These are
just some general tips to keep in mind as you design/operate your small
business:
Take
the time out to explore and understand whether or not you are
compatible with running our own business. Some people are just plain
happier and better off financially on the other end of the paycheck.
Get
your personal finances in order. Before you jump into the
entrepreneurship world, get your own money matters squared away.
Pick
your niche. Many small business owners succeed in businesses that
are hardly unique or innovative. Take stock of your skills,
interests, and employment history to select the business that is
best suited for you.
Benefit
from your business plan. The exercise of creating a business plan is
what pays the dividends. Answer the tough questions now before the
meter starts running.
Do not
think you need bankers and investors at the outset of your business.
The vast majority of small businesses are bootstrapped.
Acquire
the proper background. In the early months and years of your
business, you will have to acquire many skills. Gain the background
you need to oversee all facets of your business well, but determine
what tasks you should outsource or hire employees.
Remember that nothing happens until a sale is made – How many good
products go nowhere because they do not reach the shelves? Sales
drive your business. You will need a good marketing plan to sell
your product or service.
You
have to see a customer to know one. N o matter how busy you are,
spend at least 25% of your time with customers. You cannot make the
proper business decision without understanding their viewpoint.
Solve
your customers’ problems. The best way to satisfy your customers is
not by selling them products but by giving solutions to their
problems. There is a big difference.
Quality
takes minutes to lose but years to regain. Quality is not a
destination, it is a never ending journey. After you have strayed
from quality’s path, your journey maybe sidetracked forever.
Put
profitability first, rewards seconds. In small businesses,
profitability must come first. Find out how to measure your cash
flow and understand key financial ratios.
Hire
supporters. If you intend to create a growing business, your number
one duty is to assemble a great team of employees.
Do not
do it alone. Find such help from small business peers, a mentor,
even trade associations. They can help take some of the trial and
error of beginning your business.
Vendors
are partners too! Treat your vendors like customers and watch your
partnership grow.
Make
use of benefits. Understand how to provide insurance and other
benefits for your employees and cut your tax bill at the same time.
Ignore
regulatory issues at your peril. Federal, state, and local
governments require licenses, registrations, and permits. Obey them
or face losing your business.
Know the tax laws. Invest in understanding tax issues that affect
your small business.
It’s the people! Whatever happens to a small business happens at the
hands of the people who work for it. The evolution of the business
is a result of their efforts.
Fast, good, cheap. Pick any two. Serious trouble awaits those who
attempt to be all three in the market place. Stick with what you do
best.
Develop a passion for learning. As your business grows, you need to
change and grow along with it. One common denominator can be found
in all successful business owners and that is a passion for
learning.
About the author:
For more great business, marketing and mind power ideas to develope your
business visit the Higher-Profits Blog at
www.higher-profits.com
