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![]() ![]() Behind the Bitterness of Building a Business
Many start-up Internet companies today have hit it big! From the very beginning, practically everything the owners of these start-ups touched turned into gold. In a short period of time, these companies were built into multi-million dollar powerhouses. As much media attention as these companies receive, they are the exception. Most of us do not have it so simple. For most of us, building a business is a difficult journey with numerous obstacles along the way.
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Planning
Professional Advice It is not necessary to keep an attorney on an expensive retainer. It is far better to just make a list of your questions as they pertain to the law, and schedule a meeting with a lawyer who has the experience with your business. Stress that you are starting a business and that you can only afford an hour or two of the attorney's time. If the lawyer hesitates or gives any indication of being long-winded, find another attorney who is better suited for your questions. If you are incorporating your business, or purchasing an existing business, you probably will be better off hiring a lawyer to tend to the troublesome little details. Accountants: Schedule time to meet with an accountant in the beginning phases of building your business. All the questions you think you may be able to answer on your own as time goes by will only bog you down and create unwarranted frustration. Go ahead and pay up front for the advice of a good accountant. As with the attorney, you may need to go through a few in order to find one that suites your needs and personality. Don't hesitate to ask others within the industry you are starting the business to recommend a good accountant. Usually, an accountant with a good reputation receives his or her business through referrals.
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One of the most frequently overlooked and most valuable sources of information is the Small Business Administration (SBA). They can offer you courses and seminars to assist you in building your business as well as publications and videotapes. Also, the Service Corps Of Retired Executives (SCORE) is an SBA-affiliated association that matches up experienced retired executives with aspiring and experienced business owners who need counseling on running their businesses. To reach the national office, call (800) 634-0245. To reach the SBA Answer Desk, call (800) 8-ASK-SBA.
Personal Budget The best way to get a handle on your spending habits is with a comprehensive financial software such as Quicken. You can find helpful tips for budgeting and even download sample plans when you visit www.quicken.com. Planning, seeking the right counsel through attorneys, accountants, and consultants, and creating and using a budget beginning with your personal financing will all help to kick-start your business into a building mode. These preventative measures will never eliminate the start-up costs involved in developing a business, but they will help to cushion the blow and ease the pain. You may have a great idea for a business and even have all the "right stuff" to take that idea from the drawing board to fruition. But, if you don't plan for the potholes along the road to building your business, you will have sleepless nights and headaches or even fail. I hate to reuse an annoying saying, but it is true: "If you fail to plan, you plan to fail". Sneak in from behind your ideas and dreams of starting a business, and behead the bitterness of building your business!
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