Open Source Content Management

Hey Everyone.

I'm quite new to the entrepreneurship thing and having been thinking about starting a new business. Before I start going down a path that could end in disaster I thought it may be a good idea to ask some seasoned pros for some advice.

If you had to make a list of the top 5 things to watch out for when starting a new business what would you put on the list?

I look forward to seeing your responses.

Regards
Mark

Hi MHorwell,

Well you’ve started by doing one of the most important things and that ask for advice!!!
In other words do as much research on the kind of business it is that you want to start. Find out what is actually involved in running that kind of business.
For me for example it’s not just sit down and knit a little top that looks good.
• I need to source the cotton,
• Get it to my work place!
• Store it as I can only have it spun in batches of 2 tones
( that’s a lot of space! )
• Actually manufacture it with buttons, zips and dingily dangly things that I need to be able to re-order again and again.

Then there is the whole marketing side which also needs a lot of work. Deciding how you want to be seen.. Who is your target, how will you reach them. How much time you have!

Working for your self is far, far more work than being employed.
There are no perks like medical aid and sick leave or leave for that matter. Your salary is also not guaranteed! So look very hard at what your financial needs are on the personal side as well as the business side! It’s no good having a business that’s just breaking even but you can’t afford to put petrol in your car or pay your bond, kids school fees etc. you may have to hang onto your current job to insure that you are ok during the start up period.

Good heavens I could go on and on I’ll try to do a little point form…

1. make a business plan for yourself
2. research your market
3. work out the cost
4. look at time management
5. Think with your head, not your hart! Be realistic..

When you’ve looked at all of that and you still feel that this is your dream.
Then go for it, with every thing you’ve got!

hope thats usefull

1. Work Hard
2. Be dedicated
3. Work Hard
4. Be dedicated
5. Work Hard

Guaranteed success there after

1. Plan well
2. Plan well
3. Plan well
4. Read everything you can get your hands on
5. Draw up an active 6-month step-by-step, month by month business plan and cash flow forecast and stick to it

That's all you need to do! Take it one step at a time, plan each step carefully well before you take it - plan only 6 months in advance for now...and you will succeed.

1. watch your outcomes

2. be connected to the right people

3. give extra ordinary customer service

4. keep in touch and do a lot of things in lower price or free for future relations

5. have a good attitude and be patient

Hi Mark Horwell,

With all the advice I'm sure by now you must be quite the startup success! Have you looked at going online with your business yet?

PS. Love Nokukhanya's approach

Hi Mark,

I know I am a bit late on the chain but here is my input about the top 5 problems to overcome when starting a new business. I think Marie-Louise Nielsen's answer was by far the best I read of what responses you got so far but I would like to add my own 5. I started my business mid-2011, with having just left a religious order and having nothing but a cheap car to my name. After painting a few fences for food money, research, planning etc., we are now in business and turning over well with our first product. But here are my five problems I consider are THE five in relation to your question:
1. Attitude. If you have the right attitude about winning and being successful, no matter the odds, you'll make it.
2. Planning. A comprehensive business plan, even if just for yourself, is vital. It gives you a 360 degree view of all the strengths, weaknesses, opportunities and everything you need to know about the market, how you would fit in, etc.
3. Discipline. After the first ten rejects, one can get quite despondent and go home and watch TV or something. Strong discipline, coupled with point 1, will overcome these barriers, give you the drive to analyse why and correct and move forward.
4. Make sure you are working with a passion about your product. If you are focused on 'making money', people will see this and go elsewhere. People buy your enthusiasm. So having your attention on a valuable final product that gives the buyer something he feels is a great exchange for his money is the target.
5. Keep in a daily checklist of items to do, and a weekly one. Monitor your progress and actions statistically. One important one is outflow/dissemination. You may have a great product, but if nobody knows you have it you will starve. Have a daily and weekly target, always increasing of the number of items sent out to promote your product.

Thats it. Those are the one I experienced in the last year setting up our publishing company from scratch. There are others, but i believe these are the primary ones.

Regards, Paul