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So, you made it through all the start up hoops without too many scrapes, but the day-to-day operation of your new business will offer you lots of opportunities to test your perseverance. Don’t be swayed from your dream; be strong and don’t give up.

• Keep business funds and personal funds
segregated

• Write a business plan

• Recognize the areas where help is needed; utilize
professional assistance when appropriate.

• Price your product or services properly

• Minimize your risk

• Identify your goals for the venture and make
your business decisions in accordance with these
personal desires

• Make an effort to prevent your business from
becoming isolating.

• The business may not take the direction that you
originally outlined. Persevere through the business
ups and downs.

Five Key ingredients for Business Success

Five crucial needs for a small business are: 1) a good idea for a product or service; 2) knowledge and experience in the business area; 3) sufficent capital to start and operate the business; 4) a battle plan; and 5) a sufficent market.

1. Idea: Product or Service  - If you plan to enter a business, you must have something to sell.  Maybe the field that you work in would be ideal, or perhaps the business might arise out of an expanded hobby.  Perhaps a friend has a wonderful idea and a partnership can be formed.

2. Knowledge and Experience - Knowledge and experience are both essential to being successful in business.  Before you enter a business, spend time in the field that you are contemplating.  Ideally, you will gain experience and knowledge over a number of years, as you learn every aspect of the trade, and plan on applying the learning to your own operation.

3. Capital - Many business fail because they do not have sufficent start-up and operating capital.  Unfortunately, to begin virtually every business, capital is necessary.  Since most small businesses have limited resources to start, the venture must be planned accordingly.  The key is to live within the means of the business.  Gradually, as the business becomes successful, you will be able to think about becoming more extravagant.  But wait until sufficient profits are being realized.

4. Battle Plan - A "battle plan" outlining both personal and business goals as well as objective, and a realistic time frame in which to meet those targets, is essential to the success of a new venture.  Some entrepreneurs choose to ignore the plan, utilizing a "seat of the pants" technique: coping with each proble, as it arises.  a small ortion of these individuals are even successful.  But for the majority of entrepreneurs, the "seat of the pants" technique is a blue print for failure.  Even with clearly defiend goals and objectives, success will be difficult to achieve, but without them, success usually remains unlikely.

5. Market - Sometimes, you can be in the fortunate position of having pent-up demand, meaning that the market exists and is simply waiting for someone to provide the product or service to fill it.  Usaully though, you have to make the market realize that your business exists with the product or service the public needs.

Eight Quick tips

Quick Tip 1A:  If you do not know something - ask.  Remember: curiosity is the key to both intelligence and learning.

Quick Tip 1B:  If you need something - ask.  People are usually happy to be helpful.

Quick Tip 2:  Keep a daily journal.  This will help you to focus your activities and thereby save you quite a bit of time and energy.

Quick Tip 3A:  Do not be afraid to delegate work.  Let employees do tasks of importance.  this will woften lead to new ideas and happier, more responsible workers.

Quick Tip 3B:  Often the employee on the floor has a better idea how to do things than the "man in the booth" (owner).  For this reason, amongst others, owners should listen carefully to their employees.

Quick Tip 4: - Often there is a better, less expensive method of doing something.  do not continue in the same routine because "It is the way things have always been done."  Experiment.  Innovate.  Select new options and test them out.  if they prove infeasible, then re-establish the routine.  Even a short change can often be more beneficial than no change at all.

Quick Tip 5A:  Banks have all types of free booklets and information for small businesses.  Make use of this information.

Quick Tip 5B:  Government also has all kinds of free information.  Makw the rounds of government offices and collect publications that apply to you.

Quick Tip 6:  Read financial publications.  Some worthwhile Canadian publications include:  The Financial Post, the Globe and Mail Business Section, Canadian Business, and Small Business Magazine.  From the United States.  Forbes and Business Week can provide valuable information.  These publications will keep you informed and abreast of current events.

Quick Tip 7:  Lucky 7 handy addresses:

1. Canadian Business Magazine - 70 The Esplanade, 2nd floor, Toronto, Ontario  M5E 1R2

2. Canadian Institute of Chartered Accountants, 150 Bloor St. West, Toronto, Ontario, M5S 2Y2

3. The Canadian Securities Institute, Suite 360, 33 Yonge Street, Toronto Ontario. M5E 1G4

4. Canadian Tax Foundation, 130 Adelaide Street West, 14th Floor, toronto, Ontario. M5H 3P5

5. Dunn & Bradstreet of Canada Ltd., 5770 Hurontario Street, Mississauga, Ontario. L5R 3G5

6.The Financial Post, 777 Bay Street, 6th Floor, Toronto, Ontario. M5W 1A7

7. Profit, 70 The Esplanade, 2nd Floor, Toronto, Ontario. M5E 1R2

Quick Tip 8: Don't rely on one supplier for all your needs, because if suppliers are cut off for any reason, you will be in a precarious situation.