Tips for Starting Your Own Business
If your research and experience tell you a business idea is a winner,
don't worry about conventional wisdom.
Avoid the temptation to launch your venture with inadequate planning.
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Arrange for home equity loans and credit cards before you leave your
corporate job for self-employment.
When deciding what type of business to go into, look
first at your skills and experience.
Do your own legwork so you will understand your new
venture and its market.
Kick the tires, look in the trunk, and hire
professionals to study the financials before buying a business.
Try out a business before you buy it.
Ask city, county, state, and federal officials about
any laws or licensing that apply to your business.
Have a clear vision of the business you will build,
but also be able to describe the nails, boards, and varnish.
Take your time in asking questions and learning the
details of an existing business before closing escrow. Make the seller
commit in writing to providing assistance for one to three years.
Take a gut check. Just how badly do you want this
venture to succeed, and how much of yourself will you invest to make it
happen?
Know your strengths. They're bound to help your new
business succeed.
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