Posts Tagged ‘startup’

What Makes A Business Successful?

October 14th, 2009

200px-McDonald's_Corporate_Logo.svg.pngQuestion: Does McDonald’s make the best hamburgers?

Answer: No (unless you ask your 5 year old)

Then why are they the world’s largest chain of hamburger fast food restaurants if they don’t make the best hamburgers? It’s because McDonald’s knows how to get you or your kids into their restaurant. They are great at marketing their products and they have carved out solid facility administration rules and standards for each of their franchises.

Are you afraid to open a business? Starting a new business is safe and simple, if you know what you are doing. The secret behind a great company’s start is in avoiding the pitfalls of starting and running a small business.

First of all, a successful small business starts with the owner’s personal characteristics. As a business owner you will not have an overseer to guide you in the right direction. You must be motivated to and focused.

Poor choice of opportunity (or a lack of market research) is another small business’s administrative pitfall as well as failure to seek professional advice. Here at CMI Interactive, we focus on providing serious knowledge for science professionals. We offer business mentoring, discounted continuing education, industry news, as well as a toolbox full of small business tools for independent contractors. Visit cmiinteractive.com for more information.

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7 Essential Business Startup Steps

October 12th, 2009

startup-business.jpg

Our clients always have more questions than answers about starting up their own business. No matter what industry or niche you are looking to fill with your new business, every company must consider the same essential questions before they launch their new career. Below is a list from entrepreneur.com of 7 essential business startup steps for any business.

#1 Do your market research: Just because you build it or sell it doesn’t necessarily mean anyone will buy it. The first essential step is to research your potential market. Who needs what you are offering? Is there space for your product or service in the market or is the market saturated? Is the market national? Is it a niche? Can you define your ideal customers? These are all questions that need to be answered before you even consider starting a business. Too many entrepreneurs have found out the hard way that there was not enough market share for them to capture. Others have realized that their target market audience was far too limited to make their business work.

#2 Show yourself the money: You can’t start a business without capital. Determine what you have, what you will need and how you will go about getting it. If you plan to seek investor funding or financing, start writing a business plan and practice your pitch. Research the costs associated with your business. Know how much money you’ll need and decide where it could come from.

#3 Hire a good business attorney: You don’t necessarily need to have an attorney on a retainer, but you’ll want to hire an attorney experienced with new businesses to help you get started. Your attorney can advise you about such things as drafting contracts, reviewing your lease and determining the right business structure.

#4 Hire a good accountant: An accountant will work in conjunction with your attorney and be instrumental in determining the best form of ownership. He can also help you establish bookkeeping and other record keeping procedures that can keep you on track for years. Most important, a good accountant will help with tax planning. » Read more: 7 Essential Business Startup Steps

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