| These are just some general tips to keep in mind as | | | | difference. |
| you design/operate your small business: | | | | 10.Quality takes minutes to lose but years to regain. |
| 1. Take the time out to explore and understand | | | | Quality is not a destination, it is a never ending journey. |
| whether or not you are compatible with running our | | | | After you have strayed from quality's path, your |
| own business. Some people are just plain happier and | | | | journey maybe sidetracked forever. |
| better off financially on the other end of the paycheck. | | | | 11. Put profitability first, rewards seconds. In small |
| 2.Get your personal finances in order. Before you jump | | | | businesses, profitability must come first. Find out how |
| into the entrepreneurship world, get your own money | | | | to measure your cash flow and understand key |
| matters squared away. | | | | financial ratios. |
| 3. Pick your niche. Many small business owners | | | | 12. Hire supporters. If you intend to create a growing |
| succeed in businesses that are hardly unique or | | | | business, your number one duty is to assemble a great |
| innovative. Take stock of your skills, interests, and | | | | team of employees. |
| employment history to select the business that is best | | | | 13. Do not do it alone. Find such help from small |
| suited for you. | | | | business peers, a mentor, even trade associations. |
| 4. Benefit from your business plan. The exercise of | | | | They can help take some of the trial and error of |
| creating a business plan is what pays the dividends. | | | | beginning your business. |
| Answer the tough questions now before the meter | | | | 14. Vendors are partners too! Treat your vendors like |
| starts running. | | | | customers and watch your partnership grow. |
| 5. Do not think you need bankers and investors at the | | | | 15. Make use of benefits. Understand how to provide |
| outset of your business. The vast majority of small | | | | insurance and other benefits for your employees and |
| businesses are bootstrapped. | | | | cut your tax bill at the same time. |
| 6. Acquire the proper background. In the early months | | | | 16. Ignore regulatory issues at your peril. Federal, state, |
| and years of your business, you will have to acquire | | | | and local governments require licenses, registrations, |
| many skills. Gain the background you need to oversee | | | | and permits. Obey them or face losing your business. |
| all facets of your business well, but determine what | | | | 17. Know the tax laws. Invest in understanding tax |
| tasks you should outsource or hire employees. | | | | issues that affect your small business. |
| 7. Remember that nothing happens until a sale is made | | | | 18. It's the people! Whatever happens to a small |
| - How many good products go nowhere because | | | | business happens at the hands of the people who |
| they do not reach the shelves? Sales drive your | | | | work for it. The evolution of the business is a result of |
| business. You will need a good marketing plan to sell | | | | their efforts. |
| your product or service. | | | | 19. Fast, good, cheap. Pick any two. Serious trouble |
| 8. You have to see a customer to know one. N o | | | | awaits those who attempt to be all three in the market |
| matter how busy you are, spend at least 25% of your | | | | place. Stick with what you do best. |
| time with customers. You cannot make the proper | | | | 20. Develop a passion for learning. As your business |
| business decision without understanding their viewpoint. | | | | grows, you need to change and grow along with it. |
| 9. Solve your customers' problems. The best way to | | | | One common denominator can be found in all |
| satisfy your customers is not by selling them products | | | | successful business owners and that is a passion for |
| but by giving solutions to their problems. There is a big | | | | learning. |