Advice to New Business Owners: Part 2

Here are some more tips and comments from OED500 applicants when asked to share advice to people starting a business. In the OED spirit of "entrepreneurs supporting entrepreneurs," we'll be passing along some of the best feedback received. Read on and pass along to those you know who are making a go of it!

MG(ret)Roger Blunt
Retired Military Officers Association (RMOA)
Join or form systems of information sharing and cooperation with other small businesses in like situations; rethink the old paradigms that have characterized your operating systems or methods and don't be afraid to change or challenge them; look for cooperative efforts with others outside your standard arenas; be available to joint venture, team, or form other marketing alliances to increase your market share; work harder AND "smarter".

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Tom McCormick
http://www.tom-mccormick.com/
Pay yourself first! Do not expect to profit from revenue coming in alone. Determine that for each dollar coming in, you are going to take out X cents for profit. If you can't get the work done (at the proper quality level) with what's left over then you are losing money before you even agree to take on the revenue.

So true, Tom! How many business owners scramble to pay other without taking a salary? A too common problem in this economy and a hard business "habit" to break once started!

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Don Ritzman

Absolute Identification, Inc.

Try to create relationships with partners that do not require major outlays of cash. Cash is the precious item that all start-ups need to preserve in every way possible in order to sustain and then be in a position to grow. Cashless transactions with key partners can help make this easier.

Great, creative way to stretch that ever-so-precious cash on hand!

Watch for more great small business quick tips, search for expert advice, and explore opportunity postings at http://www.oedmembers.org/!