IWRITE Business Plan Event Going on NOW!

 IWRITE Business Plan Event Going On NOW!

It's business plan season where everyone is focusing on taking their company or new business to the next level.
 
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Get the Facts on What Not To Do When Launching a Start Up

Get the Facts on What Not To Do When Launching a Start Up
We can always find ideas, tips and advice on what to do when launching a start up but how many people find out beforehand what not to do? Sometimes knowing what not to do, can save you a lot of headache, heartache, time and money.

Well, we have found some really useful information that every business owner needs to know before they get started. The importance of knowing what not to do when launching a start up, will make all the difference in how successful the business will initially get off the ground.

It's been said that the investments for U.S. startups on the on the rise. In fact, the Phoenix Business Journal reported, startups are on the rise to nearly pre-recession investment levels. They also state they may be our secret solution to getting out of the recession.

So, if you are ready to get your business idea into motion, start off with a business plan and portfolio to map out your startup business structure and its goals.

Then, take a look at some important information according to Allen Steiman of Soletron and Gauri Manglik  of Fondu. They have some concrete knowledge of what not to do when launching a startup:

1. Don't put off the legal groundwork
2. Don't be afraid to learn faster than anyone else
3. Don't forget to reach out to mentors and advisors who have done it before and believe in you
4. Don't forget that you get what you pay for — especially when it comes to talent
5. If you don't have a lot of money, don't be afraid to compensate your team with equity
6. Don't forget that this will take over your entire life
7. Don't assume people will be as responsible as you are
8. Don't forget that you need a partner you can trust
9. Don't neglect your physical health
10. Don't forget to develop a thick skin. Not everyone will be sold on your idea at first
11. Just do it

Remember, by getting your business plan done first and then concentrating on these 'Don't Do's', you will have a smoother start at getting your business up and running.

Read more on the tips above in depth at Business Insider.

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Can You Launch a Start Up While on Your Day Job?

Can You Launch a Start Up While on Your Day Job?

The answer to this question is: Yes, of course you can! Now, the way in which you juggle your day job and your start up can create some challenges but it is very possible. While you may have the passion for your new business, you will need to use your self discipline and strategic skills to make it work. 

It's obvious you need to stay on your day job, so here is some advice from four entrepreneurs who were able to do it and stay in good standing with their jobs. First, let's hear from Chris Altchek of PolicyMic who says its possible. In fact, he kept his day job with Goldman Sachs before launching his business:

"Many investors will want to speak with former employers as a reference. If you've let your side project get in the way of your full-time commitments, you may be hurting your chances more than you think."

Let's hear from other entrepreneurs who have some good advice on getting your dream start up off the ground and keeping in good graces with your current employer.


Sacrifice

Whether it's your job, or whether it's your family, it is very difficult. It's all about long hours. There's the whole thing of finding more time in existing busy lives. Those who manage to do that are really successful."— Eric Lagier, founder of Memolane, a tech company that builds web activity timelines

Work through Lunch Break

"Spending time on Wikifashion allowed me to relax from my work at the treasury. I'd take my laptop into work with me and spend my lunch breaks at the local cafe working on pages, emailing brands and helping out new contributors." —Madeline Veenstra, co-founder of Wikifashion, an online hub where users and brands can share fashion industry information

TIP: Don't forget to begin with a professional business plan for your start up.

Invest

"This is something that comes from my own mistakes: don't leverage your income from your day job to do unnatural things early on in the life of your part-time startup ... Constrain yourself financially so you can focus on getting as much done without wasting your valuable resources. Save that money instead so you can put it to good use when you actually are financially constrained." —Willis Jackson, founder of ShownHome, a developer of software for real estate professionals

Respect current employer

"Don't slack at your day job because you're pursuing another passion. Your current employer, and what he or she thinks of you, matters. Many successful entrepreneurs go to their ex-bosses for seed capital. Many investors will want to speak with former employers as a reference. If you've let your side project get in the way of your full-time commitments, you may be hurting your chances more than you think." — Chris Altchek, co-founder of PolicyMic, an online political news source aimed at user engagement

Find out what the remaining 5 other entrepreneurs did to made it happen for them HERE

Get your professional business plan done for your start up here at IWRITE.