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Thursday, November 11, 2010

Tips to Starting a Business

Hello Everyone!!!!

Many people ask me about starting a business, but, I don't always have the answer depending on the nature of their business. If you are interested in starting a business, take your time and do your research. Find out as much as you can about the business of interest.

Another important tip, work in the industry of interest, BEFORE going into business for yourself. Then, you can observe what works and what does not work. For example: before owning a salon, I worked in my mother's salon and a few chain salons. I worked where I was paid a salary, paid on commission, and I worked in a booth rental setting.

Before opening a school, I worked at a high school, with a vocational program offering cosmetology. I worked in a private school, as well as a community college. Before I started offering continuing education classes, I worked as a Platform Artist with Sally Beauty Company and as Director of Continuing Education for Dudley Products.

One of the most important tips I would like to share, prepare a business plan and budget before starting a business. Be sure to obtain estimates from construction costs, equipment, supplies, and any other items associated with a cost. Also, if you are planning to obtain a loan from the bank, the loan officer will ask to view the business plan. It needs to be realistic and contain "Revenue Generators", (methods of generating income), or simply, "how is the business going to make money?"

If your business is going to be "non-profit" and you are seeking to obtain a grant, you need to research the process. The first step is to acquire a non-profit lawyer for assistance. Then, apply for your "non-profit" status, (501-C) with the IRS. The lawyer should assist you from this point and/or take classes pertaining to starting a non-profit business.

As a business owner, another important tip I will pass along, is to surround yourself with positive people. There are other successful business owners who will love to mentor you and give you great advice and/or suggestions. Continue to grow through education, join professional organizations within your industry and continue to take classes throughout your tenure as a business owner.

You must establish rules and regulations to govern the business by, before starting it. You must learn to manage yourself, before you can manage other people. You must practice professional ethics at all times. You must continue to study at all times, by, reading books, listening to helpful audiobooks, taking classes on marketing, management, and salesmanship.

Lastly, you must be honest, yes, you want to go into business because you love what you do, but you also go into business to MAKE A PROFIT!!!!!:-)

Until Next Time.....Create A Better Day!!!!!

Toni Love

Facebook: Toni Love Cosmetology