Learn to be rational about your decisions - except for the one to open a business in the first place. No rational person would do that.
Plan for success as well as failure. What will you do if the biz takes off unexpectedly? How much time are you going to give it? How will you finance increased operations, which you'll need to do before the increased revenues start rolling in?
Get the elevator talk down cold: be able to explain what your biz does in under 1 minute. This serves two purposes. One, it means you've focused your business plan down HARD. No fuzzy-fuzzy about it. Two, you need a strong pitch to catch someone's attention, be it a buyer, an investor, or a journalist.
Don't max out your credit cards to finance your biz. That's even worse than tapping your HELOC or getting a second mortgage.
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branchandroot
Having been involved in 2, utterly unrelated start-ups...
Date: 2009-11-03 08:15 pm (UTC)Plan for success as well as failure. What will you do if the biz takes off unexpectedly? How much time are you going to give it? How will you finance increased operations, which you'll need to do before the increased revenues start rolling in?
Get the elevator talk down cold: be able to explain what your biz does in under 1 minute. This serves two purposes. One, it means you've focused your business plan down HARD. No fuzzy-fuzzy about it. Two, you need a strong pitch to catch someone's attention, be it a buyer, an investor, or a journalist.
Don't max out your credit cards to finance your biz. That's even worse than tapping your HELOC or getting a second mortgage.