Starting a business is the most difficult thing that many people attempt in their professional life. No matter what the concept or what experience an individual brings to their new independent endeavor, there are likely to be surprises and pitfalls. To keep the missteps to a minimum and profits to a maximum, keep these ten morsels of wisdom in mind.
Top Ten Business Success Tips
Start Small: Begin on a shoestring budget and stay there until truly ready for expansion. Hold off on opening an actual office for as long as possible until the business is truly off the ground. Additionally, wait to hire employees until there’s enough work for them to remain consistently occupied. Work with independent contractors or personally see to tasks until the obligations become too great.
Save Up: Before going through with a venture, be sure to amass as much capital as possible. This will help to fund the business. But it will also help to keep food on the table during the early days when profitability is still a dream and not yet a reality.
Be Clear: Make sure that the specific aims of a prospective business can be defined in a few sentences. The goals of a business need to be clear to its founder, otherwise they’ll never be clear to potential clients. Similarly, a path to profitability should be laid out and implemented from day one.
A shark is better visible in clear water
Protect Personal Assets: If a business fails, the business owner is usually liable for any debts that the business has incurred. In these situations, creditors may try to go after the personal assets of a business owner such as a car or house. By filing for status as a limited liability company, it may be possible to avoid this risk.
Draw Out a Plan: Every business needs to have a business plan. In a way, this plan is absolutely as fundamental as the business concept itself. Each step towards success needs to be clearly drawn out before any monetary investments are made into the business. This will limit the possibility of surprises or uncertainty if the business begins to succeed – or fail.
Put it in Writing: If it’s not in writing, it may not be binding. Put all business agreements in writing and make sure that they pass legal analysis by a trained professional. This will keep all employees and business partners happy and secure in the knowledge that they know exactly where they stand.
Be Aggressive: Networking and working with clients and even competitors is a part of doing business. But even so, it’s important to jealously guard any information that has been paid for, or any ideas that have been internally generated. Knowledge is power, but information is money – hold on to all of the above!
Keep it Legal: Make sure that all workers and funds are legally documented and kept on the books. Becoming ensnared in tax audits is a huge headache and time suck.
Hire Smart: A great business will fail without proper support staff. Hiring the right people and paying them fairly will make all the difference. A highly skilled employee with the right attitude can be as important an asset as two less skilled team members.
Pay Bills Promptly: At the end of the day, being in business is about getting paid. By paying bills on time or early, a business can go a long way toward developing a positive reputation and establishing trust with clients and employees. Also if you pay your bills on time, you won’t look like her in the picture.
Justin writes about business news and how to found and market a business on behalf of Kwikkerb. He also provides information on the Kwikkerb business opportunity.
Marty Huggins
