Tips for Starting a Small Business

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At AltamontCowork over the past 5 years, I have seen all sorts of small business owners / wannabes come and go.  Some have succeeded, most have not. 

Here are a few tips for the serious small business start-up:

  1. Follow your PASSION.
  2. In a GOOD economy it takes 2 to 3 years to build your business.
  3. Start slow and build.  Hire people only when necessary to keep growing.
  4. Trust your instincts: You know your offerings better than anyone.
  5. To build your business you are going to have to work your ass off and focus on your business.
  6. Working your ass off means you are networking with other small business owners and potential clients (get to know them, don’t just give them your card), you are marketing / advertising the crap out of your business including keeping up to date Facebook pages, web sites, blogs, Twitter, Instagram….etc etc.
  7. Be prepared to give away free stuff.
  8. It is going to take some $$.  Make sure you have enough money to last 2 years minimum.  I was still at AltamontCowork after 5 years of not breaking even…I had enough money saved, I only left because I got “tired”.
  9. If you feel you need an office: Save money, increase your exposure, get help and advice for free….by COWORKING.   Renting a $500 to $800 a month 10 x 10 office, with a door, will do nothing but drain your much needed budget.
  10. Just as things look the bleakest…do NOT QUIT!  So many businesses leave too early….hang in there, things will get better, and may even BOOM.
  11. Failing is not failure.  Try again….this time with more business knowledge and a better understanding of yourself.

Summary

Plan on putting LOTS of time building and growing your business.

Two to three years MINIMUM and tons of hours. Save money where you can to make sure you have enough to last for the long haul.

Starting a successful small business is a lot of work, but, it is worth it to be your own boss.

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