10 Do's and Don't in Starting a new business

Excert from myownbusiness.com

Ten Do's:
1. Live frugal and being saving up money for starting your own business.
2. Learn your intended business by working for someone else in the same business first.
3. Consider the benefits of starting a moonlight business.
4. Consider the advantages of operating a family business.
5. Objectively measure your skills and training against potential competition.
6. Consider subcontracting to low cost suppliers if you're manufacturing a product.
7. Test market your product or service before starting or expanding.
8. Make 'for' and 'against' list describing the specific business you are considering.
9. Talk to lots of people in your intent ed business for advice.
10. Make a comparative analysis of all opportunities you are considering.

Top Ten Don'ts
1. Don't even think about leaving your job until you have completed start up plans.
2. Don't consider starting a business in a field you do not enjoy.
3. Don't risk all the family assets. Limit your liabilities to a predetermined amount.
4. Don't compete with your employer in a moonlight business.
5. Don't be in a hurry to select a business. There is no penalty for missed opportunities.
6. Don't select a business that is too high risk or hurdle. Go for the 2 foot hurdle.
7. Avoid a business in which you must have the lowest price to succeed.
8. Don't be afraid to seek out and learn the negative aspects of an intended business.
9. Don't let entrepreneurial self-confidence outweigh careful diligence.
10. Don't let the promise of a conceptual high reward deter reality testing first.

Moreover, before you start your business, being developing a database of future customers you wish to target. This list can be used for direct mail, invitations, and newsletters. Your database could include specific individuals, companies, and groups by location. Begin now to :

-Join the Chamber of Commerce
-Collect business cards
-Collect names or mailing lists from your church, school, organizations, and community groups.
-Get involved in your industry and community affairs.