Business Networking

1. Save up as much money as possible before starting.
2. Start on a shoestring.
3. Protect your personal assets
4. Understand how -- and if -- you will make a profit.
5. Make a business plan, no matter how short
6. Get and keep a competitive edge
7. Put all agreements in writing.
8. Hire and keep good people
9. Pay attention to the legal status of your workers
10. Pay your bills early and your taxes on time.

Good one. Id add some i know. these are the critical success factors for any type of business:
1. Barrier to entry-not everyone should be able to enter the type of business you are going to do. there should be some barrier to reduce competitive losses
2. Strong suppliers-your suppliers should be able to give you a lot of credit!! BUSINESS RUNS ON DEBT!!
3. Customers-you should not have the type of business in which customer is so strong that they manipulate the hell out of you
4. Competitive advantage-you should have a strong competitive advantage like lowest cost/highest quality/technology. this should be a sustainable one
5. Your business should b the type which can be sustained. your strategy has to be long term.

Regards,

Gaurav

Would your tip about hiring hiring good people include using a payroll company. Our business is up and down and the workload for a payroll department would fluctuate greatly. We use outside contractors for a lot of work and do not have steady work that would require a payroll department. What do you think of a company like Detroit payroll solutions?