7 Steps To Small Business Success – Once You Have Started

by WorkFromHome on January 9, 2012

When you decide to start a business at home, you will instantly be met with resistance. Your family and friends will automatically begin to provide countless reasons why you should not start a business, and soon you will begin to have your own doubts.

Allowing these doubts to take hold will ruin any chance you have for success. You cannot let fear and worries overcome you, you must have a positive attitude and take the first step.

Once you have taken that first step and started your own business, the following 7 steps will help you create and manage a successful small home business.

  1. Avoid Business Distractions: Once you begin to taste success, it is very easy to become distracted with other projects. It is human nature to feel that your business is now a success and that it is time to move forward with other plans and let the current business run on its own merits. While this is not meant to discourage you from expanding, you should never become distracted from a successful business, or it will not remain that way. Always remember that your business needs you, and incorporate any expansion plans into your original business. This ensures that your current successful business remains that way.
  2. Managing Your Business Infrastructure: One inherent flaw in entrepreneurs is the belief that they can “do it all.” Many home based business owners will try to be a part of every function of the company, and in doing so will burn themselves out and damage the company. It is very important to decide as the business owner what duties you will be responsible for, and which duties you will simply manage. You cannot do everything, and the sooner that you realize this, the better of your company will become.
  3. Do Not Over Estimate Your Skills: To run a successful business you need to truthfully understand your strengths and weaknesses. If you are not skilled in bookkeeping, hire an accountant, if you do not have the patience to answer phones, hire an assistant. Use your skills to their fullest potential and delegate your weaknesses to others that are skillful in that area.
  4. Managing Employees: Employees will be the backbone of your company. It is very important that you select the best employees for the position, whether it is management or labor. Do not allow yourself to be pressured to hire family or friends if they are not capable of performing a quality job. Do not feel pressured to keep a person on the payroll just because they have been there a long time, you need them to work. On the other side of the issue, don’t forget to pay your employees what they are worth, offer them praise and support, and throw in an occasional bonus for good measure. A happy employee that feels appreciated will perform better.
  5. Understand Your Competition: One reason that many businesses fail is because they do not understand their competitors. Understanding what your competitors are offering in products, promotions, and employee wages will allow you to stay on top of the market. You can never assume that you are in a better position than they are, even if your current sales are better. There are no guarantees in business, that is, unless you stay informed.
  6. Learn To Accept Slow Periods: Many business owners will go into full panic at the slightest sign of slow-down. They over react, treating the slow-down as if it is the end of their business. The sad truth is that this type of reaction can result in it becoming a self-fulfilling prophecy, because decisions are made under duress, and they are not good business decisions. If your business is facing a slow period utilize the time to make repairs and upgrades, train employees, paint the office, and update your business plan.
  7. It Is Not All About Credit: You can have a successful business without burying yourself in credit card or personal loan debt. Yes, it may be a little rough to pay-as-you-go, but the rewards of using credit for only large purchases or expansions can help keep your business in the black. Many businesses wrongfully believe that the only way that they can operate is through credit. You can build your business by committing a specific portion of your profits into the business each month, which there will be a profit if you are not making high credit card payments. Don’t forget to use the many free business services found on the Internet, this helps reduce costs and improve services. Finally, when you do have to use credit for a business purchase, make sure that you shop around for the best rates. The Internet has made it possible to compare rates on loans and credit cards for free, and it only takes a few minutes of your time.

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