That you have chosen a great name and built a great website is not enough as guides for starting a business. If you have do not have enough money as a working capital, then you should talk to prospective investors. You need to introduce the products or services to the target customers. And, you need help from the employers and partners. So, keep reading more guides for starting a good business below.

Guides for Starting a Business: The Elevator Pitch

The elevator pitch means a short speech or writing aimed at introducing your business. The elevator pitches intended for prospective investors, target customers, suppliers, and employees vary greatly. However, the principle is the same. An elevator pitch must be brief but compelling and simple but strong. Here are some tips to develop a great elevator pitch:

• Deliver it shortly but confidently. Avoid any tone that implies that you have a doubt with the business
• Show your positivism and enthusiasm
• Never underestimate the meaning of practice. It makes perfect
• Never use jargon
• Summarize crucial things like: what your business does, how you work with, why your business is unique, how you do it, what problems you are solving, and why they should collaborate with you.
• If it is a speech, make sure that it is not more than 60 seconds in length
• If it is written brief, make sure that it is not more than 200 words
• Invite response from listeners. Interruption shows that they are interested in your speech.

Guides for Starting a Business: Deals with Co-Founders

As discussed in the previous article, avoid building a business as a sole proprietorship. However, make sure that the deals with co-founders are clear since the beginning. This is important to avoid unnecessary clash, or even legal issues, in the future. The deals with co-founders must be agreed in written way. Make sure all of you have a copy of it. Here are some questions to address in the written agreement among co-founders:

• Splitting of equity among co-founders
• Goal and vision of the business
• Roles and responsibilities of each founder
• The tome each founder has to spend for the business on a day and in a week
• Salaries of each founder, and mechanisms of changing the portion of each founder
• How profits are distributed
• Terms for leaving the company and how the other founders can buy back the shares
• How and who is responsible for making day to day decision and crucial decision (by vote, based on the ownership shares, etc.)
• Conditions that can make the owners be removed from the business
• Decision on how the business can be sold
• How the founders are made liable for debts and legal issues
• Employee recruitment
• and any crucial aspects

Many businesses fail because of failure to build long-term partnership with co-founders. This can be a serious problem for a business, particularly a startup. Therefore, make sure that the deals are signed before the business is officially launched. Do not miss the next posts for more guides for starting business!