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marksman
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| Joined: | Mon Nov 28th, 2005 |
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| Posts: | 56 |
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Posted: Mon Nov 28th, 2005 04:10 pm |
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I have started many businesses in my life, and thought it would be useful to kind of brainstorm about what some of the biggest pitfalls are when starting a new business. Be it acquiring financing, getting the proper licenses, location, accounting what have you.
What problems have you run into when starting your new business that you would have done differently if given a chance at a do-over?
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TPT
Administrator
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Posted: Mon Nov 28th, 2005 10:07 pm |
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Good question!
I would say the pitfalls I have run into are accounting and marketing related.
Accounting - It is difficult to convert an existing business to a new accounting package, so choose your software wisely. Find an accounting product that will fill your needs...and your planned needs. Also, make sure your accountant will be able to use the package you choose.
Marketing - I floundered around a bit when I first started. I did not have a solid marketing plan initially and did a bit of advertising here or there. When you plan for marketing and related costs, plan on running ads for several months. This will get you some name recognition, especially if advertising to a local or regional market.
____________________
Fred
Intensify.biz Founder
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Kevin
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| Joined: | Tue Nov 29th, 2005 |
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Posted: Tue Nov 29th, 2005 11:48 pm |
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I have just started my own bussiness and one thing I am having trouble with is getting work.
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TPT
Administrator
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Posted: Tue Nov 29th, 2005 11:56 pm |
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Kevin,
What business are you in? Is it internet based, home based, or do you have a physical storefront?
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Fred
Intensify.biz Founder
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marksman
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| Joined: | Mon Nov 28th, 2005 |
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Posted: Wed Nov 30th, 2005 10:06 pm |
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Getting work especially as an unknown requires a lot of hustling. You just have to keep going out there and almost annoy people to get them to look at you. It is also important to consider providing discounts and incentives to get some clients to give you the benefit of the doubt initially. Once you have some established and happy clients, it becomes easier to parlay them into more business.
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Kevin
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| Joined: | Tue Nov 29th, 2005 |
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Posted: Thu Dec 1st, 2005 09:24 pm |
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I am in a internet based bussiness. Web designing.
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TPT
Administrator
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Posted: Fri Dec 2nd, 2005 02:16 am |
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Kevin,
I'd recommend advertising your services on various web sites, like webhostingtalk.com, hosthideout.com, etc. Also, have you tried to focus on a niche? Maybe you can focus on sites that you are good at or enjoy working on. I've seen some companies do really well by focusing on one or two verticals (i.e. medical, construction, retail, etc).
____________________
Fred
Intensify.biz Founder
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Morgan
Member
| Joined: | Sat Dec 3rd, 2005 |
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Posted: Sun Dec 4th, 2005 02:14 am |
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As TPT said advertising on as many website forums as possible also adding a link in your signiture can also prove to be useful.
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CaitSith4343
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Posted: Sun Dec 4th, 2005 07:51 pm |
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The biggest pit fall I have encountered is not enough time. I've only started websites, and don't have much going on right now, but a while back I had a few going at once and it really hurt me. If I had just kept it to one at a time, developed a reputation for each and then maybe gone on to something new I think I would have been a lot more successful.
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imarketing0
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| Joined: | Mon Dec 5th, 2005 |
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Posted: Mon Dec 5th, 2005 02:12 pm |
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I think the biggest pitfall I ran into was not having enough start up money in the business. I really didn't have much money to spend on marketing or advertising and a few other areas of my business. And yet I kept working at, started earning some profit and from there things got better. However, I wish I would have been a little more prepared in the beginning.
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