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Tips for a Successfull Start-Up

Here are eight guidelines you'll want to follow to help you make sure the business you're starting or buying has a fighting chance to survive -- for both the short and long term:

1. Find something you'll enjoy daily
. It's important that you enjoy both what your company does and what running the company entails.

2. Don't start if you can't ensure a solid Profit margin. Make sure your business will have a solid profit margin, which is vital to long-term success.

3. If it's your first Business, think about buying an existing business or a franchise. Your first business will always be the toughest because you have so much to learn. An existing business or franchise provides a shortcut through much of that process.

4. Buy into a growing industry and market. Remember, you're building your business for the long term, so think about how your company will evolve over a 10-year period. You want to have a good sense that there'll still be a demand for your product or service 10 years out.

5. Marketing and selling to new customers is expensive. Repeat business is where the profit is in just about every venture. Make sure you have it.

6. Keep recurring costs to a minimum. There'll be times when you're first starting out that you'll have slow cashflow. Don't cripple yourself by committing to expenses years in advance.

7. Get good advice. Work with the best and learn from these mentors. Don't just get them to do a job for you -- learn why they do what they do so you gain knowledge in their field.

8. Be prepared to work really hard for the first year or two. Strong sales, effective marketing and nonstop networking all are vital to building a solid cashflow and profit. At times, you'll probably feel like it's too hard and you'll want to give up, but if you stick with it, things will get easier.

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This post first appeared on Small-biz Xpress, please read the originial post: here

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Tips for a Successfull Start-Up

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