TIPS FOR SMALL BUSINESSES

It is very wise that you have more than one stream of income, this way, if any of your streams fail, you can always fall back on the other. This will help you avoid the common need to go borrowing. Think about it, the borrower is always servant to the lender.

Small scale businesses ranges from tinzy winzy ideas such as Selling pants to Selling mobile phones, It is your responsibility to decide what your flare is and what is generally accepted in the ever growing market.

Outlisted are a few tips that can help you in starting up and sustaining your business.

1. The need to save up as much money as possible before starting.

Most people go into business without any savings, exclusively using loan money. They expect to start paying back right away from their profits, forgetting or not knowing at all that most business only make profit over a long period of time.

A better plan however, is to save up as much of the needed investment money as possible.

2. The need to start on a shoe string.

Think big but start small. Don't rush off to rent premises if you can work somewhere else. Don' t hire employees either until you're sure you can pay them and keep them busy.

3. Protect your personal assets

Get an insurance for all your valuable assets, shouldn't cost much.

4. Know on a long term basis if and how you will make profit.

5. Make a business plan no matter how short. This helps you focus, even when you get to cross roads.

6. Get a competitive edge -

With respect to this, you have to understand who your competitors are. Even if you do have them, distinguish your products such that no one can imitate them, find ways to distribute them more efficiently, get yourself a conducive location or the most important offer superior customer service.

7. Protect your trade secrets.

Examples: Protect your customer lists, survey methods, marketing strategies and manufacturing techniques.

8. Put all your agreements into writing, no matter how small. For example, get into the habit of giving receipts on all goods and services, deposits, sales.

I think you can ponder on these while you're at it..they sure can help.

Toooooooddlllllllllllllllllllllllllloooooooooooooooooo.