If you have a small business or are planning to start one, essential tips in the following areas will be of benefit to you. They don’t constitute an A to Z of small business, but do point out major areas that should be taken care of. Most of these guidelines are based on common sense, but as someone has rightly pointed out that, “Common sense is something that is very uncommon”. So beware!

  1. Before anything else explore and understand whether or not you are compatible with running our own business. Some people are just plain happier and better off financially on the other end of the paycheck.
  2. Choose an area of business that you know about. Pick your niche carefully after research. Many small business owners succeed in businesses that are hardly unique or innovative. Take stock of your skills, interests, and employment history to select the business that is best suits you.
  3. Gain an insight in to the proper background. In the early months and years of your business, you will have to acquire many skills. Gain the background you need to oversee all facets of your business well, but determine what tasks you should delegate or outsource.
  4. Create a business plan and benefit from it. The exercise of creating a business plan is what pays the dividends. Answer the tough questions before the expense/overheads meter starts running.
  5. Try as much as possible to start off with your own money. Do not think you need bankers and investors at the outset of your business. The vast majority of small businesses are bootstrapped.
  6. Solve your customers’ problems. The best way to satisfy your customers is not by selling them products but by giving solutions to their problems. There is a big difference here.
  7. The importance of getting your personal finances in order cannot be over emphasized. Before you actually embark on to the entrepreneurship world, get your own money matters sorted out on a priority basis.
  8. Know the tax laws. Invest in understanding tax issues that affect your small business. A tax advisor can be worth much more than his fees.
  9. Always remember that nothing happens until a sale is made! Many good products go nowhere because they do not reach the shelves. Sales drive your business. You will need a good marketing plan to sell your product or service.
  10. As the saying goes, “The customer is always right”, you have to personally see a customer to know one. No matter how busy you are, spend at least 25% of your time with customers. You cannot make proper business decisions without understanding their viewpoint.
  11. Put profitability first, rewards seconds. In small businesses, profitability must come first. Find out how to measure your cash flow and understand key financial ratios.
  12. Hire supporters in the form of honest hardworking employees. If you intend to create a growing business, your number one duty is to assemble a great team of employees.
  13. Do not do it alone. Find such help from small business peers, a mentor, even trade associations. They can help take some of the trial and error of beginning your business.
  14. Vendors are partners too! Treat your vendors like customers and watch your partnership grow.
  15. Make use of benefits and avail tax incentives for that. Understand how to provide insurance and other benefits for your employees and cut your tax bill at the same time.
  16. Federal, state, and local governments require licenses, registrations, and permits. Ignoring them is an easy way out of business and reputation. Learn to obey them or face losing your business.
  17. It’s the people! Whatever happens to a small business happens at the hands of the people who work for it. The evolution of the business is a result of their efforts.
  18. Fast, good, cheap. Pick any two. Serious trouble awaits those who attempt to be all three in the market place. Stick with what you do best.
  19. It takes years to build quality but just a few minutes to lose it. Quality is not a destination, it is a never ending journey. If you have strayed from quality’s path, your journey maybe sidetracked forever.
  20. Never give up learning. Develop a passion for learning. As your business grows, you need to change and grow along with it. One common denominator can be found in all successful business owners and that is a passion for learning.

About the author:
Bob Ratiyal is a successful entrepreneur with over 15 years home based business experience in Internet Information Marketing, Blogs, Software & IT. Visit his website www.bestonlinefinds.com for the best money making opportunities on the net.