more you’re forced to use your brain.

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Social isolation and loneliness are significant risks of dementia. Without interacting with others, our brains wilt. Isolation and loneliness lead to depression, physical and mental decline. [8]

In a 2016 study published in Frontiers in Aging Neuroscience, seniors with a full social calendar did better on memory, reasoning, and processing speed tests. [9]

What to do?

Party! Seriously, get together with friends as often as possible. Have family dinners. Choose social activities or sports like tennis, golf, cards or go for walks with a friend. Bottom line have fun, build meaningful social relationships and stay connected. Not only will it make your mind sharper and your memory better, you’ll be happier, too!

7. Wakeful Rest

This one is getting harder and harder to do. In a world where we can’t sit on a bus, go up an elevator or go to the bathroom without our phones, doing absolutely nothing to distract our minds is becoming increasingly difficult.

But, the results are in. Doing nothing is great for your memory. Quietly resting for 10 minutes, after you learn something will help you remember and help you create more detailed memories. [10]

What we do minutes after we learn something new has a significant impact on how well we retain the new information. In another study, it didn’t matter what you did after you learned something new, as long as you weren’t distracted by outside factors. In other words, you could be thinking of your day, making a grocery list, or thinking of a story. In either case, wakeful rest for a period of 10 minutes helped the brain process and consolidate your memories so that you were better able to recall the information at a later date. [11]

Conclusion

You don’t have to spend a dime on cocktails and supplements promising a quick boost to your memory power. There is very little conclusive scientific evidence suggesting supplements will help improve the memories of healthy individuals–not for Ginkgo Biloba, Vitamin B, fish oils, Vitamin D, Folate or other supplements claiming they a secret formula.

There are far cheaper and more effective ways to boost your memory: exercise, rest, eat well, learn, love, laugh and relax. Who wouldn’t want that prescription?

More Resources About Boost Brain Power

Featured photo credit: Unsplash via unsplash.com

Reference

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