T = Trust
It is imperative to develop strong relationships built on trust, with both clients and suppliers. If you say you will do something, do it. If you promise to pay your supplier in thirty days, pay up. Don’t make promises you can’t keep.
U = Understand
It is important to understand the different aspects of business from start up costs and financing to whether or not you should charge sales tax and how to file your tax return. If you aren’t exactly business savvy, read up online or at the library. Ask questions of small business owners you know, learn about licenses and permits, speak to an accountant, or consider taking business courses at a community college.
V = Volume
Limiting or increasing the volume of your business should be done only after careful consideration. Make sure you can keep up with demands, but don’t be afraid to expand as necessary either. Evaluate from time to time to insure that your business is producing to its full potential.
W = Women
If you are a woman starting a business, research the special opportunities available for women. Start with the Small Business Administration.
X = eXample
Okay, I cheated a little here, but X is a hard one. The point is to find good examples or existing business models that work and then model your own business after them. While not every aspect of another business will work for you, there are some tested methods that will prove beneficial.
Y = You
Be sure you make time to take care of yourself and don’t lose yourself in your business. Set aside time for other activities including social outings and some “me time.” It is imperative that you take time for yourself, to preserve your identity. You are not just Mom, Wife, Business Owner (or Dad, Husband, Business Owner).
Z = Zeal
Zeal usually isn’t a problem when starting a new business. In fact, enthusiasm is usually one of the greatest strengths of the new entrepreneur. Just be careful not to let your zeal diminish over time or when things go wrong (and they will). A new business takes a lot of time and hard work to become a successful venture, but the rewards are well worth the time and effort.