Follow these tips to avoid some of the pitfalls that can lead to small business failure.
- Develop a good marketing and business plan that considers customer needs, competition, pricing and promotional strategies.
- Have a good working knowledge of business law or hire a lawyer.
- Understand your business finances, such as cash flow and handling credit.
- Supervise, train and motivate your employees.
- Make sure you have the experience, expertise and talent to run your business.
- Plan every part of your business from start to finish.
- Know your market and define how much of it you will be able to capture.
- Don’t under-estimate your expenses and over-estimate your revenue.
- Make sure you have some cash reserves or a line of credit to help you get through slow periods.
If you are a successful business owner, what survival tips could you give to someone just starting out? We’d love to hear them!