Tips for Starting a Successful Business

Anyone can start a business but starting a successful one requires business knowledge. To help understand what are common mistakes people make when starting a business and for tips on starting a successful business, I have interviewed psychotherapist Ruth D. Timmons,LCSW.

Tell me a little bit about yourself.

"I am a Licensed Clinical Social Worker and have my own counseling and coaching business in Austin, Texas. I'm interested in a variety of topics and like combining my interests of counseling and writing. I have a website and blog on a variety of coaching and counseling topics at www.ruthtimmons.com."

What are common mistakes people make when starting a business?

"The following are common mistakes people make when starting a business:

Lack of knowledge. It's not enough to know about their particular business. People starting their own business need to have knowledge in a variety of areas, including legal, financial, marketing (including online marketing), and so on.

Lack of money. It takes time for a new business to get going. People starting a small business often don't have the necessary capital to get and keep their business going.

Lack of market research. People starting a business need to know if there is a need for their product or service. They also need to know their target market and their competition.

Lack of time. A full-time job, family, and other responsibilities often compete for the business owner's time and energy.

Lack of a good fit. To be successful, people need to love what they do, but there is more to it. They need to be self-motivated, able to make decisions, to stick to a schedule, and to follow through with tasks."

What are some tips for starting a successful business?

"Do your research. Do lots of research, not just about the business you want to start, but also about business and marketing in general.

Get expert help. There is an abundance of free or low cost help in starting a business. Don't try to do it alone.

Get a website for your business. Even brick and mortar businesses, those with a physical place of business, need to have an online presence for their customers to find them.

Develop and implement a good marketing plan. A business needs a good marketing strategy in order to reach and retain customers.

Place customer satisfaction as a priority. One dissatisfied customer, with a bad review on a site such as Yelp, can drive away many potential customers."

What type of professional help is available for someone that is having a difficult time starting a business?

"Starting a business is complicated. If you have no education or experience in business, I recommend getting expert help from the start. There are lots of free and/or cheap services out there to get you started. Four nationwide resources are:

U.S. Small Business Administration @ www.sba.gov

The SBA offers several free online business courses. They also have podcasts, with transcripts, on various small business topics. The SBA has several partnerships, including SCORE, Association of Small Business Development Centers, Women's Business Centers, and Minority Business Development Centers.

SCORE @ www.score.org

SCORE is a non-profit organization that is a resource partner with the SBA.

They have a large network of volunteers who provide free one-to-one business mentoring (in person and by e-mail) and relatively inexpensive workshops. If you are just starting out, I recommend going to a few workshops first. Start with "Essentials for Starting a Small Business" and "Essentials of Writing a Business Plan".

One thing to keep in mind is that these people are volunteers. Each of them has their own knowledge and experience in various areas of business. For example, a mentor that helped you write your business plan may not know anything about websites and marketing online. You can switch mentors at any time and get help for as long as you need it.

Association of Small Business Development Centers @ www.asbdc-us.org

These centers are also a resource partner with the SBA. They are hosted by universities, colleges, and state economic development agencies. They provide free business consulting and low cost business training. Their website has a great list of resources, including resources for small businesses and veterans.

Internal Revenue Service @ www.IRS.gov

If you are starting a business, you need to know the information relating to federal taxes. Some of the business topics include:

Starting a business - including information on selecting a business structure, employer identification number, business taxes, record keeping, etc.

Operating a business - including information on filing and paying your business taxes, business expenses, etc.

The IRS offers small business tax workshops in person, by CD, and online."

Thank you Ruth for doing the interview on tips for starting a successful business. For more information on Ruth Timmons or her work you can check out her website at www.ruthtimmons.com.

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