Several weeks ago I was invited to speak at the Rutgers University Small Business Development Center's Women Entrepreneurs Network (WEN). Each month the Rutgers SBDC hosts a WEN breakfast to provide women business owners with information they can use and some encouragement along the way.
Effective planning and follow-up are among the keys to success regardless of the business you're in. Here are some basic tips to help set a solid foundation for starting a thriving enterprise.
Develop a business plan that outlines your goals, the steps you are taking to reach those goals, a budget for meeting all expenses, staffing requirements.
Stay focused on your mission – the more you stray you’ll lose your way.
Establish a support network - they're your angels in the field. For working mothers, it's a network of trustworthy family members and friends who help you look after your children and run your household. For the small business owner seeking advice and professional support, tap into a network of professional women and men whose expertise can come in handy when you need guidance.
Identify funding sources – establish a line of credit to support equipment needs and to lend financial support.
Join a business mentoring group and professional trade organizations that give you exposure to high ranking and knowledgeable individuals and trends in your field to help keep you on top of your game.
Surround yourself with positive people and successful people – they see the possibilities.
Value quality people – establish a business that leverages the talents of highly motivated, skilled and experienced individuals who believe in your mission.
Build a network of strategic alliances with companies whose services support your project needs and whose values are similar to yours.
Identify Your Weaknesses – Be honest with yourself and learn what you don’t know.
Trust your instincts – they’re never wrong.
Share your expertise and successes, promote your strengths – they will become your selling points.
Be the top sales person in your company – The magnitude of what you aspire will translate into what you acquire – success stems from the top.
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