Small Business Help: Do's & Don'ts

Top Ten Do's when starting a Small Business

1. Live frugally to build a start-up nest egg.

2. Be sure your intended business has long-term economic potential.

3. Aim to become a specialist.

4. Work first for someone else in your intended business.

5. Adapt to your local market and tastes.

6. Prepare a business plan before you start.

7. Learn computer and e-commerce skills before you start.

8. Have a lawyer and accountant before you start.

9. Know how to keep score: learn accounting.

10. Prepare frequent cash flow projections.

Top Ten Don'ts when starting a Small Business

1. Don't quit your job until you are certain you can go it alone.

2. Don't be impatient in selecting a business.

3. Don't sign a lease or franchise agreement without a lawyer.

4. Don't seek out a too highly challenging business; wait for the fat pitch.

5. Don't skimp on insurance coverage.

6. Don't be better at opening stores than operating them.

7. Don't overlook adequate employee training and motivating.

8. Don't let anyone sign your cheques.

9. Don't let anyone sign purchase orders.

10. Don't hesitate to promptly cut costs in business downturns