Eric & Jim’s 20 Tips for Small-Business Success
- Not everyone is cut out to be a small-business owner. Take the time to explore whether you’re compatible with running your own business. Some people are happier (and better off financially) on the other end of a paycheck.
- Get your personal finances in order. Before you jump into the entrepreneurial fray, get your own money matters squared away.
- Pick your niche. Take stock of your skills, interests, and employment history to select the business best suited to you. Choosing a niche that you can be passionate about will also help improve your chances of succeeding. Remember: Many small-business owners succeed in businesses that are hardly unique or innovative.
- Benefit from your business plan. The exercise of creating your business plan pays dividends. Answer the tough questions now, before the meter is running.
- Don’t think you need bankers and investors at the outset. The vast majority of small-business start-ups are bootstrapped (self-financed).
- Know the hats you wear best. In the early months and years of your business, you’ll 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 to manage.
- Remember that “nothing happens until a sale is made.” How many good products go nowhere because they don’t reach the shelves? Sales are what will drive your business. You need a crackerjack marketing plan that details how you intend ...
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