When starting a new business there are several easily overlooked key points to make your start-up successful.

Don’t give up. This may sound silly but if you start-up is being difficult and you quit and go do something else you never accomplish the first goal, which is why you started the business in the first place. All the hard work and effort are equity in your endeavor and if you are stuck, can’t beat the competition or can’t find the solution then just restructure the problem and look at it from a different way and keep moving forward.

Conserve your money. People often go crazy when they start a business. They fly to New York or the hottest trade shows and buy the best fixtures, rugs etc.. they can buy to make the place look nice. Depending on the type of business you are starting try to keep the cost down, don’t splurge like this. One way to do this is to start in your home or garage. Add a new phone line or use a cell phone for business. Don’t borrow money to do this. Trust me you don’t want to learn this lesson the hard way, like I did. So frequently I see new entrepreneurs investing tons of money in how the business looks like antique cabinets, custom cabinets, the finest this or that. Don’t do it. Start bare bones.

Test Your idea. This is a great inexpensive way to test your idea, run it by other successful business owners. Typically you don’t want the opinion of your family members because they usually don’t have their own business or want you to get a real job. Run it by local business leaders or someone who you know who is successful in business. Don’t know anyone, get on the hone and survey potential customers and see if there is an interest in your idea.

Try not to Borrow money. If you do borrow money from someone other than a bank, have a clear terms outlined so everyone knows the worst case scenario. If you borrow from relatives and friends treat them like a bank.

Partnership can be dangerous. I would also not be involved in a partnership especially with a family member or friend. These relations can sour quickly and the last thing you want is a long term disagreement that resurfaces over the next twenty years or a situation where neither party is on speaking terms. If you do have every aspect outlined in the partnership documents.

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