Choose the right market.

If you have to choose between great team, great product and great market, choose the market. The first two are much easier to change. Look for large, growing, under serviced markets that will allow you to build at least a $10 million company off the back of them.

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Make sure your product or service has a clear point of difference in the market. There is no point being the same as your competitors – why would a customer switch to someone that offers exactly the same thing as their current provider? Be different and better in a way that matters.

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Know your outcome

What do you want to achieve? Are you trying to change the world? Make a million dollars? Or just make some cash on the side? If you don’t have a clear vision for where you are heading – how will you know when you get there?

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While ‘what you know’ is important, the ‘way you look and present’ are equally as important. A significant factor in ensuring you make a positive first impression in business is based on nonverbal elements of your initial contact. These factors include handshake, eye contact, body language, posture, listening skills, clothing, grooming and accessories. This is why you should never overlook the power of a first impression.

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Know your offer.

People are easily bored, easily confused, and easily distracted from whatever it is you’re trying to sell them. Know what it is you have to offer people, how it will make their life better, and why you’re the best one to do it all for them. Get that right and they’ll listen. Harry Potter started life on a paper napkin. If you can’t manage to get your idea down on one as well, you’re not trying hard enough.

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Make use of the extensive – and free!- marketing advice available via the blogs of some of the best in the business.

As a starting point, check out Seth Godins blog, and for more tactical advice, check out Coppyblogger, Conversation Marketing, Duct Tape Marketing and Pro Blogger. Each have a different focus, and can point you to other helpful resources.

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Select the correct distributor.

When looking to target either a domestic or international market the correct distributor is crucial. All the planning, marketing, sales and production means nothing if you fall at the last hurdle of actually distributing your product or service to your end consumer. Select a distributor who is capable to advancing with your business model as it grows.

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Be daring.

OK, so don’t be SO daring you take stupid risks and find yourself on the street before you know it. But take calculated risks. Stand for something. Don’t be a ‘me too’ business. Maybe it’s your product or service, or how you package or deliver it. Have a clear story that captures people’s imaginations. We live in an age where consumers can already live just fine without what you have to sell, what they want is to connect with something and feel good about it.

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“Know the point of no return” what are you prepared to do to succeed? this is not a sole decison, work it out with your family, business partners and advisers. it is too late when you get to ‘the point of no return’ to decide you are willing to risk your house, but your wife, or your business partners are not.
Set this point in a calm and rational manner, avoid the emotion of the moment.

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Sort out your branding from the start.

Find a brand design company to help you create a visually distinguishing and memorable brand image that encapsulates the attitude of your company and will effectively communicate with your defined target market.

You only get one chance at a first impression!

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Tip # 14: Google is your best friend
Use the power of Google to research and keep up to date on your target market and/or competitors.
1. Use Google Search to undertake basic research
2. If your target market has bulletin news services (i.e. like TechTarget in IT), use Google Reader to subscribe to RSS feeds for instant updates
3. Use Google Alerts to receive regular updates on either topics or companies or people

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Make sure you LOVE what you do/sell. No one will buy from you or use your service if you dont have passionn for it and believe in it with every thing you have! Excitment is contagious so get pumped up and start spreading the word.

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Map your Business Processes

My advise is to find yourself the largest piece of butchers paper you can find and and identify the possible inputs (customer arrives on website, customer call in) and desired outputs. (Customer pays invoice, Money arrives in account) Make a flow chart of all the step that happen in the middle. Identify process and artifacts that assist in the process and get down to some detail.

Now for the fun bit! What processes can be done automatically and what tasks are more humanistic? How much of your business can be automated and what kind of efficencies do we have as a result?

I know this can take some time, but there is an enormous payoff around the corner. The old adage is true in this case ” not planning is planning to fail” There are some clear payoffs in this area. Not only can this unify your team and clarify your goals, but it can also become a framework for the selection of your business systems as you progress with your idea. In short, this exercise helps you avoid the pitfall that I see people falling into every week.

Whether you are thinking about selecting or designing technology for your business, remember…

Technology enables good business processes Its not a magic wand to replace them. Get tjis right and enjoy the benefits for years to come.

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Consider the parallel approach, not the big bang approach.

In my experience and while talking to others, successful businesses are most often grown organically from the ground up. First from a small idea or hobby on the side of a full time job, then perhaps 1 day a week, then eventually, full time. How often do you hear the tale ‘XYZ was started on the kitchen table with 2 credit cards and the pet Labrador as the first full time staff?’

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Don’t get too complex too soon.

Don’t spend money on complex company structures and lawyers if you’re going to receive $25k of revenue in the first year. Keep it simple. If your business takes off, there will be plenty of time, money and resources available to ensure the correct structure and legal arrangements are in place a year or two down the track. Focus on your customers now. They need you more than you need legal bills.

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Make a business plan

A good business plan will not only help you build your business to where you want it to go, but will also help you to get started. If you have a good business plan, you don’t even need starting capital. Investors will flock if you can show something that will work, and work well. The hard part is what to include in your business plan. You should have everything from what your product or service is, to company structure and even existing and potential competitors. With this vital information you can already tell where you will be unique in the market and how you could potentially be successful. You should try to be as detailed as possible, even down to how you want your staff to answer the phones.

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Push, but don’t sweat !

If you are considering ‘pushing’ a cool new product or business idea to market rather than being ‘pulled’ to market, then don’t assume your the first person to have come up with the idea. Approximately 70% (Refer IP Australia) of intellectual property (This includes patent, trade marks and designs) searches find either a similar or ‘in principle’ the same idea. Futher, if you perform a basic search engine key word seache you may find your cool product or service already been sold somewhere in the world. So, to avoid that ‘sweating’ feeling after you have launched your product or service to find out that you are using some elses IP, do your searches first.

Models Are Beautiful

If you are considering ‘pushing’ a cool new product or business idea to market after you have convinced yourself that your intellectual property (This includes patent, trade marks and designs) is truely unique, then you need to start to ‘model’ the product’s or business’s cash flows in a spreadsheet. If you don’t you are guessing. This means including all forecasted earnings, forecasted costs for at least the first 12 months. Beyond this point you are starting to fudge unless you have enough primary research, then you could go out to 2 or 3 years. This model would also allow you to ‘discount’ your forecasted earnings and establish an Enterpise Value (EV), which is incredibly useful if trying to split equity with partners or investors.

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All of the about points are very good, and by having done your research and being satisfied with the type of business now is the time for a BUSINESS PLAN.
The old saying business dont plan to fail, they just fail to plan. You dont have to do a formal business plan, but the business plan should cover things like Marketing and Financial aspects.
Another vital proceedure for a business start up is Mentoring, someone who has been in the same industry for several years, who is successful and willing to talk with you. Get a copy of Successsecrets and Flying solo raed them carefully and learn more in a few hours which had you the time may take a few years. Finally be passionate about your business and think success.

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Pursue customers, not investors

I often meet with starry-eyed entrepreneurs, who sit in front of me and the first thing they say is: “so, how did you get your investors.” The answer is, I didn’t. They found us, because we have customers.
I have done the whole “pursue investment as my main role” thing for a short while, and it is a waste of your passion and drive. Get customers. If you are starting out with no product to sell them yet, thats no excuse. Get customers anyway, and get them to pay for the build.

IF you decide to focus on investors first, customers afterwards a) the investors will drag you along, waiting till you become real (ie have customers) b) If you manage to get investors anyway, before long they will want….guess what….customers, or make your life atrocious.

You will have to sell good product to good clients sometime along the path, so make it your obsession from day one.
I would much rather be writing product proposals and contracts than endless iterations of a business plan to suit the perceived appetite of the latest potential investors.

In the valuation game, its all about relative scarcity, and power. If you are a lucratvive startup, you are scarce, and more valuable.

So don’t waste your time getting on a path you think will take three months. It won’t, getting investors will take at least a year, a year in which you could be winning deals. Angels are scarce. VC’s who will invest in emptiness are even scarcer. Customers are all around you. Go where YOU can control the odds.

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Be Passionate and Organised.

Find a product that you are passionate about and the selling will be easy. Businesses who know and love their product will reap the rewards. Be organised and write down your ideas which will all fall into place in their own time.

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Think globally.

Strive to compete with, learn from and measure yourself against the best on the planet. It’s tough, but it fundamentally changes the way you think, forces you to focus on doing something perhaps narrower but incredibly well, and opens your enterprise up to partners, investors and exits you may not otherwise reach.

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Hire the best people you can afford.

It’s important that you secure the best people you can afford in the early stages of your startup. Your founding team will be responsible for building the foundations of your business, and it’s these foundations that either set you up for explosive growth, or become your biggest headache should your business take off.

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Try to avoid using your name in a start up business name. Should the business become hugely succeesful and you are offered a trillion dollars to purchase, a business name is always more attractive then ‘Joe Smith’ advertising. People always want to speak to Joe Smith himself.

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Always remember….. do not give up your day job.

Most people can at least start out for six months or so with their new “whatever” before they need to jump ship from the payroll.
If you can’t avoid this step for any reason, then make sure that you have enough money to get you through. Not every business will be able to remain alive, so do not think you are starting the next Google!
Slow and steady can be very good friends to any person trying to start out in a new venture.

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Stand Out

Make sure you stand out from the competition. Identify and promote your unique selling points. If you are entering an established market and have something new to offer ensure you promote it. You can have the best products or processes but unless you tell people what they are, they will never know.

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Keep Unnecessary Costs Low

Sounds simple but can be the difference between making it or not. You need to identify what are the core costs involved with getting the business established such as product research and development, necessary equipment & infrastructure, market research, marketing, and establishing an effective website to name a few. Work at cutting these costs down by researching possible cost savings.

Then do away with the unnecessary costs – flash office space, nice cappucino machine etc. Keeping costs low can allow you to keep skin in the game for that little bit longer in order to get your business recognised and establish a client base.

It also a possible promotion point for clients/customers – you are not spending their money on offices with a view which is of no benefit to them!

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1. Know exactly where you are going. Give your best time to visioning.

2. Be passionate about what you do.

3. Sell things people want to buy. Duh. sounds obvious, but so many people indulge in delusion, and try fit the plan around the product they want to sell, instead of selling what people want to buy.

4. Persist.

These rules were developed over two decades, but articulated one weekend. I had told my son and his friend that if they were prepared to work, I would tell them the golden rules of business, and they would make more money than they ever could flipping burgers. The both gazed up at me, and said “Ok, what are the rules.” Gulp, I thought, what are they? This is what came out.

Rule 1)
I thought they were aiming too high when they set their goal at $500, but I had to respect my own mantra, and they sincerely KNEW they were going to achieve that.

Rule 2)
Well, its easy for teenage boys to be passionate about things like chocolate and caramel, so they decided to sell cakes. Trudging around the neighbourhood with a loaded cart was not quite as much fun….so they recruited the cute little brother to be the ‘front man,’ in exchange for some of the cake. They also planned to give a chunk to charity, which kept the passion alive.

Rule 3)
Sell things people wanted to buy.
The plan does not start with the product. It starts with the aim. The product was merely the most sellable thing they could come up with. Nobody wanted to buy very old nintendo games.

Rule 4)
This was added afterwards. After a full two days of trudging around, they had made only $150. They flopped down in front of the TV, and said “well, maybe thats enough.”

“Aha,” I said, “I forgot the fourth rule, persist.”
They got up again, and three houses later, a guy came out to see who was knocking on the door, and said “good on you boys.” He vanished, and came back with buckets of change he had been collecting. There was so much cash it was too heavy to carry, and I had to go fetch them in the car.

I felt ashamed that I had not believed they would achieve rule 1), but they did, and gave $300 of that to charity.

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Leverage free publicity to save marketing dollars!

Is your product or service new/different/unusual/exciting? A modest investment in a skilfully written news release can deliver priceless publicity FREE if it grabs the media’s attention. Not to mention the extra credibility of editorial coverage compared with paid advertising!

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Suppliment your limitations

One of the reasons so many startups fail is because they are only good at the product or idea they are trying to share with the world but not necessarily good at all the Supplement your limitations

One of the reasons so many startups fail is because they are only good at the product or idea they are trying to share with the world, but not necessarily good at all the facets of running a successful venture. Are you a brilliant inventor and creative genius but lack management and networking savvy? Do you know how to most effectively market to your audience who may be less interested in the features of your product (no matter how exciting they are to you) and more concerned with how their lives can be made better? Know where your weaknesses lie and surround yourself with people who excel in those areas.

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Name your enterprise well!

What often gets forgotten while you plan all the start up items is the name of the business. It should describe what you do if possible – using your name never helps as has already been pointed out.

You need to register the business name as well so check that nobody else has it using it via http://www.business.gov.au. At this point you should also check internationally for name clashes as when you set up your company website you could run into issues if a US company already has registered the name and bought all the URLs. Future customers will usually hunt for your business name online using dot com/dot com au if you are not registered on Google and you don’t want them on competitors sites or assuming that you are based in another country (assuming you will start as an Australian business not exporting in the early days)

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Plan your Organisation Chart;

This may sound mad as you start with just yourself in the company on day one. However, if you want a fast growth company you must split out roles quickly and cost effectively. You will hire people early on who can cover off multiple roles, later you will hire experts to focus on single roles. If you have never thought about who needs to be in your business you will not hire the right people or outsource the right tasks. This can cause huge expense or big bottlenecks to future development. What you can get done how fast determines your ability to grow a successful company. People are essential to getting things done. The right people in the right roles builds the health of your business.

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Seek external advice

Small business owners sometimes struggle as they are usually time poor and lack resources – it is wise to invest in reliable and up to date information, to seek advice from experts. Putting these human capital investments into your business plan can pay you better dividends in the future.

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Work Your Network

Think about all of the contacts you already have and make sure they all know about your new product or service. Starting and running a business can be lonely, so take every opportunity to expand and work your network through meeting new people at business events and forums.

Never underestimate the power of word-of-mouth when setting up a new business.

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Go for SMART money
When raising seed or start up capital, look for investors who have learnt the lessons in your space before and can open doors for you. Last thing you want is Bill and Betty BBQ getting skittish when your strategic plan needs to change along the way.

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Join local business groups such as Business Swap, BRG (Business Referal Group), your local chambers of commerce (because there’ll be more than one in your surrounds)… there are heaps of them.

The trick is to try out a bunch and start with three of them.
Don’t look at it as networking, though some will call themselves network groups, look at it as getting to know people and THEIR business so you can help your clients better by providing quality referals and added value.

Many people, myself included, don’t like networking because it is often understood to be an insincere exchange of business cards and catch phrases. So don’t do “networking”, meet nice business people instead and get to know them.

Business Swap in particular is one of those groups I wish I’d discovered 20 years ago.

If you are on your own then you aren’t once you’ve joined a group of people in a similar position who encourage and support you.
What more could you want?

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Put numbers to all your plans – and double them AT LEAST!

Although it is important to articulate your plan with passion and implement your ideas with even more zesty passion, reality can hit like a brick wall if you’re not expecting it. So on all your plans, put some numbers to them:

Estimate the time it will take to acquire your first customer?
How long will it take to breakeven?
How many customers do you need to make the profits your investment requires?
How much capital will you need?
How long will it take to build / develop?

Once you have put numbers on these – DOUBLE THEM! Very few startups hit the mark straight away, and a recent client found that capital setup costs blew out by 25%, the time it took to reach breakeven was more than double what they expected, and the customers responded differently to what was expected. All this placed severe pressure on cash flow.

Knowing this up front means you can be ready for the reality pill when you have to swallow it.

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Systems are the key

Whether you’re a start up or a mature company the sooner you start to document, review, measure and implement systems the sooner your company will be on the way to excellence.

Start by identifying the key areas of your business and then write down the critical processes so that you can start to work on getting the flow of information throughout your business as streamlined as possible.

e.g. Critical Area: Sales;
Process: Selling your widget
Procedure: Manage inquiry…assess needs…present product as solution…quote…follow up…close sale…deliver product…receive payment…END!

This simple flow of information once written down will enable you to then identify all the small steps involved and work on getting them as perfect as possible so that your customer experience is as intended.

If you don’t write it down…it really doesn’t exist. If it doesn’t exist how is any of your future employees meant to get it right?

Systems are the key to everything you desire to receive from your business.

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Look after your intellectual property (IP).

Make sure you own (or have legal access to) all the intellectual property that you require, and don’t use third party IP with express permission: IP litigation is not somewhere you really want to go at this stage of your business.

Don’t divulge your confidential information to people without protecting your back, or on the basis of a handshake after a couple of beers. If you have a great idea (or even a good one) make sure you protect it properly – even if it seems like a lot of money at this stage, it will pay dividends later.

Keep track of what your competitors are doing with their IP – it might come in useful if you want to bring in some technology or even let them use yours for a fee.

Use your IP strategically – not just as expensive certificates for your boardroom wall.

While your mate might be a great friend, he might not be an expert on IP: make use of your professional advisors.

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If your business depends on a web platform, don’t entrust its development to a third-party, such as a web development agency. Consider your web platform to be part of your essential intellectual property. Unless you recruit and invest in the employees who build it for you, you’ll never invest in the time and knowledge necessary to understand your business, or your competitors’ businesses.

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It’s easy to get into business – plan how you will get out (when the time comes)

Many of us start up a business with a friend or even a relative (or partner). Planning things like remuneration, roles and responsibilities and even how you (or the other) may exit the business BEFORE things become emotional, can be extremely imporant to everyone’s health and mental well being!

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* Don’t be passionate or love what you are doing. YOU must be an absolute ZEALOT about it. [you will need to be to get through the tough patches / cash flow droughts / employee dummy spits etc...]

Think about people like Fred Hollows, Victor Chang, Jesus, Mother Theresa, Ghandi, Bob Geldof.
All have an extremely narrow focus but are stark raving zealots. AND they changed the world in their fields

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Print this quote and stick it up next to your computer.
“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “press on” has solved and always will solve the problems of the human race”. Calvin Coolidge

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* Launch – Listen – Tweak – Update :: then repeat till bank account is excellent.

Just like these blog entries, get your users to contribute and help make it better for them, by them.

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* DON’T invest in real estate or shares/options/forex UNTIL you have the business running with so much excess cashflow that everyone is being paid well. business is growing and your family is prospering. then invest outside of your company.

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$$ Busines is FUN $$

If its not, then get a job.

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Don’t lead sheep, Herd Cats!

One of the most crucial parts of any new enterprise is having a great team, whether you outsource or have it on hand. If you really want to succeed employee the best and let them do their thing! Get the best from your team!

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Get involved in some networking groups and go out and meet the business community. It is a fantastic to way to gain confidence promoting your business and to develop potential new business relationships.

As the business grows you will need to source trusted suppliers and advisors for the business so you can draw on this great network you have built.

Networking is also a great way to market and advertise your business on a shoestring….

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# PLAY #

PLAY ~ Robert Kyosaki’s game – CASHFLOW until you know it inside and out. [ a few small deals, build up the bank, then some big deals, then get out of the rat race }

PLAY ~ Brad Sugar’s game – LEVERAGE. In fact buy 2 copies and keep a set of the cards in your business and work them out in your business. Simplest business growth program you can get.

# ENJOY #

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* PAY your staff well, and have them pay for their own expenses. You’ll be suprised how much less wear and tear there is on your own car as opposed to a company car. same goes for mobile bills.

PS… for the mobile, provide the sim card so you maintain ownership of the number, just have the employee cover the bill.

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plan – execute – grow – EXIT

Plan to get out of your business if you can’t see yourself doing it zealously for the rest of your working life. Get out and go again until you find that one thing

[ thanks Curly from "City Slickers" ]

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> Test Your Prototype Early, Even If Only In Beta Mode <

Rather then spending too long building a product/service internally before testing the market, get a prototype developed quickly and get feedback from the marketplace early (before you spend too much time/money), this way you can provide the market before committing too much – if you are concerned about image, then mark the prototype as a “beta”.

Joseph Renzi
http://www.SwapAce.com

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Pick something that is going to be in demand in the future, preferably delivered digitally and plan how you will be there at that point in time, ready to sell.
Make sure that you do the research first and build a sticky brand to own the category. And don’t skimp on the branding.

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* READ *
learn from others mistakes. If you have only got $2000, spend it all on books, and work a bit longer till you start your own company.

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Believe in yourself, and if you can’t do that yet, believe in your product.

Be prepared for it to take longer than planned. But don’t give up – do whatever it takes to keep the flame alive. Keep planning, keep focused on the goal, whether its some extra cash, or a global market share. Remember WHY you are doing this. If you get a knock back or 10 along the way, try a different door, or try again.
If you really believe in yourself and your product, and know your goal, you can make it happen. No point trying to ‘sell’ something you don’t believe in – its like pushing wet spaghetti.

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> Use Online Marketing To Test Your Market <

Before committing huge expenses to something that you are not sure is going to work, why not spend a small amount on a Google Adwords campaign to quickly and easily see if people respond well to your product/service. You can then fine tune this marketing once you have proven there is significant demand to support your business plan.

Joseph Renzi
http://www.OurWishingWell.com

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Write your own book, electronic or otherwise.

You’re an expert on your own product, service or system: writing a book that highlights the concepts behind it creates a market for you as well as does the advertising. If your book is good enough, it even generates its own income.

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# CONTEMPLATE #
Take time to think. About everything. get in your most productive state and location and just think about stuff.

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!! switch of the TV !!
TV is the great god of the entertainment cult that our 21st century living has embraced. Switch off. and the computer and the phone. go for a walk and think, grow, meditate, smell the roses.

Think of TV as an “income suppressant”

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^ use a MAC ^
They have spell checking system wide and I wouldn’t have made so many typos in my comments above

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Google – The most powerful marketing tool ever invented

If you’re thinking Google is just for techie people or companies…think again. Google Adwords (Pay-per-click- PPC) marketing can launch your company into the world from day one. You can create leads for you to work on without a huge investment quickly and easily and be able to measure the success down to the finest detail.

Obviously having a web site is mandatory (both for this and your business in general). Use PPC to attract potential customers and then have your website gather their details. Give away something of real value to ensure browsers leave details and then call them all.

The major advantage is you will be able to turn it off and on like a tap righht down to 15 minute increments.

Learn it or find someone who has…don’t flush lots of money on any other styles of advertising until you have.

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Don’t forget the bloody simple things!

I went on for weeks not knowing how to code a department PLU into the cash register. Let alone how to match-up (or reconcile…whatever..) my daily cash takings with my EFTPOS facility and my Direct Debit facility. Talk about throwing money down the toilet! Now I have to trawl back through receipts and statements and journals to see what/ who/ how much for transactions that occurred 5 months ago! Spending too much time on this snowballed problem and operating blind to my customers spending habits = LOST INCOME.

Learn it before you start up, or admit you’re a silly bugger and ask someone for help, no matter how small the problem – and address it ASAP.

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Keep ip secret !

Most people in their eagerness to protect ‘all’ their intellectual property race off to patent offices around the world to join others before them in the expensive process of lodging a patent or design or trade mark. In this process, they unintentionally detail at great length or very clear detail ‘all’ their intellectual property for the world to see and …. copy. Remember, no one ever assesses whether intellectual property actual works, so why detail all your secrets ? Consider only protecting those secrets that are ‘strategically’ in your interest to protect, but leave the rest in your head as ‘trade secrets’. Remember, it was the brass rivets that made Levis jeans successful, not the denim !

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Use social networks such as LinkedIn and Plaxo Pulse to keep in touch with your business contacts.Their contacts will help you to expand your field of potential advisors and provide a source of potential customers and partners.

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Choose a great business partner. It’s tough going at the best of times, with lots to get done, so halve the pain and double the enjoyment. There are tens of thousands of decisions to be made and two heads, each with the same degree of buy-in, are better than one.

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Know your competition.

Many businesses fail to impress angel investors because they do not research their market space. “I have no competitors” is a totally naïve notion. What were your potential customers spending their money on before you came along? They weren’t saving it up waiting to give it to you!

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Providing a good product and/or service comes down to what the customer wants, not what you think they want.
When developing your product/service, make sure you get as much feedback from potential and existing customers as possible.
If you get caught up in your own hype of what you think is good, you will end up trying to sell something that no-one really wants.
When you have a product that customers want, selling it will become easy (and possible!).

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@ Learn from the BIG boys @

COKE has ZERO sugar and Pepsi went with NO sugar.. aside from my peroanl Coke bias, the marketing seems to work well. Try ZERO cost OR even 0% fat rather than ‘free’. ‘free’ been over done and most folk attach ‘whats the catch’ when they see ‘free’.

If you are selling email addresses as I do, copy the BIG boys again.. YAHOO used .. ‘get thename you have always wanted’ so i did too in my niche.

Leverage the BIG boys market research.

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Hire a great business coach. They see things from another perspective and add real value. Worth investing in.

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Emotionally Detach Yourself from Your Product’s Design

Be willing to re-design and cut features from your product if everyone is assuring you it is prudent to do so. If your product has a bunch of features you personally love but your customers don’t use or care about – get rid of them. Be willing, and know when, to kill a bad idea.

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Read, read…..and read some more!

I recommend reading as many books as possible about business related matters. Rather than going straight for the “text book” methods of business, I’ve always preferred to read books written by those who have, or do, run a successful business themselves. As most business owners know, the practical can quite often differ from the text book.

Furthermore, don’t think that the books you read have to be directly related to your line of work. In fact, some of the best business lessons and tips I’ve learned have come from books and articles totally unrelated to my line of work, but somehow connected by underlying business basics and themes.

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Don’t Be Stubborn About Innovating

Innovation is great, but if you are trying to re-define a methodology (or anything for that matter) and you encounter a lot of resistance from your customers then re-think the way you do things. Don’t force people to use a convoluted electronic contraption to control the lighting in their room when they’re perfectly happy with a light switch.

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Step Back from Day to Day Operations to Think Big-Picture

Sure these are what keep the wheels in motion, but you NEED to set aside time to regularly take stock of where your product and the business are at, and solidify what the big picture priorities of the business are. Weekly R&D / team planning days are a fantastic way of keeping everyone on track, in the loop and focused on a unified direction of the business.

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It doesn’t matter how good you think your message is if no one’s listening!

Stakeholder feedback is the key to any successful marketing campaign.

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Be careful who you talk to.

Whilst it is often important to “bounce” your ideas off people for some constructive feedback, you need to choose these people carefully. Don’t let negative people influence your decision making. These are often the people who have all the ideas in the world but never act on anything.

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Make sure you protect/register your Itellectual Property!

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Be ready for knock-backs.

What you think may be the best idea ever invented, others may not. These “others” are quite often the exact people you rely on for your idea to take off and become a successful business reality.

This is where determination is required. You have to be determined not to give in; determined not to be offended by rejection; determined to push on and get through the rough times.

Unfortunately, not everyone can be so steele minded and often they give in. Don’t let yourself be one of these people. Instead, constantly tell yourself that this is all part of the process to business success, and, before too long, your determination will be rewarded.

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Find a trusted I.T. advisor
‘I.T. guys’ range from large corporate (expensive) consultants to teenagers who are good at cleaning out virus infections. Look for an I.T. partner who is willing to spend the time learning about how your business will function and what it’s growth plans are, instead of just wanting to know how many PCs you want to buy. There are many ‘corporate refugees’ in I.T. with amazing knowledge and experience combined with a passion to work for themselves and help support small or growing businesses.

Spend some money on I.T.
Information technology is often put in the ‘too hard’ basket, as startups worry about everything else instead and put up with using their ex-home computers. This can lead to increased costs later when you need to grow, so it’s important to establish a good base I.T. infrastructure that can expand as you need it to. Case in point: Retailers advertise great deals on computers with software that is suitable for home use, but won’t connect to a business network. So, the money you think you are saving now is lost three times over when you have to upgrade to different software just so you can share files, calendars etc.

Backups – Don’t wait till it’s too late
The majority of information about your business (from finances to maketing collateral) will be stored electronically. You have more important things to do than worrying about changing tapes, CDs or USB keys. Get a reputable online backup service, which will automatically and securely create a copy of your important files and send them via your internet connection to a data centre (preferably in two different locations). With today’s technology this kind of service has become very affordable. Also, you won’t have to worry about burgulary or fire destroying your backups!

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Do your budget!

Start with your ‘personal / home budget’. List all your outgoings – that way you’ll know how much to pay yourself.
Then do your ‘business budget’. Know how much you need to cover all your costs. Once you have all these figures – you will know how much to charge and how much you need to sell.

You cannot be successful if you don’t have a budget in place!

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Whatever you do, don’t become a “gunna”.

Nothing infuriates me more than people who live and act like this.

I would much rather see people have a crack at getting one (perhaps two) ideas off the ground and seeing how they turn out, than listen to someone who changes with the wind from day to day.

It’s all well and good to have a million different ideas, but at some point in time, you actually have to do something.

In the words of the great John Kennedy (the football coach, not the President):
“Don’t think, do something!”

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Cash flow. Learn everything you can about cash management because more start-ups fail simply because they run out of cash

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Support groups. Surround yourself with people who will support you when the things get tough. They don’t necessary need to be mentors – but people who believe that you will succeed.

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Build your business from day one with the intention of selling it.

Selling a business normally involves preparing and providing a massive amount of critical information about your business to a potential acquirer. Having an exit strategy from day one and keeping acurate and detailed records and plans, being well organised and ensuring you constantly review all ares (financial, commercial, legal, technical) of your business will not only put you in a good position when raising capital or selling your business, it will help you build a much stronger business.

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Improvise – Adapt – Overcome
In short you need to innovate to make sure you set up an organisation that can zig while the others are zagging… and to be able to be idea led and customer focussed. Farmers have used these three words for ever nad have done brilliant things with bits of twisted fencewire, you can do it too.

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Leadership…
Have business leading ideas, approaches, marketing, management and operations.
Lead your staff well.
Lead the customers.
Lead the field..
You can do this by learning how to lead and keep on learning, refine your skills, look at the strengths and weaknesses you have. While you are at it, coach and mentor your staff to be brilliant leaders as well.

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Go for excellence.
Set up your company with the aim of being the best in the business, at least in attitude, if not in business skills (yet).

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Networking

The three keys to investing in your knowledge bank and advertising yourself are….NETWORKING, NETWORKING, NETWORKING! It is crucial to network. Attend seminars and meetings relevant to your field of business. The local governments run many seminars and workshops. Attend breakfast meetings etc. These seminars and networking meetings are a great source of education and great for sourcing prospective clients. Client referrals from others who attend are common. We all know word of mouth is the best form of advertising.

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Get a Coach!

This was absolutely the best thing I ever did in my business. I remember paying more to my coach than I was actually earning!

A coach will help you think ON your business not IN your business. One of the biggest challenges start ups face is work/life/balance and time management issues. A coach will help you manage these and will support you to look after yourself so that you can look after your business.

A coach will take your vision and hold it higher and tighter than you will. They will also hold you accountable and support you to reach your goals faster and with more success than you would on your own.

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Be Modest and open to critisism.
Take suggestions onboard.
Remember that the suggestions are what people want to see, and perhaps BUY!
Be flexible to marketing.
Know where your market is and test ways to present your product or service to them.
Look Proffessional. $10 for T-Shirt transfer paper and some time on a Logo.
Look at failure as what you competition will endure.

To sell a product or service, you must first sell yourself!

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Look at alternative ways of marketing your business and don’t just rely on what everyone else does!

Utilise networking opportunities (local Council, BEC, industry groups etc), but don’t go in pushing your product or company. Simply talk to people and you’d be amazed how many genuinely like to help or give you advice. Develop strategic relationships / alliances with people who can help you and vice versa.

Look at what happens in your community that you can get involved with: donations, sponsorships etc (however big or small) don’t just make your company look good, they make you feel good as well. Having a philanthropic approach, however small, is always good for the soul.

Can you promote your product or business at local street fairs, events etc? Cheaper than advertising in the paper and guaranteed to get you more qualified leads!

Enter your business into as many local awards programs as you can – but still remember that quality is better than quantity.

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Set yourself goals
When planning your venture you need to set yourself goals. Start with the end state “I want to be a millionaire by 2010″ and work backwards from there. Analyse the problem, work out the steps you need to take to get there and set verifiable, concise an realistic goals. Write these goals down and read them every day to focus yourself. The more you believe you can achieve them – the more likely you will.

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Importing or Developing a New Product

If you find a great product that you want to bring into the Australian market, or you are developing a new product, complete your business plan and marketing plan BEFORE you commit to purchase the product or invest heavily in R&D.

We see too many would be entrepreneurs (and quite a few established business) who get carried away by the excitement of discovery and find out too late that the product is unable to be commercialised.

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“Choosing the right business name is crucial”, “there’s a reason people spend $30,000 to have experts do it right”, “let your market research steer your decision”, “don’t rush into it!”
All sage advice, but don’t let the warnings and text-book steps scare off your gut feeling. My business name is an acronym and I was already halfway to the Office of Fair Trading before I’d decided what word one of my letters should stand for.

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Protect your online presence. Register the .com, .net, .biz, .net.au and .com.au (you get the idea) domains of your business. You don’t want to spend a large amount of money getting them back! Keep up to date with the rules regarding domain registration. Just because you own it doesn’t mean you have to redirect them all or create multiple websites.

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Do not make the product/service too complicated. Especially for websites, have clear and straight forward information which can be understood by normal consumers where a degree is not required to understand how the product operates or to understand your jargon. In order for customers to buy or use the product/service, they have to have a desire or a need for it. Use the WIIFM (What’s In It For Me) technique to advertise the product for it to be appealing.

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Return phone calls and email!

I can’t believe how many companies have lost business from me because they couldn’t be bothered to return one, two, sometimes three phone calls or emails. Some of my best deals and networking have come about from people who, on the surface, didn’t seem like they’d be obviously helpful.

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Plan a Roadshow

Lockup the office and get out there!

Jump in the deep end and take your new business propositions directly to your customers. Plan, market and execute a novel Roadshow that includes a combination of unique market research, industry updates and new business solutions. Offer valuable insights. Engage in knowledge sharing. Select non-competing companies and aim from day one to establish deep, honest and profitable business relationships.

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Cultivate your rivals.

Your business rivals can give some off the best advice and will quite often refer work to you which doesn’t fit in with their plans.

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Customers only buy Benefits. Focus on the Key Benefit. Match it to customers Needs & Wants. Benefits can be either real or perceived. Remember cigerettes were sold on the key benefit that tey were good for you, more friends, fun, wealth & self esteem.
If the customer can’t see the benefit, they won’t buy!

John Lloyd
http://www.swapace.com

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If that’s not what you do, don’t do it

There’s nothing wrong with talking to anyone you know about any job they have which you might be able to do. However if it isn’t what your business does, don’t do it.

Make sure you know what everyone else around you does.

If possible, refer clients with requests you cannot satisfy to someone who can help. Make it easy for the clients to talk to you first. That way you get first dibbs on incoming work, while earning brownie points from your network.

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Become a Spokesperson

Build your knowledge & prepare your message

Take the time to research widely, collaborate, engage in debate, write creatively and educate others. Actively develop your skills as a speaker, and more importantly as a listener. Network with purpose. Find those who are interested in sharing ideas and experience so you can learn from them. Aim to become a confident spokesperson in your field.

http://www.craighodgesmedia.com.au

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Solve a problem ! Any Problem ! Become your customers “Problem solver”.
Simple sollutions to simple problems have an obvious Benefit to customers. Ask your customers “What’s important to you ?” not what’s MOST important, because that prompts ranking and most customers will get it wrong!.

John Lloyd Swapace.com

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Research the various government sites

There is an absolute wealth of information available for free on government websites. Check out the ATO, ASIC, DFAT and Fair Trading (State). Explore them, and don’t squib on time. It’s worth it.

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Lock up your past.

Reputation is vital. If you use social networking sites for personal use, be strategic and set your profile to private. Switched on potential customers will usually conduct background research about you. If you’re not careful, they may find pictures of what you get up to on a Saturday night, what political beliefs you have or who your friends are. They may just rethink who they give their money to.

Unless of course, you play the sweet family life and have pictures of your children and pet dog. That may warm their hearts.

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Respect & Cultivate Media Contacts

Our understanding of the world and opportunities is heavily mediated

If you value your business message, respect the messengers! Those working in the media frequently do so under enormous pressure. They must constantly unearth content that will entertain, educate and interest us all. Appreciate this. Learn how to assist journalists and editors. Don’t just rely on your PR agents.

http://www.craighodgesmedia.com.au

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Key Relationships

Get a good Accountant. Get a good Lawyer. Get a good Financial Advisor. Talk to your Bank Manager.

It isn’t necessary to have the most expensive advisors. Your suburban Solicitor has a business too. Local Solicitors and Accountants can can refer you to specialist where required. They have networks. You have to have confidence however in your primay advisors, so choose someone who you would like to do business with.

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Don’t build a business, build a life

You have worked to make others rich, now it’s your turn. Right? Wrong. Don’t build something that’s going to control you, build something you can control. Set parameters. Outsource your weaknesses. Are you good at detail? No? Then employ someone who is.

Don’t let the desire for wealth outstrip the reasons for attaining it. Make sure your family and friends figure in all of your business plans.

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Be open to new things

Learn a new language. Walk about and watch people. Take a course in carpentry or motorcycle repair or cooking. You never know when a key idea, opportunity or contact will emerge.

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Make sure your business structure is correct

Decide how you want to exit the business before starting it. Is the business a vehicle for you presonally? Is it something you want to sell to someone? Do your partners feel the same?

Make sure that whatever structure you create allows the players the ability to eventually exit gracefully. Make sure you know what every one of your partners exit strategy is, expecially if the business fails or stalls. Have firm agreements which allow a valuation of the equity of the business should a partner leave with little notice. Make sure everyone knows their roles, authority and rights.

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Start with a 30 year plan

No use in starting a business that’s going to have a short life-span; not if you are really serious. Have a really big vision and adjust the plan as you go. Take the slow road to success; build solid foundations for your brand, nuture your customers and grow brand loyalty. Engage all your stakeholders in the big picture – advisers, employees, family and be true yourself and relentless. Share your vision with anybody who is prepared to listen.

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Only ever do business with people you trust, and always, always act with integrity.

Why? If it is not blindingly obvious save yourself and others a lot of headaches and money and don’t go into business.

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Use the Internet to support & enhance your business.

There are a variety of free online tools that can save time and make money. If you can use a computer you’re halfway there! Write a blog to get profile and a whole new audience. Use wikis for your team project spaces. Use social networking sites to connect with clients and a new audience.

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Get Publicity in Traditional Media

Develop an angle (eg. first, biggest, latest or unusual, quirky), get familiar with your target media (libraries or newsagencies are a good place start) and identify the particular journalist you want to deal with (eg. Paul Ryan at Australian Anthill). To start with, concentrate on one journalist at a time and send them an email outlining your story idea (that’s been tailored specifically to their mag/paper/show). If you don’t hear back, follow them up with another email or a telephone call (hint: always ask if they’ve got 5 minutes to spare) and start building a relationship.

Sally Romano
Publicity Queen

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Keep your knowledge at the forefront of your industry – stay an expert in your field.

Starting a business = becoming a very passionate one-arm-band + having to learn and juggle with many new skills on top of your area of expertise. MYOB, invoicing, following leads, marketing and selling yourself, organising your home office (!). It takes it out of you, trust me.

YOU (and only you) ARE the business. If YOU do not remain the expert in your field, how can you pretend you are better than your competition?

How to: Attending professional development seminars is often time-consuming so keep these to a reasonable number. My advice is to download an RSS aggregator and subscribe to feeds about your industry. Make it a rule to read them and challenge yourself every morning, before launching your email program. Not only will you get smarter but it will also revive your passion on those lonely rainy days.

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Start your marketing by planning for an adequate communications budget.

Reaching your prospective audience with your offer is the most expensive part of your marketing, and is likely to constitute 80% of your marketing investment! If you do not have the funds for this you are in trouble no matter how wonderful your innovation is!

Improve your chances of success by starting with the question “How Much It Will Cost To”:
Expose the Minimum Number of the right Target Audience (e.g.: 30,000 Frequent Flying I.T. executives earning $120,000+)
The right number of times (e.g.: 3 times within 3 months)
To illicit a favourable response (e.g.: Sales to Break Even)

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Unless you are an experienced marketer don’t try to do it yourself.

Peter Drucker said that “business is about 2 things and 2 things only; innovation and marketing”. Unfortunately most entrepreneurs are not great at communicating their uniqueness and benefits of their innovation; from designing a credible and unique brand through to continually communicating with their target audience.

Too much product knowledge leads business owners to focus on features instead of benefits and answer questions no one is asking. Most people couldn’t walk in off the street and run your business so why would you expect to be an expert in communications?

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Have enough starting capital to Outsource to the experts!

One of the biggest challenges of being an entrepreneur is that today you just do not have the time to be “jack-of-all-trades”. Research conducted by the CPA Australia shows that an average business owner has to wear (at least) 10 different hats:

1. Product or Service development expert and Market researcher
2. General Manager
3. Salesperson
4. Marketer
5. Customer Relationship Manager
6. Accountant
7. Legal adviser
8. Business planner
9. Debt collector
10. HR / Personnel Manager

At best, an average entrepreneur can be good at 3 or 4 of the above and only has the time to do 2 of the 10 well!

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Set IP Hurdles and Goals

Understand the hurdles and goals that you want to achieve whether that be building and licensing or purely licensing. Gain an insight into what your competitors and possible strategic alliance partners are looking at and how it may impact their business.

Undertake your own home work on the market, spending too much too early just makes it harder to commercialise.

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Establish business goals

Goal setting is a proven technique that’s needed for success in all areas of life. Why don’t we use it for business as well? In fact, it’s one of the key steps required before starting any business.

Kurniawan Wijaya
http://www.SwapAce.com

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119. Buy the generic domain name of your market niche aswell as your business name. e.g. http://www.HomeMadeBras.com.au
120. Make sure you have a call to action on your website for people to contact you. Investing money in a website is good but getting people contacting you is more valuable.

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Build a solid team

BUild a team of people that you know really well and you can rely on (preferrably have similar interest as well). It’s a good moral support when you know there is someone watching your back. Nothing worse than everyone’s leaving when problem comes.

Kurniawan Wijaya
http://www.OurWishingWell.com

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It is never too early to build public relations into your planning. Building credibility and trust through media coverage is a great way to establish reputation with your customer base quickly. Don’t forget that online PR is a valuable addition to traditional PR. Look at blogs, online media releases and articles, twitter (the list goes on) to achieve online visibility.

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Protect your name from the start.

Common misconception no.1 – A registered business name does not mean brand protection.

Just because you’ve gone out and registered what you think is a unique business name doesn’t mean that name is protected. Chances are someone else also had the same or very similar idea and enough intelligence to protect their name with a trademark before you. You then open up shop and being trading, develop a good customer base and your business image and branding starts gaining recognition, Great! Next step, you get a letter in the mail to inform you that you have breached trademark laws and are required to cease trading under that name and re-brand your business. Loss of brand recognition, re-branding and legal costs are not worth anyone’s time or money. Do your research before settling on a business name and image. Google is a good start, however for more extensive research IP Australia’s Business Name Application Search Service (BASS) will let you know of any similar pending or registered trademarks listed.

Kylie Pekolj – http://www.franchisecentral.com.au

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Don’t read your emails FIRST thing in the morning.

By the time you come up for air it might be half way through the day and you haven’t done the “things” you planned to get done by that time.

EXCEPTION TO THE RULE: have a system/ method of flagging customer queries/ feedback. Address them straight away. Even if it needs further attention. Let them know you are ON IT.

Set a time limit for your time spent on emails. Reduce your number of online newsletter subscriptions.

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Plan your exit nefore you enter !

MOST BUSINESS OWNERS go into business not only to earn an income, but (perhaps more importantly) to build the value of the business and sell it. In fact, more than half of all small business owners in Australia plan to use their business as the primary source of funding for their retirement. The average age of family business owners in NSW today is 56 years – so for many, retirement is not too far off.
For many owners, the value locked-up within their business is their second largest asset behind the family home, and in some cases it is even more valuable than the family home. Yet while most people will happily invest time, effort and money planning for the sale of their home, they don’t do the same with their business. Choosing to invest the time and effort to develop a succession plan that ensures you realise the maximum value of your business when you retire may be one of the most important financial decisions you ever make.
I recommend a strategic nine-step process for implementing a succession plan within any business:

Strategy = Time
Maximise Value
Successors – identify & select
Equity Matrix ( map your wealth extraction to esnure win win for all parties )
Secure Funding
Smooth Transition
Tax – CGT & Legal issues
Communicate Strategy
Advisers – don’t scimp on this major $$ transaction

Interestingly professional investors ( private equity & venture capital will NEVER ) invest without a predetermined exit plan – as sme business owners we very rarely even consider it !

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Hire a graphic designer to create your logo

Unless you’re a graphic designer, a home-made logo and branding set can send the message that you’re not really serious about your branding. It’s worth taking your ideas to an expert designer or branding consultant who can help you to explore scenarios you probably wouldn’t consider on your own – e.g. whether you’ll want to have your logo emblazoned on t-shirts, caps or merchandise at any stage in the future (this might affect the colours and design you choose).

Remember, a picture speaks a thousand words – so make sure your logo says nice things about your new business!

Karen Menzies, Head of Words
Wordplay Media – http://www.wordplaymedia.com.au

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AVOIDING COMMON CAUSES OF FAILURE

SWAT – strengths weaknesses opportunities threats – ANALYSIS is often overlooked in business planning, particularly the weaknesses and threats part. This is partly because, as shown by psychology studies, the level of confidence in the success of a business rises significantly after a decision is made to start it so people don’t address what may go wrong. In fact, most people ignore things which are inconsistent with success (again, thanks to our psychological make-up).

Many businesses fail because of disputes between the business owners, which are rarely anticipated in the beginning so they don’t make plans to prevent problems turning into a disaster.

Among the most common causes of these disputes are:
• Lack of protection for minority owners.
• Misunderstandings about exactly what each person is required to do.
• Unrealistic expectations which arise from failing to address weaknesses and threats.

These causes, and many others, can be prevented, or the damage can be minimised, by reaching agreement (often called a stakeholders’ agreement) between the partners/owners on a whole range of issues.

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Low Price, High Quality, Great Service.
A viable business model can only choose two out of three.
Which two do you choose?

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Work out what your Employee Value Proposition (EVP) is because employing the right people in a start up businesses is crucial. An EVP is a statement about what you offer to employees ie mentoring, great culture or flexibility. If you determine how you are going to attract the right staff to your business you can be assured that you will see your business succeed. Employing the right people in the right jobs also means you are likely to retain them in the business. Your IP walks out the door every night. You want them to come back every morning.

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Make sure you disagree violently with at least ten things on this list.

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When starting a company with one or several partners, a clawback provision is worth its weight in kriptonyite. Your going to conquer the world with your new widget and your new partners are all go go go. But don’t mistake the ENTHUSIASM of your partners as COMMITMENT! Fast forward 5 years…… progress has been hard and all uphill, your working 16 hrs a day while your partners chill. Your big break finally comes, the big gorrilla in the market makes an offer to acquire your company and before you know it your asking yourself: Why did I give away so much of my company for so little input? When your partners are promising to work like supermen, your clawback provision may be the only protection you have when they don’t perform as promised. Your legal counsel can help you flesh out a clawback provision which will help all parties should things not go as planned.

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TRADEMARK that name/service NOW!

Go to http://www.ipaustralia.gov.au and do it yourself!

Why wait for the sh*t fight later?

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Make sure you use all the available – often free – help provided by government and other organisations.
Federal , State & Local governments run a wide range of programs to support business. Some of these are targeted at small businesses and people who want to start their own business. A good first step is to contact your local Business Enterprise Centre BEC On the local level find your BEC (Business Enterprise Centre); in NSW look up the DSRD websie and in other states its equivalent and finally the Federal Govenment Ausindustry (http://www.ausindustry.gov.au) website provides a wealth of information.

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Don’t forget networking. Yes, there is so much to do and the temptation is to stay glued to your PC, workbench other place of activity.
Get yourself to events at which you have a chance to meet people who have general business knowledge and specific knowledge about your product or service. Remember that the success of your business depends on people buying your service or product – so make sure you meet the end user and people who influcence them.
Lastly – ongoing education is also a good networking opportunity as you are bound to meet people with experience and knowledge that is complimentary to yours.

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Don’t give up the J.O.B. just yet …

When you are in start up mode make sure that you still have an income. Giving up that job that has been paying your bills before you are making a realistic income from your new business is suicidal. Of course if you have been paying yourself (saving) and have enough money behind you to keep the wolves at bay for AT LEAST six months, then you can jump in full time straight away.

If not, maybe you can negotiate with your current employer to work more flexible hours so that you can devote the time you want to your new enterprise.

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Put Pride Aside

Seek and embrace feedback! Not everyone thinks the way you do and, as a business owner, it is easy to carried away with your dream! Conduct surveys, host focus groups and encourage feedback within your businesses community. Put pride aside and truly embrace the feedback you receive to create outcomes that serve your clients well – without taking it personally. A word of warning – don’t base a complete change of direction on one person’s advice or criticism. Take a step back and ask for more feedback for clarity if required. Your gut instinct is still a valuable business asset!

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Get leads. Leads = Money

It’s not enough to have a great logo, awesome product, beautiful web site and perfect staff. It’s all about getting qualified leads to your web site. Invest in search engine marketing -it’s 100% measureable and you’ll only pay for people that actually want your service.

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Step 1: Just do it

For online businesses, too much time is spent on business plans and models. While these are useful tools to help clarify your thinking, they should be limited. Do ‘just enough’ planning; but no more. Web 2.0 businesses typically rely on open-source tools coupled togethher in a smart way. Launching a new venture costs a fraction of what it once did. So while you should plan, even more important is to do. The end goal is something live and working from where you can learn; not a sparky document.

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Step 2. Go beyond advertising as your business model.

No – they probably won’t come… The model of build a great website; spend a little on marketing, and sell ads for a living is not a smart one. It just doesn’t happen easily – traffic aquisition is much, much harder than you’ll ever plan for.

Think through your business model and if the only way for you to make money off your idea is through advertising, my gut feeling is that there isn’t a business there (or you haven’t spoken to enough people yet!).

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Read voraciously

The more you read publications like techcrunch (www.techcrunch.com), mashable (mashable.com), A Blog About Digital Media (mimelbourne.blogspot.com/)…and yes, Anthill , the more you learn typical start-up patterns and industry trends.

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Ask your accountant what small business accounting package they recommend you use, then get a specialist (e.g. MYOB Certified Consultant) to help you set it up correctly the first time, invest in some one-on-one training, and follow this up again during your first BAS, and then around the End of the Year.

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Stay close to the numbers.

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Find an accountant who specialises in your area, it will be far more cost effective and tax advantageous in the long run.

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If you choose to outsource bookkeeping and processing of your business activity statements (BAS) ensure they are qualified in accordance with paragraphs 251L(6)(a) and 251L(6)(b) of the Income Tax Assessment Act 1936 (ITAA 1936).

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You do not need to register for GST until your t/o is $75000, if your initial outlays are low consider delaying registering, and avoid inevitable paperwork that comes with it, while you grow your business.

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Be wary of Perfection.

‘Rough and Ready’, as a starting point, can be good enough. This works because modern consumers will run with you as long as you work hard at smoothing any sharp edges, indeed, involving them in this process can help develop some early consumer champions.

It follows from the old military adage ‘no battle plan survives first contact with the enemy’. Fortunately, no one has to get hurt today, blogs, beta tags and flexible consumers make polishing as you go a viable, financially sensible option.

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Visit websites of experts or gurus in entreprenneurship, marketing, strategic planning and internet marketing. They often provide valuable tips or articles for free when you sign up to their newsletters. Make the most of the free information on the internet but check it is from a trusted source first.

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Read widely – business magazines, business books, and anything on your target industry. Email business experts or people that inspire you in business and ask them to recommend books that have helped them grow their business. Visit blogs of successful business business people as they will often discuss books that have helped to propel their business growth forward.

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Do some background research before engaging an accountant. Check they have had previous experience with start-ups. Ask if they have references from other start-up companies they have worked with that you can speak to. A trusted accounting advisor is invaluable in growing your business especially if you are new to company taxation.

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Subscribe to Anthill!

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Develop Goodwill.

Get intimate with your market. Remember their names and they’ll remember yours. In a field where your competitors will all have their own different strengths and promotional strategies, nothing is as strong as a personal bond. Take an interest in THEIR business. Have they updated their website? Send them an email and complement them! A bird in the hand is better than two in the bush, so while you’re out there trying to recruit new clientele, don’t neglect what you already have.

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Based online? Promote your website – not your office.

Your phone number, your email, even your business name – these all pale into insignificance when compared with your web address. Promote it wherever you can – especially online – and even if you’re not targeting your core audience – chances are that it will help you with your Search Engine Optimisation (SEO).

Karly Chan – http://www.cursions.com.au

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1. Hone your natural talent.
Entrepreneurship is a natural attribute that everyone is born with. Be open to opportunities to hone yourself – education, support networks, conferences, re-reading a diary entry about your first ever website (even if it was made at 14). I decided to look for events and communities relating to my industry one day and it has grown to a site called http://www.brisbanecreativeindustries.com with Facebook, MySpace and Messmo to also foster community engagement.

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Secure your Computers and Data – Protect your Business.

Make sure all your computers are safe and secure – after-all, they hold all your business data and client information. This is not a task for relatives or friends. Seek an IT professional and not a one-man band (who sells computers). What’s best? A (daily) proactive service to “prevent problems” not a reactive “wait ‘til it breaks and fix” approach.
http://www.techonline.com.au

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Stay On Track.

Even though it could be tempting at times to drift off course, try to stay on the track you originally started, once you have finished what you sought to do then begin the small things you have been itching to do. Bringing me to the second point “Finish What You Start”, only then can you see the outcome of your idea.

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Take Time To Look Back

We all like to stick our heads down from time to time, and just try to finnish what were hoping to finnish next week (or so we tell our selves), but sometimes its good to take some time off and just look at what you have done, appreciate it and then think about where you want it to head. Team meetings are always good at the end of the week (or any period you choose). It gives you and your team some good perspective and moral, knowing that you have come this far, and a good time to see where you will be heading.

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Always be willing to “sell the mills”. That is if you have worked on an idea for your business for 6 months
& spent 100K in the process, don’t keep going down this track if at some point you realise that this is not going to work.
Keep an open mind & if it is necessary to “sell the mills” for a better way then do so now rather than later.

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Be modest. Don’t fall into the trap of outlaying unnecessary dollars renting the coolest office space and the schmick-est phone systems from the beginning.

As your business grows, there is plenty of time to grow into this. There are cost effective ways to build your professional image without hefty outlays of capital in the early – and scariest – days. Initially, capital outlay is best used for marketing and simply to stay afloat for as long as possible in order to achieve market penetration and to keep your business going forward.

Your workspace simply needs to provide you with enough professional presence to work effectively in building your business and providing good customer service for your clients.

The great thing about doing business today is that with the rapid advancement of the internet and broadband there are plenty of tools – such as virtual collaboration spaces and unified communications – which allow for setting up professional and cost effective virtual work environments. You can avoid outlaying money for office space rent and fit out in the start up phase and still establish a professional image for your business.

And at worst, if it all goes pear shape or the business does not fulfil your aspirations you have the flexibility of easily closing up shop with minimal loss and can move on to the next best thing.

Nick Harriss, icommo

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I coach a lot of clients wanting to take that leap into starting their own ventures. I tell them to be passionate! Our business world moves so fast and establishing a business can be so administratively and financially overwhelming that we can get caught up in the nuts and bolts of the tasks and forget (or lose sight of) what our passions really are. Tuning into our core passions and applying these to the business is a personal and financial win-win. As individuals we win because we get to live what we are passionate about and our venture wins – with a direct impact on the bottom line.

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[...] emboldened by the success of last week’s Magazine 2.0 experiment, we invite you to nominate any dumb business decisions that you think should feature in [...]

Build your reputation – one customer at a time

Use word-of-mouth to build your reputation by making sure every single customer has a great experience with you. Then, ask customers for referrals, or get more leverage by asking them to rate you on the web – ideally on a public forum like http://www.womow.com.au. You get instant credibility plus an improved Google ranking.

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Use the 80 / 20 Rule

When starting up speed to market and beating the big boys is a key factor. Spending time on the little things that have little benefit, but which require a lot of time doesn’t pay dividends. Spend 20% of your time completing 80% of the tasks, get it stable and get it out. Then a hint is to update the smaller things and publish that as benefits and your users will come back to see the changes.

Remember perfectionism doesn’t always pay!!

Great Product, but who cares?

We have all one time or another come up with a great idea and worked tirelessly, but the reward is people knowing about the product or service. It goes back to that analogy, if a tree falls in the forest, and no one is around does it make a noise?

What we have done is split the development and promotion/growth of the site 50/50. This may be different for different companies at different points of a companies growth. But do not underestimate the time and effort required promoting what you do.

Just to add, the internet makes mass communication easy, Viral Marketing is king!! Use Blogs, User Groups, Interest Groups, the list is endless. Value what you have and make sure others do as well!

Plan and dont plan

The whole thought of creating a business plan and so forth may be daunting especially when we are an Early Stage company. How about creating a list of things to do and get done ? Use a task list that can be shared among the team (various online ones) so the team knows the direction you are all heading, priorities and how each team member is adding value to the end product.

It may sound simple, but the wonders of working together with abit of directions creates drive and a way to benchmark where the company is.

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Be flexible

Never be complacent or start thinking that your business model is as good as it can be. There are always opportunities to improve and learn lessons. A great business book for start-ups is ‘It’s not the big that eat the small but the fast that eat the slow’ (Jennings & Haughton). That’s a great philosophy, no matter what size the company, if you’re dynamic and flexible enough then you will create opportunities to take on anyone.

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Structure your week, especially if you are working from home, come into the office always know what you are going to be doing the next day. Example, do calls, follow ups, making appointments etc on Mondays, go on the road on Tuesdays and Thursdays, Wednesday spend time with the bookkeeper doing the books and admin and Fridays confirm the fthe next weeks appointments, write your proposals and weekly things that have to be done (such as newsletter updates, post card follow ups etc).

Dress like a professional EVERY day even if you are not ‘planning’ on seeing clients, they might pop in and see you.

Refer to your office as just that, dont ever call it home, call it the office, pople dont need to knokw you work from home, as there is a perception that if we work from home we dont have a ‘serious’ business and dont have the right to charge high prices.

Try to clearly separate your business from the home, even if its a door that you can lock. At the end of each go through a shutdown process and set everything ready for the next day. Once you have LOCKED the door, dont just ‘pop in and check emails. You would’nt do it if your business was offsite so dont do it at home. Keep structured business hours especially if you have employees.

CARDINAL RULE: do not let children into the office to play or go on the computers, it is a place of business not a kindergarden, again you would’nt allow the kids to play on your computers if the business was offsite.

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Its not about the product(or service) – its about everything that supports the product AND the product too!

A client of mine has developed a fantastic product/service that really wows his customers and delivers a mind-blowing experience. But in getting it off the ground he often told me that it is not just about the product – success is also about all the systems and procedures that are used to get the product to the marketplace, manage the customers, manage the business and ensure ongoing development.

As a consultant I had always accepted this, but the stark reality of how important this is was realised when we identified an area of staff training that wasn’t quite working. And we discovered it as a result of customer complaints. It was clear – too late for some customers that one of the staff had not fully understood their role in customer service and relationship building and had come across as “too grumpy”. In the entertainment industry this is critical and it had caused some issues with some customers going away and not sprouting the message about the business like others were.

Once identified the problem was easy to fix – but it raises a critical issue that when starting up you can never assume you have things planned right. You need to have things in place that test and measure each part of the business process as you are implementing it. And you need to make sure all your processes support the fantastic nature of your product.

More importantly, get the product to market even if you think it isn’t perfect yet. It can always be refined as you go – as long as your supporting systems are good. Because having brilliant systems around you will make up for what the product lacks.

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Be solutions focused

Anyone can identify a problem but being a successful start-up entrepreneur is about being able to provide solutions and coming up with ways around the hurdles in front of you. You’ll make mistakes along the way but the key is to accept that upfront and when it happens identify the mistake, solve it and don’t be afraid to lose face.

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READ all 165 entries above!

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Step: Promote yourself properly from the outset

You only have one chance to set the perception of your new business in people’s minds.

Tip 1: Find an agency that knows about your market and product, with a track record of delivering
Tip 2: Budget to spend money on creating your identity and presenting this impressively to your target market

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Don’t be shy, you need to get out there & promote yourself and your product early – get professional help with promotion. Also get hold of the best techies you can, because if you need to scale then they are gold.

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Do your homework

It’s important to understand the business you are in, who your target market is and what your competitive edge is. Also seek out the best business advice you can afford – from lawyers to business advisors. In this business, it’s critical to surround yourself with skilled people – in retail, a great real estate person is essential! Once you’ve got all that in place then set a platform for growth so you can make your business scaleable.

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Test the market as early as possible

No matter how good your business idea, the only measure that really matters is whether or not the market is willing to pay for it. As early as possible try creating an initial web site, using Google AdWords, or renting a booth at an expo to see if people are prepared to open up their wallets for whatever it is you are offering. The first 10 customers you obtain, who are not friends and family, will provide valuable feedback that may help you to adjust the product or service before it fully launches.

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Know when to innovate and when to use best practises

Use innovation to differentiate your company and best practises for everything else. Decide how your company is going to stand out in the market and then innovate constantly in this one area. For every other part of the business find, adopt and mange best practises.

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Don’t be afraid to seek out business advice from companies or brands you admire. Pick up the phone and call the MD or marketing director or latest wonder kid entrepreneur. It may sound cheeky but you’ll be surprised how receptive they are to talking through how they achieved their success!

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Know Where The Money Is Hidden In A Web Business

1) The Money Is In The Niche – Unless you’re starting up the next Amazon.com and have the budget to support it, focus on your specific area, do it well, and over-deliver value to your customers as much as possible. With a few obscure exceptions, there are people interested in your area of specialty – be the best in that niche and you will have customers for life.

2) The Money Is In The List – Those same customers that are interested in your niche, want to hear about that subject. Start a newsletter, deliver free information and build a rapport with your subscribers through regular contact. Your mailing list is essentially a list of pre-qualified (i.e. interested) customers, thereby making your newsletter a tightly focussed marketing tool getting delivered to them on a regular basis.

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COGENT BLOGGING

Create a Google Alert (or two) on your core product/service areas and leave a blog that adds real value to readers – with your website’s URL in the content or signature. Because of the 90-9-1 rule of blogging, blog sites will really appreciate your input and you get increased rankings because of external links from valued sites.

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Choose an expert Internet partner:

To achieve success in today’s business world, you need a professional, functional online presence. Look for an established website development company that has a team of designers, developers and Internet marketers, uses a Content Management System so you can update your website yourself, has the SEO knowledge to get your site highly-ranked, develops to W3C technical standards, understands the business functionality of the Internet, and can give you all the ongoing education and support you need to get results online.

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Be an expert.

Everybody is an expert at something, so use your knowledge to build your profile on- and offline. Write a blog on your subject, comment on other people’s blogs, write articles and speak at exhibitions and industry events. This is a great way to market yourself and your business, and your prospective customers will feel they know you which builds trust and an ongoing relationship.

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Build your database from day one:

The success of your business will rely on you getting your message to as many people as possible and building relationships with them. Start building your database straight away and it will soon become your most valuable business asset. Tips – grow your list through friends, local businesses, networking groups and alliances, capture prospects details on your website through a newsletter signup box or whitepaper giveaway, understand Australian spam laws and get people’s permission before you add them, choose a functional, simple to use database marketing system to keep in touch with your contacts by email and use it regularly to build brand loyalty.

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Plan your website before you build it:

Websites these days are more than pretty online brochures – they are functional business tools. To get the best results from yours, you need to know what you want it to achieve before you approach a website developer to build it. Tips – know your target market and what’s important to them, research your competitors and what they’re doing online, read case studies of what’s working for other businesses, research what the experts are saying you can and should do, take note of other websites you like and why, and come up with realistic objectives and plans for your site to make it an integral part of your business.

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The Detail in your Business Plan

Don’t proceed without a detailed, water-tight business plan. There is a wealth of information out there (a lot of it’s free!), so take the time to undertake thorough research. I found the State Government, The ABS (Australian Bureau of Statistics) and IBIS World to be excellent sources of information for industry reports and statistics relevant to different markets. It really pays to do your homework!

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Start with the Sale First

So many businesses start with a product or service, with too little regard for how or where it will find its market. If possible, it’s always easier to start with the sale first. This allows you to raise capital, and also provides a framework for developing your product or service around a genuine market need. So make the sale first, then work like crazy to make it happen.

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1. Know where to get your essential business information
Visit business.gov.au for checklists, information and resources for all you need to know on starting a business in Australia.

2. Download the “New to business checklist” and “Growing Your Business checklist” from business.gov.au

3. Expand your business with blogging
Become an expert in your field by blogging about your industry. By creating a blog, you will draw more traffic to your website as well as helping you stay front of mind in your customer’s minds.

4. Keep your business informed with the latest in business news by visiting http://www.business.gov.au or adding us to your RSS reader.

5. Know your regulations
Any number of regulations or requirements can influence your business success. Knowledge is power, so get to know your Government through http://www.business.gov.au.

6. Create and protect your key business assets
a) Website Address
b)Trademarks
c)Copyrights
d)Patents
e)Provisional Applications for Patents
f)Inventor’s Logs
g)Confidentiality Agreements
For more information, visit the Intellectual Property topic on business.gov.au

7. Find Great People:
Determine the skills and staff you need to build and grow your business. Along with contacting a recruiter and developing mentors in your business, you will need to understand your employer and OH&S obligations. Visit business.gov.au Employing People topic.

8. Sales and Marketing
Marketing is not just advertising – it is every place you connect with your customer. From the way you answer the phone, sign your building and deliver goods, you are creating an image of your company. Useful tools to help you build and improve your marketing include market testing your brand, creating a brand DNA, defining and relating your brand to a target audience, completing a SWOT and Situational analysis, develop marketing objectives, strategy and plan and researching the market. Visit business.gov.au for more information on Market Research and Statistics.

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Work out win-win strategies with bigger websites
If your favourite website runs competitions, offer to provide them with 10 of your products/services in return for people signing up to their newslettere. They get a bigger database – and you can publicise your product to their already large database for next to nothing and introduce it to a new set of customers.

Ask for testimonials
After your customer has received his/her product or service, email them a survey to get their feedback, which lets them know that by providing any comment, it may be included in your Testimonials section. If they give bad feedback, you can (hopefully) address it AND tell them, which can make them even more loyal than a satisfied customer. if they give good feedback, you can immediately add it. Research found that websites with 50+ testimonials have 65% less products returned because customers already expect to be satisfied.

Run focus groups
Before you launch a product, gather a group of 6 people. Make sure you have a mix of existing customers whose bought at least once from you but who never read your newsletters, regular newsletter subscribers who have yet to buy, and potential suppliers/agents who could see opportunities and problems with your product ahead of time. Their valuable feedback could save you enormously in wasted money and time – and by implementing their suggestions – and letting them know you’ve done so – could create an invaluable pool of product evangelists.

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Protect your intangibles

Intangible assets are your competitive advantage, and many intangibles can be protected. Copyright protection is automatic but intellectual property rights in great branding, designs or technology require registration as registered trade marks, registered designs or patents. Seeking registration also helps to clarify whether your assets are original, and whether or not your operations may infringe others’ rights.

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[...] Not so long ago, we trialled an experiment in ‘new economy’ journalism that we dubbed Magazine 2.0. [...]

Have the confidence to do something dramatic, especially if you have a fairly small niche market.

If you have a product that can stand a dramatic or unusual spin, and if you have the confidence in that product and in your company to stand behind it – and a rationale for why you are using that perspective – don’t be afraid to do it. This is particularly important if you are targeting a small niche market who will “get” your spin straight away.

We did this with our online metal music magazine by giving it a title that was at once shocking, dramatic, and instantly grasped by our target readership. Doing this has tied the magazine very strongly to the market as well as having given that market a sense that they have some sort of ownership: the title is a phrase regularly used amongst fans of the genre when they hear an album or see a show that makes them excited or that gets them to the bones. Partly because of this we have seen readership go from strength to strength.

If you’re promoting your product online as we did, then you may also have the benefit of a high uniqueness ranking (and therefore search engine ranking) by doing something nobody else in your industry has had the “balls” to do. It can be a big risk, but managed right, it will pay off.

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Get a good (outsourced) bookkeeper

Bookkeeping and accounts are not a core value add activity but accurate and up to date accounts are vital and if not in good order can come back to bite you in many expensive and time wasting ways. Good bookkeepers are not expensive and there are plenty out there.

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Keep good records

Good record keeping, of which bookkeeping is an example, is vital for all sorts of compliance, business efficiency and, ultimately, good business value reasons.

A potential buyer of your business will want to do due diligence on your books, contracts and other records. If you have these well organised and at your finger tips then this will give a prospective buyer great confidence in your business.

Similarly, if applying for grants, undergoing a tax audit, dealing with insurance claims, managing human resource issues or other activities that require historical documentation then having solid records and files will put you in a position of strength and save you enormous amounts of time trying to find or reconstruct documents or events. It could also save you from an adverse outcome in a deal, negotiation or dispute.

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Also think about the negative side of a deal or contract

When putting together an agreement or relationship our natural tendency is to only think of the good aspects and the up-side and gloss over planning for the down side. But normally when things are going well and there is strong good will in a relationship then any issues are easily dealt with. It is only when things go sour that that things get difficult in a relationship. So take the time and discipline yourself to put as much effort into thinking about the dispute resolution and “negative” aspects of any contract or agreement as these will become VERY important when some of your business relationships inevitably break down. Doing so will save you a great deal of time, money and angst down the track.

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