Typography is an important aspect of any design, and the precise appearance of text is often critically important to the effectiveness of the message being communicated.

When we use images to display words, we have infinite control over how the text appears on a users screen. But then, that text is completely invisible to search engines. It’s self defeating if you produce a grand design for a client but no one is able to see it because of poor search rankings.

So, designers use text as much as possible. This introduces many challenges, especially in the multi-platform, multi-browser, multi-device environment we have today. Average users seldom have more than basic fonts installed on their system.

We have the ability to deliver fonts to their computer when they visit a site, but this often requires special licensing and quality fonts are not always cost effective to distribute legally.

Google to the rescue. Google has recently introduced Google Web Fonts (beta). A collection of high quality, web-optimized fonts that, thanks to a simple API, can be pre-loaded on the site visitors machine before the page is displayed. This guarantees that the user sees the information as it was intended to be seen. There are no tricky licensing issues to navigate, no fees required (although donations are welcome and help improve the library).

The fonts can be requested in the header of the HTML document making them available before the DOM is loaded. The fonts can then be used, styled and manipulated through CSS as any other font.

There are many fonts and families available (visit www.google.com/webfonts) but each font must be requested individually using the API call in the header.

It is recommended that only the necessary fonts be requested to reduce load time.

The API usage and the available fonts are well documented at Google Webfonts.

What is a QR code?

Like a typical Barcode found on just about any product in the supermarket, a QR Code is a pattern that can be read by machines. The QR Code, developed in 1994 by Toyota subsidiary Denso-Wave stands for Quick Response but you may have heard them referred to as tags or ‘tagging’. Unlike typical barcodes, these highly sophisticated QR Codes can store a lot of information in a tiny square, including instructions, words, letters, numbers, and more. A popular use for them is as a supplement to advertising. App’s on almost any smartphone can use the phone’s camera to scan QR Codes and follow instructions hidden within.

Why would you use them?

In short, you will be able to supply a potential client a quick and convenient way to access additional information that might not normally fit on your printed material or even store it quickly for later use. Capable of storing as much as 7000 numeric characters in a single code, QR Codes have nearly unlimited uses. For example, one might add a QR Code to their advertisement that included some or all of the following:

• vCard
• URL
• Compose an Email
• Display Text
• Send SMS
• Maps
• Phone Numbers

The uses for QR Codes is endless and the best part is that you can use any one of dozens of online generators to create your own QR Code absolutely free. But, once you have your QR Code, you must consider how to place it in front of your potential clients in a way that catches their attention and causes them to take notice. sodipop studios has the specialized professional skill set to maximize the effect of including QR Codes in your advertisement media. Afterall, it’s all about getting noticed and standing out from the crowd.

How Do My Potential Clients Use This?

Small, free, specialized applications available for any smartphone turns the phone’s built in camera into a magical barcode scanner. For iPhone alone there are over 50 free apps available for download. I personally recommend Optiscan but feel free to try several until you find one you like. If you are using a newer BlackBerry, you likely have a app that was pre-installed when you purchased your phone, but if not, you can download one called QR Code Scanner Pro. The Android App Market also has several offerings, including one that is commonly pre-packaged with your phone simply named Barcode Scanner. Other popoular Android choices include ZXing and QR Droid. Nokia has palced built-in barcode scanners in some of their models and they should be able to read QR codes.

QUICKSTART for QR code scanners: Find an app for your phone. I bolded a few options in the above paragraph.
There are usually two options you can do; One if you have the image of the QR code in your photo gallery, you can load it into your scanner app.

Secondly, you can use your smartphone’s built-in camera. Load the app point the camera at the QR code, and it will capture the QR code usually leading into some sort of action. Options tend to be, save QR code, share QR code, Or go to whatever the QR code is leading. If it’s a URL then it will lead you to the website. If it’s a vcard, it’ll ask if you want to create new contact, or add to existing, if it’s a map coordinates, it will take you to your map app for the location, phone numbers will just ask if you want to phone this number, etc.

The point of the QR codes is to reveal something extra that is found on your print products like a business card could have all your contact information stored in it, you scan it on your phone and it’s in your contacts list, allowing you to share information without having to give up your business card.

If you have any questions feel free to contact us through the website, or hit up some comments on facebook, we’ll do our best to answer your questions.

Contact us we have a lot of ideas to help you get noticed!

Cloaking An Email Address

I went looking for a way to protect email addresses on all of my sites, without losing the functionality of the mailto: link and I came across an easy and helpful javascript solution which, with a little tweaking and customization, I was able to bend to my will.

The solution is to input an email address into HTML in a way such that farming bots won’t recognize it as an email address. Then, using javascript, replace the encoded email address with a mailto: link.

For example, instead of placing the following in our HTML:

we use:

which is not recognized as an email address by spam bots seeking the ‘@’ symbol or the ‘mailto:’ string.

We then execute a little bit of javascript which will replace the encoded email contents of any span tag assigned a class of ‘address’ with a properly formatted mailto: link.

The above script locates <span> tags with the class “address” (change value on line 6), and parses the contents, replacing the ‘_at_’ email encoding with the proper ‘@’ symbol. The change is invisible to robots but will display in browsers as if it was a part of the source code. Of course, a View Source will reveal the original ‘_at_’ encoding.

The script then parses the contents of the <span class=”address”> to check for a parameter that you might pass to the visitors email client. For example, if we wanted to pass a ‘subject’ parameter to the email client when the user clicks the link, we can do that by placing the following in the HTML source and executing the javascript:

The script will separate the email address from the parameter that follows the ‘?’. The parameter will be encoded in the mailto: link properly, but will not be displayed to the user except when the link is hovered over.

Force a Vertical Scrollbar

Luckily, the solution is very easy, using only a couple of lines of CSS code.

The above method sets the website’s height to 100 percent, and the adds a bottom margin of 1 pixel. This extra pixel forces the vertical scrollbars to appear. Other methods involve setting the height or min-height of a website to a greater value than the screen height, but our method is guaranteed to work regardless of the viewers screen resolution, without adding excessive scroll height.

ASP – Active Server Pages – A method of creating dynamic web pages using HTML, Scripts, and ActiveX Components. Commonly available on Windows based web servers. Not all Linux or Unix based servers can support ASP

Banner – An advertisement that is typically used for promoting a product, service or website via other web-sites. Is typically a single image but can often be an animation or Flash Video.

Banner Rotation Program – A program that allows you to submit a banner or advertisement to be included on one or more web sites in rotation with other advertisers. Fees structures are typically based on frequency, pay-per-click, or other criteria.

CGI – Common Gateway Interface – A method of passing data between a web site (HTML) and a script or application installed on the server that hosts the web site.

Cyber-Squatting – The practice of registering a domain name and purposely leaving it dormant or unused. It is common for cyber-squatters to offer the domains they register for sale, at greatly increased prices.

Demographic – A segment of the population broken down by specific criteria such as age, income, interests, etc…

Directories – Web sites that provide organized listings of businesses in general or specific categories. Typically, they will offer free basic listings and enhanced options in exchange for a monthly, yearly, or one-time fee.

Domain Name – The world wide web address to a particular website. (ie. Our domain name is “lemontreestudios.ca”)

E-Commerce – The buying and selling of products or services via the internet and the world wide web.

E-Business – A business primarily or solely focused on the use of E-Commerce

FAQ – Frequently Asked Questions – A list of common questions and answers that have been asked by visitors or were anticipated by the Web Site designer. Useful for visitors to your site and for enhancing your search engine results.

Hosting Service – A company that hosts websites and makes them available on the internet in exchange for a fee. LemonTree Studios is happy to offer this service.

Navigate – To move from one area of a web site to another.

Newsletter – A document that contains articles, information, and advertisements about a specific topic or company. Typically they are distributed through e-mail to a list of subscribers.

Online Communities – Forums or websites that are principally comprised of content submitted by members and guests, often allowing interaction between the viewers themselves. (ie: car clubs, hobby sites, pet owners, etc…)

Paid Inclusion – A service offered by many search engines. In exchange for a fee, they will expedite your sites inclusion in their databases. Some will also offer a higher ranking as a part of this service.

Pay-Per-Click Traffic – A program offered by most search engines and other service providers that displays your ad prominently to their visitors. You will pay the service provider for each visitor that clicks your ad and visits your web site.

PHP – Hypertext Preprocessor – A programming language that allows web site developers to interact with databases stored on the server that hosts the web site.

Placeholder – A page, image, or note used as a reminder that the final product has not yet been put in place. Also frequently refers to a web page that is used to notify traffic that a particular domain name is active, but no site has been set up.

Residual Value – The value an ad or promotion leaves behind once it is no longer being published or viewed.

Search Engine – A service that collects and maintains information about web sites and stores it in databases. Users can search these databases free of charge to retrieve a list of web sites that contain information relevant to their search term.

Search Engine Optimization – Carefully designing and manipulating the visible and hidden layers of a web site to reach higher rankings within the search engine databases.

Search Engine Submission – Submitting your web site URL or address to a specific search engine to be considered for inclusion within their databases.

Secure Certificate – A document used to certify that a user is authentic.

Service Providers – Companies that offer promotional services primarily or solely using the internet and its components to reach their audience. Also, a company that provides a connection to the internet such as Bell Canada or Rogers Cable.

Splash Page – A simple web site comprised of a single web page. Often serves as a “Coming Soon” or “Under Construction” notice, but has other uses as well.

SSI – Server Side Includes – Components of an HTML web page that instructs the server to provide dynamic content. (ie: date or time, CGI results, custom programming)

SSL – Secure Socket Layer
– Commonly used by commerce web sites that require a high level of security. It is a protocol that allows for the encrypted transmission of data between the web server and the viewer. Denoted by “HTTPS” in your URL bar.
Top Level Domain – (TLD) – The final part of any web address, they are intended to denote domains within a specific group. (ie: .CA = Canadian, .COM = Commercial, .NET = Network)

URL – Uniform Resource Location – A standardized way of addressing documents and other resources (including web sites) on the world wide web

Web Presence – Your visibility on the internet

Web Statistics – Statistical data based on the use of a specific web site. Commercial software installed on the web server will provide vital data about who when and why visitors are coming to your site. Some hosting services will provide this as part of their hosting packages. LemonTree Studios is happy to include this service with all of our hosting packages.

Let’s face it… we all make decisions based on our first impressions. In today’s dense business environments, it is crucial for your company to leave a positive and impactful impression on your potential customers. The image you put forward is what will stay with them long after any brochure or advertisement has left them. The single most distinguishable component of a company’s image is its logo!

Much thought and care must go into the creation of a logo that truly represents your company and sends the right message every time. This is where the more than 25 years of expertise of Not Just Graphics can benefit your company. We have a highly skilled and creative team of Graphic Designers and Business Strategists that have a proven track record in obtaining business success for our clients.

Our approach is unique. Our creativity is unmatched, and our Quality of work is masterful.

We first seek to understand the company, the people, the product, and the customer. Once we have educated ourselves in YOUR business, we apply our knowledge in Marketing and Business Strategy and the resulting product is always on-the-mark.

We consider many factors when we are designing a logo for a client. Firstly, the type of logo required is of key importance.

The four main types of logos are:

• Wordmark Logo
• Lettermark Logo
• Brandmark Logo
• Iconic Logo

One of the very first steps people take in a new business is getting themselves a logo. This is a task that is best left to the professionals. Discount logo designers cannot spend the time required to understand your company properly, or the message that you want to put forward. These companies often utilize templates or pre-designed logos and try to pass them off as custom work. A professional design firm will ask questions about your business, pay special attention to the colours and fonts used, and provide unique designs that truly represent your company. LemonTree Studios does just that.

Wordmark Logo

Some of the most famous Wordmark Logos are:

• Coca-Cola
• Microsoft
• Bell Canada

Lettermark Logo

Some of the most famous Lettermark Logos are:

• IBM
• ATI
• FBI

Brandmark Logo

Some of the most famous Brandmark Symbols are:

• Nike’s Swoosh
• McDonalds Arches
• Chevrolet’s Bowtie

Iconic Logo

Iconic Logos are the most cost effective since they communicate more readily than the other logo types and less advertising dollars must be spent on explaining the logo

The primary reasons why most businesses fail are as follows:

1. Poor or Non-existent Business Plan
2. Fail to establish clear and concise goals and objectives
3. Failure to stick with the plan
4. Failure to seek advice from experienced professionals
5. Inadequate Financing
6. Failure to adequately understand the market(s) the business serves and the customers in the market. Misunderstanding what customers really want
7. Underestimating the competition
8. Poor or no marketing programs in order to attract customers
9. No means of differentiation – just another “me too” business
10. Not paying attention to cash flow
11. Lack of proper control on expenses
12. Lack of attention to accounts receivables
13. Lack of attention to inventory (excess and/or obsolete)
14. Not cost competitive – overhead too high, manufacturing inefficiencies
15. Trying to expand too quickly
16. Poor people management skills

LemonTree Studios provides professional advice and strategy development paired with cutting edge design capabilities and proven marketing techniques. Let our years of business experience work for you.

In this stage, the “business” is not really a business – it is merely an idea in the mind of the prospective business owner. He/she has a dream or a vision. Their idea or concept may be well thought out or could still be in the formative stages.

Stage 2 – The Plan

By now, the future business owner has started to develop plans for their business. The ideas and concepts have been transferred to paper. Information gathering is underway for things such as the legal name, location, marketing, financing and the acquisition of the necessary equipment, furnishings and inventory. Professional assistance (accountant, lawyer, coach, consultant, marketing firm) may have been retained.

Stage 3 – The Launch

At this point, all of the necessary research has been conducted. The planning is complete. All of the requisite legal and registration documents have been finalized. Financing, if required, has been secured. The business owner is ready to open the doors.

Stage 4 – The Young Business

This stage of development usually last for the first 2-3 years after the business starts operating. The business is still trying to find its niche or position in the marketplace. Often there are financial, marketing, customer and employee issues that the business owner had never anticipated when he/she first started planning their business. This is usually an eye-opening period for the first time business owner. If a business is going to fail, more than likely it will occur during this stage.

Stage 5 – The Growth Business

The business has now survived the first 3-4 years of operation. It has a loyal customer base. Marketing programs are yielding some results. The business is generating a small profit. The key for a business owner at this stage is to increase revenues, attract new customers and improve profitability.

Stage 6 – The Established Business

A business at this stage has been in operation for several years. Systems, processes and procedures are in place. The challenge for the business owner is to continue to grow the business and to continue to improve the overall operational effectiveness of the business. Growth could occur through new product development, distribution agreements for products for the existing market(s), new channels of distribution or acquisitions. Operational effectiveness could occur through continuous improvement of manufacturing/quality programs, employee training, new technology, new IT systems and the development and implementation of organizational procedures.

Stage 7 – The Mature Business

This business has been in operation for many years. For the most part, the business runs relatively smoothly. The company has become recognized as one of the leaders in its industry. It has a reputation as a provider of quality products and services.

Every successful business owner seeks professional help at some juncture in their career. Most will seek legal advice and incorporation counsel in the early stages. Some will seek advice from financial advisors, bankers, and other lenders before their business even opens its doors.

There is much wisdom to be found in those who focus on the thing that they do best, and leave the rest for those who do what they do best. Presumably, you know your business, its heart, its direction, and its potential, better than any other individual. That alone however does not make you an expert in law, in finance, in marketing, in advertising, in IT services, or in accounting.

Even if your business is part-time or you have nothing that would prevent you from dedicating 12-18 hours per day to your new business, you are not going to have the time to learn and perform all of the above listed professional services yourself.

Knowing and accepting that you will need help from professionals to make a successful go of any business is the first step in achieving your business goals. Planning and budgeting for the necessity, and not overlooking them in the beginning is the second.

Agreed that the initial investment in these services can often appear better spent on inventory or more effective as a liquid asset, it is important to consider that any thing worth doing is worth doing right, and that any money spent on an endeavor will be lost if the endeavor does not have the chance to succeed from the start.

Consider, as you read this document, that fees for services offered by the professionals in the following categories should not be considered expenses as much as they should be viewed as investments. After all, you are investing in yourself and the future of your company.

Having said this, you should carefully select those from whom you seek advice.

LEGAL SERVICES

Chances are this will be your first business. No one is an expert their first time out. You will need advice and direction from a reputable business lawyer to get your new business incorporated, to register trade-marks and copyrights, and to ensure that you are not infringing on other business owners trade-marks or copyrights. If you know business owners in the community, seek their advice on reputable law firms.

If they make a recommendation, make sure that they are fully satisfied with the service they have received from the firm. If you have a personal or family lawyer, ask their advice. Their firm may offer business services as well, though not likely with the same lawyer.

Check with your Chamber of Commerce or your Downtown Business Association if you have one. Both will gladly recommend any of their members who are highly regarded in the community.

Don’t be afraid to consult with more than one lawyer until you find the one that you are comfortable with. Most, but not all, will offer a free consultation. Keep in mind, once you have chosen a business lawyer that while they are the professional in their field, you are paying for their time and as such, they work for you. Consider their advice, but make sure both parties understand the implications of each decision.

FINANCING

All businesses, new or established, need funding. If you are fortunate to be fully capitalized with no need to borrow, you may still wish to seek financial advice on maintaining or improving your liquid assets through investment or leveraging. If you are like the majority of start-up small business owners, you will need to borrow some or all of the money you need to meet your business goals.

Something important to keep in mind while you are shopping for a financial lender is that the odds are not stacked in your favour. 33% of businesses fail within their first six months of operations, 50% will fail within their first two years and 75% of all new businesses will fail within their first three years of operation.

All potential lenders will be familiar with these statistics. Therefore, your business plan must show a reasonable potential for success, your financial forecasts must be realistic, and the lender must have confidence in you and your business management team’s ability to obtain success.

Friends, family or private backers are most likely your first option for funding. The second option is typically the major financial institutions (Banks). Failing both of these, you must turn to Business Development Lenders, Private Investment, or take your company public. All lenders will have different methods of calculating the risk, and furthermore, their tolerance of risk will vary. Of course, you can expect the interest rate to vary proportionately with the lenders tolerance.

Whether you have adequate funding already, or are seeking a business loan, you may wish to seek the advice of a financial advisor. A skilled advisor will help you determine the most effective method of managing, growing, and repaying your liquid assets. They will also be able to recommend a viable leveraging strategy that will allow you to reach maximum effectiveness and borrow less money.

MARKETING AND ADVERTISING

While marketing and advertising are two very different professional services, they are frequently co-associated or mistakenly substituted for the on another.
Marketing is truly about taking your company, its products, and its services to market. The image your company portrays and how it is represented to your potential clients directly affects their choices.

Everything from your company colours, your logo, your message or tagline, down to the font or text style and paper choice have much to say about who you are and what your client can expect from your company. An effective marketer can develop a brand that is “positioned” to achieve maximum saturation within your desired target market. The most skilled marketing firms can provide maximum retention and brand recognition while allowing for a higher residual value to every campaign.

Marketing is also about defining markets, adapting your methods to develop a specific demographic or to target a specific geographical area. It’s about creating markets and exploiting existing ones. It’s about strategy and technique.

Advertising is more about the distribution of your message. Which papers or magazines will reach your market? You have a beautiful brochure (the message has been carefully developed by an experienced marketing firm) but what is the best way to distribute it? What web sites or search engines would you benefit from purchasing ad space on? Which side of which bus and on which route would your ad be best placed on? These are all typical questions that experienced and professional ad agencies can answer for you.

Your marketing and advertising providers must work closely together if they are not one and the same. Every distributed or communicated ad must portray the consistent message and look to achieve the goals of the marketing campaign.

Ask for references, and check them. Make sure clients have been satisfied with the results. Look for repeat customers. Choose a company that is established and has been in the community for some time. This benefits their credibility as much as their efficiency. If they’ve been dealing in your community for some time, they have
a relationship with the newspapers, advertising outlets, and media sources and can often produce more effective results in less time than new marketing firms or ad agencies.

IT SERVICES

Information Technology! Today’s computerized business environment can present challenges to new business owners that they are not prepared to deal with. For some, your IT needs may never exceed the need for 1 or 2 computers and a printer. For other businesses you might need several computers networked together, or perhaps your retail store will require a POS system integrated with your accounting software.

You should assess your IT needs both at start-up and over the first 3 years of your business growth. Do you anticipate challenges for which you do not currently have the expertise to handle on your own? Will you need to develop new skills, or hire an individual to assist in the day to day technical aspect of your business? More than likely, your needs will lie somewhere in between.

Finding a reputable computer consultant can be a challenge on its own. In many cases, you may find that consultants specialize in one area but lack in another area that is equally important to you.

Your best bet is to seek out established consultants that have been serving your community for some time. Seek the advice of peers whose business model closely matches your own. Their IT providers are more apt to have experience in the areas you are likely to need.

In cases where specialized equipment is anticipated, such as POS systems, security or surveillance needs, manufacturing equipment or communication systems, check with your peers and competitors to see what brands are favorable. Check with the manufacturer or distributor of these brands to see if they offer integration or automation services with purchase. Also consider whether you and/or your staff will require special training to use your new equipment on a daily basis.

ACCOUNTING

While basic bookkeeping is commonly a task performed by the small business owner, as your company grows, and your time becomes more in demand, you may want to hire a part-time or full-time bookkeeper to manage the day to day transactions and keep the cheque book in balance.

A Chartered Accountant (CA) or Certified General Accountant (CGA) or can be a huge asset to a small growing business. They can prepare your year end reports, financial statements, and tax returns regardless of how complex your accounting system becomes. They can offer advice on how to streamline your accounting system to keep you or your bookkeeper efficient and effective.

They can advise you of potential pitfalls ahead of time and keep you abreast of changes in tax laws.

Choosing an accountant can be stressful because in a sense, you are entrusting your money to someone else. Again, look for a firm that has been in the community for some time. Ask for references and verify them. Ask your lawyer or financial advisor for a recommendation. Have a consultation with those that are recommended, and choose the one that makes you feel most confident.

We’ve identified the 6 most likely professional services you will require, and offered advice on choosing the one that’s right for you and your business. You are likely to encounter a need for additional services as your business grows that are best served by professionals or experts in that field. We recommend you apply the same principles we’ve outlined here for each professional from whom you seek advice. Establish your goals, ask for references and verify them, get recommendations from other professionals, don’t be afraid to shop around, and make sure you are comfortable with your choice.

Are you frustrated in your current job? Are you annoyed with your boss? These by themselves are not good enough reasons to rush into starting your own business, though they are often strong motivators. Think very carefully about the ramifications of starting a business. In most cases, during the first few years of operation, the business owner works long hours. What implications will this have on your family life? Is your spouse in agreement with your decision? If you are not prepared to or cannot make the necessary time commitment, then you must ask yourself if starting a business is really the right step for you at this point in time.

In many cases, the business owner takes a reduction in income (from his/her current job) for the first year or two. Financially, how will your family manage?

Facts are that 33% of all new business will fail within their first six months, 50% fail within their first two years and 75% of all new businesses fail within their first three years of operation.

As you can see, the odds against you starting and operating a successful business are not in your favour. That is not to say that it cannot be done, but just think very carefully before you make a hasty decision.

Business Expectations

You should honestly ask yourself what you expect from your business. Is it to make a decent living? Is it to make a very good living? Is it to get rich? Is it to have more control over your life? Is it to have more free time? Is it to build a better product? Is it to provide mankind with some unique service? Is it to build a business that you will sell in a few years time so you may retire, invest or start another business? What do you want from your business?

Business Plan

Before you start your business, you will need to develop a plan. In its very basic form it should cover: the type of business that you will have, the product(s) and service(s) that you will offer, the markets that you will serve, how and why customers will buy from you, sales and marketing programs, management responsibilities (names and roles of team members), financial projections and an operating budget. You will need a plan that you can review on a regular basis and against which to monitor your progress. If you don’t know where you are going, how will you get there? Planning makes you a better owner / manager. It makes your company more competitive and more likely to succeed. Your company’s plan will be a constant reminder of where you want to go, what you want to become and how you will get there. If you are planning to borrow money from a financial institution, you will need a detailed business plan.

Legal Structure

Will your business be a sole proprietorship, a partnership or an incorporated company? There are pros and cons to each of these structures.

Differentiation / Unique Selling Proposition

What will differentiate your business from the competition? Will the quality of your products be superior? Will you provide better service? Will delivery be better? Will your warranty or guarantee be superior? What will be your unique selling proposition? If you do not have a means of differentiating your business from those of your competitors, why will customers buy from you? If you cannot differentiate, you will probably end up competing on price. The roadsides are littered with those companies that went bankrupt trying to compete in price.

Market

Clearly define the market that you plan to serve. Understand the demographics of your customers. Who buys; What do they buy; When do they buy; How do they buy; Why do they buy?

Competition

What do you know about your competition? How many competitors are in the geographical area in which you plan to do business? What are their strengths? What are their weaknesses? Why do customers buy from them? The more you know about your competitors, (strengths, weaknesses, how they market, how they will react to your marketing programs), the better prepared you will be to compete with them and stay ahead of them.

Financing

How will you finance your business? Do you have sufficient funds to finance your business for the first few months of operation or will you have to borrow money? If so, from whom will you borrow the money – relatives, friends, banks, third party lenders, business development organizations?

Cash Flow

You need to develop a 12-month cash flow projection. During the first few months of operation, you will be using cash. You will need cash for the premises, utilities, inventory, salaries, equipment, etc. How long will it take you to start to turn a profit and how long will it take before your cash flow is positive? Just because you are turning a profit, it does not necessarily mean that you are in a positive cash flow position. You may still require funds to build up inventory, or you may have outstanding receivables. If you are planning to borrow money from any of the above mentioned sources, you need to know how much you will need to borrow. Potential lenders will want to know how and when (what schedule) you plan to pay it back.

Employees

If your business is going to require specialized or uniquely skilled employees (manufacturing, engineering, technical sales, etc.) in order to succeed, determine how and from where you will attract and retain these employees.

Commitment

Is this something that you really want to do or is it because of frustrations in your current job or are you just having a momentary “entrepreneurial attack”? Are you prepared to commit long hours for the next few years in order to give your business the proper foundation that it will require? Or, are you expecting to work only 40 hours per week? (Most owners of new businesses work significantly more than 40 hours a week!) Realize that there will be long hours for the next few years. Not everyone can or is willing to make that kind of commitment.

Passion

In most cases, those that succeed in their own business do so because they have a strong passion for their business. They often “eat and sleep” their products or services. Try to select a product or service in which you have a great deal of interest. This could be a current hobby or something in which you want to develop further expertise. Pick something that you really enjoy doing. Your chances of success are far greater with a product or service in which you have a great deal of interest than one in which you are only mildly interested.

Advice

Who will you turn to when you need business advice? Presumably you are not yet an expert in marketing or in business. Most successful businesses rely heavily in the beginning years on the guidance and expert advice of professional services such as Business Consultants, Marketing Advisors, Graphic Design Firms, and even Financial Planning. Invariably you will encounter pitfalls and surprises along your road to success that you are not equipped to deal with on your own. Develop relationships with professionals who will work with you as you grow, who will be on hand when you really need them. Ask for references and be sure to verify them.