1. Do a self-inventory.

Noteveryonehaswhatittakestostartacompany.Thatsnottosaythatyourideaisnot
brilliant.Itjustmeansthatyoumaynothavethepersonalitytraitstohandlelaunchinga
companyofyourown.

Beforeinvestinganytimeorresources,evaluateyourselfandseeifyouhavesomethe
typicaltraitsofanentrepreneur.Areyoumotivated,abletoadaptandconfident?Areyou
resilient?

2. Develop an idea.
Dontjuststartabusinessbecausesomethingisinvogueandyouthinkcommercializing
itwillmakemoney.Developabusinessconceptthatyou'repassionateaboutrelatedto
somethingthatyouhaveexperiencewith.Fromthere,comeupwithaproductorservice
thatyoubelievecanenhancethepeopleslives.

3. Test the plausibility.

Onceyouvesettledonanidea,figureouthowyoucanmakeitbecomeareality.Isthe
productorservicesomethingthatpeoplewantorneed?Canyoumakeaprofitsellingit?
Doestheproductwork?

Related:6GreatBusinessModelstoConsiderforaStartup

4. Write a business plan.

Asolidbusinessplanwillguideyougoingforward.Itsalsoneededforpresentingyour
ideatopotentialinvestors.Yourbusinessplanshouldincludeamissionstatement,a
companysummary,anexecutivesummary,aserviceorproductofferings,adescription
ofatargetmarket,financialprojectionsandthecostoftheoperation.Learnabouthow
towriteabusinessplanatSBA.gov.

5. Identify your market.

Eventhoughyoumayhavedetectedsomeinterestinyourbusiness,youneedtodomore
homework.Assessthemarket,targetingthecustomersmostlikelytomakeapurchase.
Performacompetitiveassessment.

6. Determine the costs.

Doadditionalresearchandfindoutthestandardcostfactorswithinthisindustry.Not
onlywillthishelpyoumanageyourbusinessmoreeffectively,investorswillwantto
knowthis.
7. Establish a budget.
Onceyoudeterminehowmuchmoneyyoullhavetoworkwith,figureouthowmuchit
willtaketodevelopyourproductorserviceandcreateamarketingplan.

Related:FoundersAreFromMars,CapitalProvidersFromVenus

8. Find the right investors.

Youregoingtoneedsomesortoffundingtostartoff,whetherfromyoursavings,credit
cards,loans,grantsorventurecapitalists.Findaninvestorwhosharesyourpassion,
someoneyoubelieveyoucanworkwith.

9. Listen to investors.
Whetheryoulikeit,investorsdohaveasayinyourcompany.Andyouneedtolistento
theiradviceorsuggestion.Butthatdoesntmeanyouhavetodowhattheytellyou.

10. Set up a great support system.

Youregoingtobeinvestingalotoftimeandresourcesintoyournewbusinessventure.
Becertainthatyourfamilyisonboard.Theymustbeawarethatthisprocesswillbe
challengingfinanciallyandemotionally.

11. Determine the legal structure.

Settleonwhichformofownershipisbestforyou:asoleproprietorship,apartnership,a
limitedliabilitycompany,acorporation,anScorporation,anonprofitoracooperative.
FindoutmoreatSBA.gov.

Related:NameThatCompanytoDazzlingSuccess

12. Select a business name.

Decideonanamethatbestsuitsyourbusiness.Thenchecktoseeifthedomainnameis
availableonline,aswellasifitsfreetouseinyourcounty,stateandinthecountry.

13. Register your business name.

Ifyourproposedbusinessnameisavailable,registeritwiththecountyclerk,haveit
trademarkedatthestateandfederallevelsandsecureadomainname.

14. Take advantage of free resources.

Numerousfreeresourcescanofferadvice,trainingandassistance.SBA.govisagreat
placetolookattofindlocalresources.
15. Determine tax obligations.
Nowitstimetowrestlewiththetaxobligations.IntheUnitedStates,fourbasictypesof
businesstaxesarise:income,selfemployment,taxesforemployeesandexcisetaxes.

16. Secure permits and licenses.

AccordingtoNOLO,youllhavetopickupafederalemploymentidentification
number(unlessthecompanyisasoleproprietorshiporalimitedliabilitycompany
withoutemployees.)Applyforstatelicenses.Pickupalocaltaxregistrationcertificate.
Fileforlocalpermits,ifrequired,suchasaconditionalusepermitorzoningvariance.

17. Buy insurance.

Makesurethatyouarrangefortheproperinsuranceforyourbusiness.Thiswillvary
accordingtothetypeofbusiness.Ifyoureworkingfromhomebesurethatyour
homeownersinsurancecoverstheftordamagetobusinessassets,aswellasliabilityfor
anybusinessrelatedinjuries.

18. Set up the books.

Figureoutifyoureusingacashoraccrualsystem,determinethefiscalyearforthe
businessandsetuparecordkeepingsystem.

19. Choose a business location.

Selectalocationthatbestfitstheneedsofyourbusiness,onethatoffersanopportunity
forgrowth,therightlevelofcompetitionandproximitytosuppliers.Itshouldalsobe
accessibletocustomers.

Related:OfficeSpacelaCarteIsontheMenuforSomeEntrepreneurs

20. Dont worry about an office.

Ifyourenotmakinganyrevenue,thendon'tconcernyourselfwithanofficeor
warehouseustyet.

21. A patent can wait.

Patentscancostthousandsofdollars.Waittopursuethisrouteuntilyouhaveafew
customerspayingthebills.Apatentislessusefulifyoucan'tenforceitorhavethe
moneytoseeitthrough.

22. Be flexible.
Chancesarethatyouroriginalideawillhavetobemodified.Beingabletopivotand
adapttocreatewhatcustomerswantwilldetermineifyourbusinesswillfailorsucceed.

23. Share your ideas with friends and family.

Yournearestanddearestwillmostlikelybethemosthonestwithyouaboutyour
business.Donthesitatetoseektheiradviceandsuggestions.

24. Ignore the naysayers.

Atthesametime,theresadifferencebetweenconstructivecriticismandsomeone's
quickjabprojectingthatyourbusinesswillfail.FollowtheexampleofFrenchInternet
mogulXavierNielandignorethem.

Related:WhenAngelInvestorsRejectYourPlan

25. Dont become angry.

Ifyourideaisrejectedbycustomersorinvestors,don'tjustsuccumbtoanger.Findout
whattheydidntlike,makeadjustmentsandgobacktothemwhenyouvemadethe
changes.There'sthepossibilitythatthetimingwaswrongaswell.

26. Deliver the product or service fast.

Yourbusinessisaworkinprogressandifyoulaunchyourproductorservicequickly,
youwillbeabletobuildacommunityofcustomerswhocanprovidevaluablefeedback
thatcanhelpyouimprovetheofferings.InthewordsofLinkedInfounderReidHoffman,
"Ifyou'renotembarrassedbyyourfirstproductrelease,you'vereleasedtoolate

27. Offer new products or services.

Ifyoualreadyhavecustomers,besuretoholdontothembyprovidingnewproductsor
services.

28. Be patient.
Alwayskeepinmindthatsuccesswonthappenovernight.Itsgoingtotakesometime
beforeyoumakeaprofit.

29. Overdeliver at first.

Onceyoulandanewclient,besuretogoaboveandbeyondthecallofdutyforatleast
thefirstmonth.Youllhavethiscustomerhookedfromthenon.

Related:TheWebIsaContentWar.Here'sHowtoWin.(Infographic)
30. Blog all the time.
Dontbeashamedtosharebothyourtriumphsandstruggles.Customerswillenjoyyour
honesty.

31. Avoid fights with partners

Ifyouhavedisagreementswithpartners,thensevertiesassoonaspossible.Inhouse
bickeringwillpreventyoufromfocusingongrowingthebusiness.

32. Dont worry about dilution.

Soaninvestorhasrequiredastakeinthecompany.Recognizethefactthateventuallyat
onepointoranotheryou'llhavetogiveupsomecontrolofthebusiness.Acceptitand
moveon.

33. Hire a copywriter.

Unlessyoureanexcellentwriter,hireacopywritertocomposeemailsforhighlytargeted
customers.Acopywriterwillalsoprovehandyforpressreleasesandotherpiecesto
spreadbrandawarenessorprovidebusinessupdates.

Related:7TaboosofBusinessPitching

34. Prepare for meetings.

Whenpreparingforameetingwithaclient,readuponeverythingthatsavailable,
steepingyourselfininformationabouttheindustry,thatfirm'semployeesandits
competition.

35. Dont fear the competition.

Dontbadmouththecompetitionwhentalkingtoinvestorsorcustomers.Theresno
needtobecomeanobjectofpity.Infact,talkinginthismannermightevenpoint
customerstoacompetitorwhomayofferaproductorservicethatyoudont.Remember,
whencompetitionexists,theresamarketforyourbusiness.Usethatknowledgeas
inspirationtooutperformarival.

36. Benefit from word-of-mouth.

Nothingbeatssomegoodoldfashionedwordofmouthmarketing.Letfriends,family
membersandinfluencersinyourfieldspreadthewordaboutyourproductorservice.

Related:WheretheRealDealsAreIgnitedatConferencestheBar
37. Network.
Dontbeafraidtogetoutthereandshowyourfacetothepublic,whetherataconference
orjustbeingoutandaboutwithfriendonaFridaynight.Buttrytostaylocalbecause
travelcandwindleyourbudget.

38. Provide outstanding customer service.

Interactingwithpeopleisabigpartofthejob.Yourbusinessmaygainnewcustomers
becauseyoumadethemfeelimportant.Forexample,Zapposwasntthefirstonlinestore
tosellshoes,butthecompanyperfecteditscustomerservicedepartmentandwonover
shoppers.

39. Be sure your website functions.

Potentialcustomerswanttoknowasmuchaboutyourbusinessaspossibleandthey
shouldbeabletoquicklyaccessthatkindofinformationonyourwebsite.

40. Dont be overly concerned by the economy.

Someofthebestbusinesseshavelaunchedduringarecession.Infact,halfoftheFortune
500companieslistedin2009werefoundedduringsuchtimes,accordingtotheEwing
MarionKauffmanFoundation.

41. Make sure clients pay their bills.

Alwaysbecertaintoreceivepaymentforyourproductsorservices.Insteadofbeing
takenadvantageofof,establishatimeframeforpayment.Italsowouldnthurttoaccept
creditcardsandhaveanonlinepaymentsystemsetup.

Related:9QuestionstoAskCandidates'References

42. Find the right employees.

Hiretherightpeopleforthejob.Eventhoughit'syourbusiness,youwon'tbeskilledat
everytask,whichiswhyyouneedqualifiedpeopletocompletethework.

43. Assign responsibilities.

Eelegateattainabletaskstoemployees.Thisisallabouteffectivemanagement.

44. Know that honesty is the best policy.

Ifanyissueswithemployeesemerge,besurethattheyareaddressed.Nooneenjoys
beingtalkedaboutbehindtheirback.
45. Remember that opposites attract.
Hirepeoplewithskillsandpersonalitiesthataretheoppositetoyours.Theyllchallenge
youandwillbringdifferentskillsandtalentstothebusinessthatyoudon't.

Related:DoesaWorkLifeBalanceExistforEntrepreneurs?NotReally.

46. Say goodbye to your social life.

Youregoingtospendalotoftimedevotedtothebusiness.Evenifyouplananightout,
youmayleaveearlybecausealightbulbjustwentoff.Hopefullythoseclosestinyourlife
willunderstand.

47. Recognize that you'll be the final person to be paid.

AstheCEO,yourethelasttocollectacheck.Thatsjusthowitworksuntiltheres
adequaterevenue.

48. Arrive at a useful definition of success.

Justbecauseyourbusinesshasntmadeyouamillionaire(yet)doesntmeanthatyour
enterpriseisafailure.Ifyoureabletomakesomesortofprofitdoingsomethingthat
yourepassionateabout,isntthatasuccessstory?

49. Realize when it's time to move on.

Failureisinevitable.Ifthingsarentworkingoutandyouvedoneallyoucan,thenput
asideyourprideandcloseupshop.Somethinglikethisisnoteasytoaccept.Butitsfor
thebest.

50. Dont just rely on the advice of others.

Despitemyofferingupallofthesetipsforyou,perhapsthemostimportantpieceof
adviceissomethinglearnedthehardway:Whilemanypeoplemayofferastartup
assiistance,recognizethatintheendyourethepersonrunningtheshowandtheone
responsibleforthecompany'ssuccessandfailure.Ifyouunderstandwhatworkedand
whatdidnt,youllburnishtheskillsandknowledgetorunyourbusiness.