TIPS TO START SMALL BUSINESS

These are  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.
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. 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.

6. 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.

7. No 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.

8. 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.

9.Quality takes minutes to lose but years to regain. Quality is not a destination, it is a never ending journey.

10. 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.
11. Hire supporters. If you intend to create a growing business, your number one duty is to assemble a great team of employees.

12. Vendors are partners too! Treat your vendors like customers and watch your partnership grow.

13. Make use of benefits. Understand how to provide insurance and other benefits for your employees and cut your tax bill at the same time.

14. Ignore regulatory issues at your peril. Federal, state, and local governments require licenses, registrations, and permits. Obey them or face losing your business.

15. Know the tax laws. Invest in understanding tax issues that affect your small business.

16. 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.

N.Raghu