for interested entrepreneurs who are thinking about starting and running a small business, I admire the independent spirit. As you know, any business venture is entrusted with some risk of dependency. You depend on your family’s emotional and perhaps financial support. You depend on the legal and financial advisors.
minimize risks could reduce involuntary dependency case. I would like to offer some helpful tips:
- Do not confuse enthusiasm with passion – The interest comes and goes. True passion but the key to success. The idea of having your own business is so exciting that it’s easy to mistake interest for passion.
- The body not your competitor’s strategy – Identify own implies and advantage on it.
- Prepare business . A cookie recipe tells you how much of certain ingredients to be measured and how to collect them. Likewise, the business will tell you, your investors, financial lenders how you are going to manage your business.
- Know the size of the market and customer . As valuable as the Internet is to provide useful information, I would not rely on it as the sole source for customers.
- not spend a lot of money on one of marketing program until you see the results.
- Connect with your customer and enhance that relationship.
- Do not sell products or services product, while emphasizing their impact . For example, customers cookie lovers who can not afford the extra calories or require special diets. How can homemade cookies solve this problem for your customers?
- not price their goods or services just to cover cost plus a mark-up for profit. Instead, to them value to customers .
- commit not large stock where small business is constantly growing. Large files may adversely affect your cash is the lifeblood of any business.
Do you know what the # 1 reason for small business failure?