First time investors need to make the right choice for the type of business to pursue. Mistakes are rampant when an idea has not been researched thoroughly from the onset.
Here are important business tips to consider:
Stay away from seminars that offer business opportunities in the evening hours. Fatigue will hamper good sense reasoning when the urgency to sign on the dotted line and hand over the credit card arises.
Before going to a seminar or taking any financial steps, research the idea thoroughly. Check out demographics, the target market, legal compliances and restrictions for your area, availability of product, etc. Talk with friends and relatives or run a survey on the viability of the product or service that is being considered.
Research companies before attending a seminar. Do research online, check with the Better Business Bureau and other agencies. Look for other people who have had experience and who are not paid for testimony by the company.
Beware of marketing companies that offer discounts if you sign up right away. These companies don’t want you to have time to think about it. If there is pressure to jump in now, walk away.
Online marketing is a great thing if you make the right choices. However, fraud and deception is rampant. Take precautions. Don’t answer email ads offering business opportunities. Use search engines and go directly to websites that offer information.
Note the difference between how-to books and packets and startup business opportunities. There is a lot of free information online. You may or may not need the how-to books offered.
Realize that the startup cost is the first hook. Consider the overall cost to potential beginning sales. For instance: Jack and Dianne started an online product website that initially cost $300.00 for the kit. Since they had no product of their own and no idea how to run a website business, they paid $6,000 for a website to be set up, training and a membership in the companies warehouse. A list was provided for other warehouses. They learned how to run the website on their own and worked tirelessly day and night inputting product. Then they realized the cost of keywords, pay pal and auction fees. The truth that warehouses prices were not really wholesale struck them hard. So they tried selling their own things on an auction site. The fees were horrendous and buyers were upset about shipping and handling fees. At the end of the year, Jack and Dianne had lost $10,000 and many of their treasured possessions that they had in reality given away.
Get financial advise and consider it well. Check any proposed business plan over with the banker or financial adviser. Keep an open mind.
For startup cost, check out grants with your local business bureau or business administration office. Stay away from companies or online sites that offer grant information for a price. Anything you need to know about grants can be obtained for free or a small mailing fee from government agencies. Beware of illegal claims of connection to government agencies. Go directly to the source.
Sign up for classes through reputable websites. Level of education has no baring on the need for training from experts that have many years of experience in business. Be humble and realize that a business owner can never have enough education or advice to swim with the sharks.