Beginning companies that turn into successful companies worth billions and even trillions, in the business world is no different from lottery winners. Putting all your money and hoping to get a jackpot, you’re going to fall. Here are 10 rules for starting a small business:
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
Do not invest your own money
Since most businesses are risky, seek partners. So if everything does not go all the way, you will not go bankrupt because of the start-up funds, and not pursue the debt.
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
Recruit employees well
Regardless of the size of your business, you will eventually hire outside employees. For that, do the recruitment process carefully, without haste, and treat it as important when you start a business. It is unfortunate the attitude of business owners who have a vision for his efforts but recruiting employees who actually prevent him achieve the vision.
Sell the excess, not the price
When you start a business, you’re naturally frustrated marketing it. But, if you compete on price, you end up selling at a mediocre price or even under capitalism. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value.
Know the baseline
Know how much money you need to go through the business – from store rent, electricity, employee insurance, to printer ink, paper, and taxes. Then divide it up by how many days of the year you will open, and … That’s the basic number – the minimum amount of income you need every day. If you’ve never thought about basic numbers, think again.
Use the latest technology
Newer technologies such as data deployment and application with cloud technology are very cheap and make small companies able to compete with big companies. Take advantage of low-cost technologies on the market.
Treat vendors well
Treat your vendors and suppliers as best you can, just as you treat customers. They may offer discounts based on the volume of your order, or even to maintain a good relationship, and expect a future volume increase. Good relationships make them also understand the late payment, even give free shipping.
Be the best
you should not be half-hearted. everything you does for the client must be the best. Whatever you make and sell, it must be the best. Do it continuously, and the power of word of mouth will spread.