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Many small business owners "hit a brick wall" or make costly mistakes simply
because they aren't aware of the pitfalls lurking along their path to success.
Here then, are the top five things you MUST do to help your business avoid such
traps and achieve the success you desire and deserve:
1. Know Your Business Inside and Out. The first key to your success lies in your
knowledge about your business, whether it's selling insurance, writing books,
teaching Yoga, or running a bakery. You've got to know:
* What is your product or service? How does it work? How will your customers
benefit from using it? Why is it better than the other products/services out
there?
* Who are your customers? What is it about them that makes them want your
product or service? Do they all have common characteristics that make them more
likely to buy from you? This is your target market, and if you want to attract
customers and expand your client base, you need to market to them, and only
them. Scattering your efforts is costly and unproductive.
* How will you sell your products to them? Will they be coming to your store?
Buying from a catalog? Purchasing online? Your marketing efforts need to be
directed toward reaching people in the places they go to find your product or
service. Putting your business in front of them increases your visibility in the
marketplace.
In order to know your business intimately, you need to study your industry,
understand how it works, and apply what you know. Sometimes this means getting
work experience in your chosen field, or getting a mentor, or attending
workshops that tell you specifically how to do or manage something. Learn
everything you can so you're not running your business by trial-and-error
(unless you have unlimited time and money to do it that way).
2. Get A Good Accountant. Keeping track of your money is what will make or break
your business. If you're not an accountant or bookkeeper, get one. Fast. You've
got to know exactly where your business stands financially so you can make the
wisest decisions on where and how your money should be spent. Learn to read
financial statements and balance sheets, and ask lots of questions. You need to
have a professional on your side who knows how to deal with tax issues and
payroll, etc., because your business can go bankrupt in the blink of an eye if
something major goes wrong with your finances.
To find a good accountant, ask your friends and colleagues and business
association members to recommend one. Don't be afraid to interview several until
you find one you're comfortable with.
3. Get A Good Lawyer. You don't have to hire some $450 an hour Madison Avenue
law firm to represent you, but you do need to find an attorney who specializes
in business and can draw up contracts and agreements to protect your business
interests. Some examples of things you MUST get in writing are: partnership
agreements, contracts for services, corporate documents, etc.
To find a good lawyer, do the same as you did with finding your accountant--ask
around and interview several til you find one you're comfortable with, and
(hopefully) can trust.
4. Keep Learning. Take classes, attend workshops, read trade magazines and books
about your business, anything that will help you keep your finger on the pulse
of your industry. Sometimes things change overnight, and if you want to stay
competitive, it's vital that you stay on top of what's happening in not only
your type of business, but in the marketplace that your business serves as well.
5. Save For Retirement. When you're self-employed, your future is totally in
your own hands. This means you've got to make financial plans to sustain you in
your twilight years, as well as to build generational wealth and secure the
future for your children and their children. Even if you only put a few dollars
a week in savings, make sure you do it, and do it consistently. Leaving a
lasting legacy means putting financial mechanisms into place now.
As an entrepreneur, your success is only limited by your imagination and
motivation. The sky's the limit, so shoot for the stars!
Angel Brown is the Founder and President of the Women's Business Gallery (
http://www.womens-business-gallery.com ), the ART of business specialists,
providing women entrepreneurs and small business owners with the information you
need to succeed. Sign up for our free biweekly newsletter at:
http://www.womens-business-gallery.com/newsletter.html and receive the
free 28-page eReport, "Woman's Business Survival Guide."
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