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20 Small Business
Tips, For Success
|These are just
some general tips to keep in mind as you design/operate your
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
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 their
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
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
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
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
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