Norman Pattiz's 7 Valuable Tips For Starting A Business

Norman Pattiz

Many people who have great ideas for a startup do not follow through because they either are unsure about who to trust for guidance or are worried that they lack adequate funds. Although running a business with a smaller budget is hard, it is not impossible. The key to developing a great idea for a successful business is thinking and rethinking a problem continuously until an innovative solution is reached. Once this happens, use these valuable tips from Norman Pattiz for how to start a business.

1. Determine the market. Do some research about the product or service. What area of the city or region needs it the most? What age group or groups will buy it? To be successful, a product or service must solve a problem. If there is substantial competition, offer something innovative or extra that competitors do not offer.

2. Build a business plan. Be sure to make a plan properly without skipping any important information. For startup funding, a thorough business plan is required by both lenders or investors. Choose a type of business to operate. For example, it can be a corporation, a sole proprietorship, a partnership or an LLC. Next, calculate one-time startup costs such as inventory, marketing, rent, salaries and all other expenses. Search for angel investors, crowdfunding, small business loans or small business grants for funding if necessary.

3. Register the business name. Pick a name that appeals to the target market and reflects the company's purpose or product. Make a list of several possible names. Next, check to see if any names are trademarked. Since a website is a must these days, see which related domain names are available based on the list of preferred names. After choosing one, register it with the right entity. Sole proprietors register with county or state clerks immediately, and all other businesses must wait until their startup paperwork has been filed to register.

4. Obtain permits and licenses. Start by searching online to see what permits are needed for the desired type of business and the area. Most areas require several small business permits and licenses. There are fees for these, and business owners may have to wait a short time or pass an inspection for some.

5. Start financial preparations. Set up an accounting system first. Decide on the right software and methods to use. When hiring an outside accountant to handle reports, expense tracking and taxes, be sure to have a strong system in place for recording expenses and transactions as they happen. Use computers for inputting customer orders and ordering supplies, and install a software program that automatically tracks numbers for optimal results.

6. Get the business ready. When the paperwork is finished and the startup requirements are met, start organizing the store if a storefront will be used. Be sure that it is clean, strategically arranged and free of any safety hazards. For an online business, organize the inventory. When hiring employees, advertise for help in several places. Screen and hire applicants who fit the desired company culture and have a passion to succeed with the business owner and the other workers. Start contacting any outside contractors if outsourced help or service companies will be used instead of employees.

7. Promote the business. This last step is one that continues for as long as the company stays in business. Advertising and marketing will either grow a company or maintain it. Start by creating a marketing plan or hiring a professional to do it. Next, set a marketing budget. Try to create a strong social media presence, set up a mobile-friendly website and use multiple advertising sources. Review the marketing plan regularly to make any necessary changes. For example, if more traffic is coming from Facebook ads than banner ads on sites, adjust the plan and budget to spend more on Facebook advertisements and less on the banner ads.

These steps will help any business get off the ground. According to Norman Pattiz, business owners must also be sure that they are ready to start a business. If a desire to start a business is so strong that it overtakes other thoughts, it is time to begin. If a person wants to help others succeed with them or even start a movement of entrepreneurs, it is time to start. Also, it is time to take the leap when someone does things in their own innovative ways and creates their own choices rather than simply making choices from what exists. Mr. Pattiz's advice to succeed is to always be the first one arriving in the morning and the last one to leave at night. He also says to always stay excited, active and engaged in the business.

About Norman Pattiz
Entrepreneur Norman Pattiz was responsible for founding the Podcast One and Westwood One radio networks. Mr. Pattiz has been in radio syndication for over 40 years. Under him, Westwood One became one of the largest broadcasting providers of talk, entertainment, sports, traffic and news programming in the United States. Several syndicated talk shows were distributed by Westwood One, and it also owned, managed or distributed a variety of mainstream media and professional sports radio broadcasts.

In 2000 and 2002, Mr. Pattiz received presidential appointments to serve on the U.S. Broadcasting Board of Governors. Being appointed by two U.S. presidents is a coveted distinction. Mr. Pattiz and the other board members were responsible for overseeing nonmilitary broadcasting services. While serving on this board, Mr. Pattiz was also responsible for launching American broadcasts in the Arabic language for 22 countries in the Middle East.

Mr. Pattiz founded Courtside Entertainment Group in 2010 to distribute quality sports programming. He later started Podcast One in 2012 and soon became a leader by hosting popular people such as Larry King, Shaquille O'Neal, Adam Carolla and many others. In his spare time, Mr. Pattiz loves being at home with his wife in Beverly Hills.

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