Starting Your Business Right: How to Open a Successful Business

Getting from Outstanding Idea to Opening Day

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Robert Wyker: And to keep the people on your staff motivated by knowing that they are going to share in your success, so they feel that they are in effect, partners—even if they are not legally partners—in terms of the profits, that they are going to get a share that is commensurate with their importance to you because you recognize that, without them, you don’t have those profits.

Susan Corcoran: Although I would be careful about that because you don’t want to create expectations that you may not be able to fulfill, and those employees may not necessarily still be there in a year from now if you don’t meet your financial goals.

Jeanne Goulet: As your company begins to transition, you need to start paying more attention to cash flow through tax savings and if there are ways in which you can accelerate expenses to offset some of your income or ways in which you can arbitrage your rate to get a capital-gains rate and so on. What you save in taxes you are then able to reinvest in your business.

Carolyn Mandelker: I would say that the thing to keep in mind are that everything changes, that you should keep abreast of the change within your own industry. Even though the product may be more or less the same in three years, the marketplace may change. We grew up with tap water, right? Somewhere along the line, somebody got the idea: ‘Gee, let’s bottle it and sell it for two bucks.’ So this, to me, is the perfect example of change in a very short period of time.

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