So you’ve got your own business or maybe you want to start one. Everyone I know these days seems to be thinking about starting their own. I guess having to answer to the boss just gets old after a while. Running a business is not always necessarily easier, though. If you are looking for some quick and effective tips, check these out.
Save, save, save. Whether you are planning to start a small business or you are already running one, the idea is the same. Save up money to help you with the capital. While you can always borrow money to start up a business or expand it, it is always good to stay clear of debt as much as you can. I am not saying that all debt is bad but if you can manage to save money up then you’ll be better off.
Think cheap. Ahh, being cheap is not always a bad thing. In fact, if you want to succeed in your small business, do not go overboard with expenses. There are ways to do things cheaply without sacrificing quality. The idea is to determine what you need and then find cost efficient alternatives. For example, when buying computers and acquiring technical services, remember that you might not need the most advanced equipment in the market.
Cover your butt. Yes it is your business. It might even be your life. However, you have to consider the fact that if your business fails, your life should not go down with it. Look into different ways of protecting yourself in case this happens.
Originally posted on August 9, 2011 @ 6:40 pm