These are just some general tips to keep in mind as you
design/operate your small business:
1. 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.
2.Get your personal finances in order. Before you jump into the
entrepreneurship world, get your own money matters squared away.
3. 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.
4. 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.
5. Do not think you need bankers and investors at the outset of
your business. The vast majority of small businesses are
6. 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.
7. 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.
8. 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
9. 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.
10.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
11. 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.
12. Hire supporters. If you intend to create a growing business,
your number one duty is to assemble a great team of employees.
13. 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. 14.
Vendors are partners too! Treat your vendors like customers and
watch your partnership grow.
15. Make use of benefits. Understand how to provide insurance
and other benefits for your employees and cut your tax bill at
the same time.
16. Ignore regulatory issues at your peril. Federal, state, and
local governments require licenses, registrations, and permits.
Obey them or face losing your business.
17. Know the tax laws. Invest in understanding tax issues that
affect your small business.
18. 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.
19. 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.
20. 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.
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