Take time to learn and understand the business side of business. Even if you have smart and trusted advisors, there is no substitute for a business owner who truly knows and understands their own business.
Many creative people with good business ideas quickly learn that running your own business means spending a lot of time on ‘boring’ administrative tasks. So, it’s best to be prepared ahead of time.
A great way to get started is to take an introduction to business class at your local community college or see if there are seminars offered by your chamber of commerce. Many colleges offer online classes, and a chamber of commerce is a great way to network with other local business owners.
Cash is king.
It’s cliché but very true. Many good businesses die at an early development and growth stages because they run out of money. Being profitable is not the same thing as having cash in the bank. Carefully planning inventory and other investments is important because you’ll have many regular overhead expenses that can’t be postponed or delayed.
Make sure to pass the savings to your customers.
Manufacturers often offer great promotions so it might be tempting to capitalize on the extra margin. But passing the savings to your customers will earn you their trust and returning business which will lead to the long-term success of your business.
Believe in yourself.
It takes a good idea and a lot of pursuit to build a successful business. Have a vision and stay the course. Customers and employees will naturally gravitate towards inspirational businesses.If you are passionate and serious about what you do, you will attract others who see your value.
- Uldis G.,