Are you a budding Entrepreneur with a great idea? Starting a small business can be a daunting task if you don’t have the right tools to guide you to make your business idea a reality. Don’t give up on your dream, let your passion bring out the Entrepreneur in you. Confucius quote speaks volumes!

“Choose a job you love and you will never have to work a day in your life!”

Today we bring you Ten Tips to get you started on your Entrepreneurial journey.

1) Do what you love.

You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it’s really important that you truly deeply enjoy what you do, whether it be catering, fashion designing or providing a service.

2) Start your business while you’re still employed.

How long can most people live without money? Not long, and it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re going through the process.

3) Don’t do it alone.

You will need a support system while you’re starting a business and afterwards. A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start-up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start-up program such as the (J.B.D.C) Jamaica Business Development Corporation.

4) Get clients or customers first.

Don’t wait until you’ve officially started your business to line these up, because your business can’t survive without them. Do the networking, make the contacts. Sell or even give away your products or services. Start the marketing activities early.

5) Write a business plan

The main reason for drafting a business plan first, is that it can help you avoid investing your time and money into starting a business that will not succeed. Remember, you don’t have to work through a full scale business plan for each new business idea.

6) Do the research.

You’ll do a lot of research writing a business plan, but that’s just the start. When you’re starting a business, you need to become an expert on your industry; you must know your products and services. Joining related industry or professional associations before you start your business is a great idea.

7) Get professional help.

Just because you’re starting a business, doesn’t mean you have to be an expert on everything. If you’re not an accountant, hire one, if you need to write up a contract, hire an attorney. You will waste more time and possibly money in the long run trying to do things yourself that you are not qualified to do

8) Get the Capital lined up.

Save up if you have to, approach potential investors and lenders. Figure out your financial fall-back plan. Don’t expect to start a business and then walk into a financial institution unprepared. Traditional lenders don’t like businesses without proven track records.

9) Be professional from the get-go.

Everything about you and the way you do business should indicate that you are a professional business individual. Get business cards, a business phone, a business email address, and treating people in a professional, courteous manner are key success factors.

10) Get the legal and tax issues right the first time.

It’s much more difficult and expensive to untangle confusion after the business is set up. Do register your business and find out about your income tax situation. Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

At First Heritage Cooperative Credit Union Limited, we have a variety of Micro & Small Business Loan options designed to satisfy your unique business idea. Contact 929-5142 and speak to a Micro & Small Business Loans Officer today.

Visit any of our six Micro and Small Business locations island wide or visit our website at www.fhccu.com for more details.

WE BRING OUT THE ENTREPRENEUR IN YOU!

Contributed by Diana C. Allen, Senior Marketing Officer