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Small Business is a big challenge, how to convert it a big success?
Business owners have to resolve many kinds of problems during the life of their business. Solving the problems is the life of an entrepreneur starting with the creating of the company and continue with growing it to be mature and money making operation and routine problems that come up.
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A small business startup can be made by people that got an idea the sure it is the magic formula for making money. Other people know to create something that they are sure will be a hot sale. Not like big business that before opening a shop or a store in a new place they make the studies and investigations that are necessary for deciding to open or not the new place or business. The staff of a big company is selected and trained before they start to mange and work. The small business may be expert in one part of the business activity; it can be a good chef that will have to learn restaurant administration or entrepreneur that may know about money but have to learn the secrets of sales or human resource. Every new business has a learning curve to accomplish.
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We will present some advice for the struggling entrepreneur
1. Money
Money is the blood of the business and the goal we want to achieve by creating a business. Many investors make the common mistake of being too optimistic and count on fast or instant profits. Young and dreaming entrepreneurs start up their business of fantasy land with little money believing in their dreams of big money to reinvest in the business and make it a real big profits operation. Ignoring the crude reality that profits take time to grow, two years are considered as short time to start seeing the first profits. In real life budgets never enough, you must have at list two years of reserves before you start a business. The best way to survive is starting a business with enough money to sustain your self and the business.
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2. Time and timing
It is known since the start of the time that time is money, I would say that time is more than money, you can make money but can not make time. Planning is another work for time management. You must plan and keep the timing of the execution of your plans. For example order products or the raw material for the production on time is essential for the flow of production and sales. A yearly production plan must be made and accomplished. Your cash flow is a reflection of your planning; you profit is what will be left after the expenses were paid. Hard work is no only working 70 or 80 hour a week checking and adjusting your plans, keep your schedules, appointments and deadlines is what makes your work converted to your revenue.
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3. Skills, traits and know how
When you do not know about the business that you want to startup you can make the most disastrous mistakes. Your investment is not made of dollars only. You need to invest time to learn the industry secrets. Competition, target market, trends that are affecting current styles, marketing, and advertising together with know-how about finance, tax, and accounting. Make sure that you know very well how to resolve problems in your business, take courses if you need or take your time to read books and websites. Ask other business owners. If you do not prepare yourself you may suffer a significant loss.
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4. Constant change
Our age it the time of hipper-changing. Whole industries disappeared and new one were born in just a few years. Information is growing like a data tsunami. It is hard digest and make the right decisions or effective changes. It is a challenge for new business owners that have to learn how to find the data, confirm and authenticate the information using a search engine requires some skill and experience, finding the right key-words to focusing on the topic you need. Learning for successful businessmen or women.
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5. You must know where you are taking your business.
There is a saying that “Plans are the basis for changes” without a detailed business plan you have nothing to change when problems start. Your first investment should be a well-prepared business plan that has the mission and goals very clearly thought, you commercial sources, market, and competition analysis.
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6. Working for your business or making business.
The entrepreneur may have a problem in giving preference to the different kinds of job that are needed to make their business run. Attending clients, paperwork and other are not that important when you compare to the crucial issues like inventory, cash flow, payroll and pay stubs deductions and your contact with your staff.
7. Be an innovative business owner
Do not stick to the old ways, update yourself to the technological inventions, no matter if you are a small or big company the innovations are hard to implement. Thinking out the box is not easy to make into reality, Your employees will resist changes as well as your partners. Bringing in new ways of work or new systems need you to prepare and to convince your employees to the changes.
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8. Know to delegate
Trying to resolve all by yourself is a common mistake done by new business owners. Your job is to make other people in the company work and make the company operate you need to make sure that they do their job and that they are not missing products or raw materials. Using the advice from a specialist is very important, you need to be updated on each phase of your business. Have your eyes on your company no in the company, you need an overall view of the operation and being involved in the whole operation but stay focus on the main factors that make the business success. Do not deal with the thing you can delegate to your staff or hire more employees to do it for yours.
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9. How to increase your clientele
For a small new business, it is hard to make the costly marketing campaigns with the small funds they have. It is easy to buy from a big and twenty years old business than from a one-year-old new business. Your way should be fighting price and quality; you can be cheaper than a big company with the same quality products, there are always people that look for better price and good quality. Selling low price can be considered good investment in advertising, the content client will keep buying from your business and send their friend to buy too.
10.Marketing plan
Your business plan should have a marketing plan and its budget. After that you learn who is your target market and how is your competition, you can spare your budget for advertising and promotion your business. Your price must be that one that your markets potential market can pay, and you are directing your advertising to the right public.
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