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Key Tips on Starting and Running a Successful Business

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Every business started out as an idea. It takes dedicated people to turn those ideas into reality. Entrepreneurs dedicate their money, time, and hard work into their business. Most entrepreneurs run the risk of being in great debt if their business is not a success. People who take the risk of starting and managing a business are called entrepreneurs ( (Nickels 4) . There is no guarantee that their business will be successful. An entrepreneur must understand that there are many circumstances that could hinder their business for success.

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The first thing a person who is interested in starting a business needs to do is create a detailed plan of their vision of their future business. They must have a clear understanding of their goals and how to accomplish them. I would suggest writing the goals down. You are more likely to follow through with a plan if it is in writing. Figure out what it would cost to get your business started. Create a detailed budget.

Be realistic with yourself, if the cost is over your budget, go back to your initial plan and make some adjustment. These adjustments don’t have to be permanent, just until you can afford it.

Determine what type of business you want a franchise or start your own business. If you choose to start you own business you then need to name your business. Be creative and original. Once you have decided the name of your business you then need to register your URL. Register a URL immediately because you need a good web address and the faster you register the more options you have. You will then need a business address and telephone number. Understand that you are only at the beginning stages of starting your business, your home address can be your business address for the time being.

Create your logo, letterhead, etc. Take your time on your logo. People recognize businesses by logos. For example people know Nike by the swoosh logo. Your logo identifies your business. People are more likely to remember a picture rather than a name. (Blair Rhodes) When you can afford to rent or purchase a space for your place of business make your decision carefully. Location is everything. Location can determine failure and success. You want to make sure the service you provide is need at that location. For example I would not open a business selling snow boards in Florida because the climate is too hot.

You are likely to be more successful opening your business in Northern Minnesota. You must save up as much money as possible before starting your business. The more you save the better off you are. Unless you have an outstanding amount of money or your business doesn’t require much money, expect to get a loan for your business. Saving money will help you avoid outrageous loans that you will have to pay back, plus interest. (Ten Tips for Starting and Running a Successful Small Business – Small Business) Think smart.

When you first start your business try not to spend a large amount of money on things that is not needed right away. Wait until you know your business is a secure business. Don’t hire employees right away, wait unit you can give then a full day’s work. In the mean time, you can hire temporary workers to get by. I would suggest taking small steps when you first start your business. The worst thing you can do is invest all your money into a business right away and then it doesn’t work out or you lose interest in it. If you start your business out small you an easily back out of it if it is not for you. Ten Tips for Starting and Running a Successful Small Business – Small Business) Always make sure your personal assets are protected. Remember you are going in business for yourself; you are liable for all debts for the business. This means if you are not careful the business debts could cause you to lose your personal assets like your car, home etc. Just because you have a business up and running does not mean your business is making profit. Even though you have money coming in, you also have money leaving. To earn profit your revenues must be greater than all your expenses.

Some business takes months even years before their business starts making profit. (Ten Tips for Starting and Running a Successful Small Business – Small Business) As an entrepreneur running your own business you must stay competitive. Competitors are always looking to steal your customers. You must work hard to make sure your employees are working effectively and efficiently. You never want to get lazy cause you’re the boss. You should always be focused on how to become better. Keep tabs on all your competitors and what they are doing. This information gives you an advantage over your competitors.

Try it keep as much information about your trade business as secretive as you can because they can use that information to their advantage. (Ten Tips for Starting and Running a Successful Small Business – Small Business) Get all your business contracts and agreements in writing. Getting written contract is important in more than just business. With any contract or agreement it needs to be in writing. If you are communicating with someone you are doing business with, I would suggest doing all business through emails. Make sure your emails are detailed, and clearly state the agreement.

These emails could save you a lot of money if you were ever being sued by someone you did business with. Having contracts in writing protects you and your business. (Ten Tips for Starting and Running a Successful Small Business – Small Business) Hire good employees. I know this is common sense, but we all have had bad experiences with poor employees. The people that are employed through your business are a reflection of you and the business. Many entrepreneurs get caught up in hiring family members and friends. You may think this is a good ideas but it can backfire.

You have better success with friends and family if your personal relationship is separate from your business relationship. Make sure you understand all the legal aspects of hiring employees and independent contractors. You could be investigated by the IRS and be penalized for not width holding taxes and not paying taxes for a worker that is really an employee. Perform background checks on all your potential employees. I’m not saying automatically disregard someone with an illegal record but be aware that they have a record. You want to create a safe environment for you and your employees.

It would be very unfortunate if you hire an unsafe employee that had a history and you didn’t take the time to look it up. (Ten Tips for Starting and Running a Successful Small Business – Small Business) Hire people that you think will work well with the team you have. You want to eventually build a work culture where your employees are open to build positive relationships with other employees. Let your employees know they can talk to you about anything. It is important to empower your employees. Today employers don’t just want workers, they want thinking workers.

Thinking workers are workers who gets their job done but they problem solve, use integrity, assertiveness, and work efficiently to get the job done faster. (Nickels 17) Be responsible pay your bill on time. You don’t want to have the reputation of someone who doesn’t pay their debts. People talk, especially other business people. Make it a personal effort to pay your bills ahead of time. This helps your suppliers and renters have a more trusting relationship with you. Also pay your taxes on time. You don’t want to have to pay what you owe for taxes and penalties. (Ten Tips for Starting and Running a Successful Small Business – Small

Business) Overall remember that you are in control over your business and the decisions you make can make or break your business. Be wise. Set reasonable and challenging goals. You will not be able to do it all. Ask for advice and help from trustworthy people. Use this information to get you business up and running. Works Cited 1)Nickels, McHugh, McHugh. Understanding Business ninth edition. NewYork, NY: McGraw-Hill/Irwin, 2010. 2)Rhodes, Blair. Starting Your Own Business- The First Step. 16 March 2010 . 3)Ten Tips for Starting and Running a Successful Small Business – Small Business. 16 March 2010 .

Cite this Key Tips on Starting and Running a Successful Business

Key Tips on Starting and Running a Successful Business. (2018, May 29). Retrieved from https://graduateway.com/key-tips-on-starting-and-running-a-successful-business-essay/

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