There are many techniques to help you be more successful in business. Here are 30 of the best from throughout the web.
1. Create the right legal structure
One of the first questions every small-busines owner must consider is whether to operate as a sole proprietorship or as a corporate entity. “You automatically start out as a sole proprietorship,” says Certified Financial Planner David M. Williams, founding director of Business Enhancement Associates LLC in Cordova, Tenn.
Operating as a sole proprietor costs no money because you don’t have to pay to create corporate documents and tax returns. Whether you should continue to operate as a sole proprietor, however, depends on your business and personal risk tolerance.
Read more: http://www.bankrate.com/finance/money-guides/5-tips-for-small-business-success-1.aspx#ixzz38tcCKthI
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2. Set aside self-employment taxes
When you’re an employee, your employer withholds roughly 15.3 percent of your income to fund Social Security. You pay half out of your pocket, and your employer covers the other half. When you’re self-employed, you shoulder the entire amount. You don’t have to make quarterly payments to cover the tax, but you can avoid getting stung at tax time by setting aside funds to cover those taxes.
Read more: http://www.bankrate.com/finance/money-guides/5-tips-for-small-business-success-1.aspx#ixzz38tcYuLaj
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3. Make sure you get paid
What good is being your own boss if you don’t get paid for your work? “Wherever possible, collect 10 (percent), 15 (percent) or 25 percent of your fee upfront,” says Bostrom. “Your clients’ reaction to that request will tell you a lot about whether they’re capable of paying you.”
Read more: http://www.bankrate.com/finance/money-guides/5-tips-for-small-business-success-1.aspx#ixzz38tcuBrfD
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4. Always Use Contracts
recommends Alan Siege, president and CEO of Small Business Management Consulting in Brooklyn, N.Y. “Specify clearly what the deliverables are and what and when people will pay you — and make people acknowledge it. By having a contract, you’re saying that you play for real and that you’re someone whose business people need to take seriously.”
Read more: http://www.bankrate.com/finance/money-guides/5-tips-for-small-business-success-1.aspx#ixzz38td2HnhJ
Follow us: @Bankrate on Twitter | Bankrate on Facebook
5. Think hard about whether insurance is necessary
Few startups have extra capital to spend on insurance they don’t really need. Can you save a buck by going without? “In general, you don’t need insurance until you hire your first employee, and then you’ll need a lot of insurance,” says Mazzella.
Read more: http://www.bankrate.com/finance/money-guides/5-tips-for-small-business-success-1.aspx#ixzz38tdU3Sr3
Follow us: @Bankrate on Twitter | Bankrate on Facebook
6. Have a vision
Let your imagination run riot; then sit down and work out very clearly where you want to go with your ideas.
http://www.virgin.com/entrepreneur/5-top-tips-business-peter-jones
7. Be confident
Believe in what youre doing, have confidence in your own abilities and don’t waver. You wont persuade other people to believe in you if you dont believe in yourself.
http://www.virgin.com/entrepreneur/5-top-tips-business-peter-jones
8. Be results-orientated
Think carefully about what you want, then focus on how to get there. You’d be amazed how many people don’t do this.
http://www.virgin.com/entrepreneur/5-top-tips-business-peter-jones
9. You know more people than you think
Use the networks you already have and don’t be afraid to pick up the phone to ask for help or contacts.
http://www.virgin.com/entrepreneur/5-top-tips-business-peter-jones
10. Figure out what you have to offer
Before starting your own business, Palmer says it’s necessary to get a sense of the overall market, and where you might be able to fit in.
http://smallbusiness.foxbusiness.com/entrepreneurs/2014/01/20/5-tips-for-launching-side-business/
11. Keep costs down
Palmer says a common mistake first-time entrepreneurs make is spending too much to get a business off the ground.
http://smallbusiness.foxbusiness.com/entrepreneurs/2014/01/20/5-tips-for-launching-side-business/
12. Identify your weaknesses
While you may be an experienced graphic designer, you may not have a lot of marketing or sales experience. Once you figure out what you don’t know, Palmer suggests connecting with other entrepreneurs online to improve your own abilities.
http://smallbusiness.foxbusiness.com/entrepreneurs/2014/01/20/5-tips-for-launching-side-business/
13. Test the marketplace
“It’s hard to know or predict what customers want,” says Palmer. She says soliciting feedback from clients can help you figure out exactly what’s going to resonate with your target audience.
http://smallbusiness.foxbusiness.com/entrepreneurs/2014/01/20/5-tips-for-launching-side-business/
14. Have Fun With It
Branson is a creative visionary who cares less about money than he does about creating great products, services, and organizations. Ironically, it because of this mentality that he ends satisfying customer demand better than his competitors.
http://www.crowdcrux.com/5-business-tips-from-richard-branson/
15. Build a Great Team Around You. Reward Them and Praise Them
Successful people seem to have the uncommon trait of being able to recruit teammates that compliment their weaknesses and add value to their organization. Understanding what incentivizes and motivates teammates is one of the most important skills an entrepreneur can acquire.
http://www.crowdcrux.com/5-business-tips-from-richard-branson/
16. Be on The Consumer’s Side
Work FOR the consumer. Don’t try to cheat the consumer out of their money or take advantage of them. The system of capitalism is one of the greatest ways to incentivize individuals to add value to other people’s lives.
http://www.crowdcrux.com/5-business-tips-from-richard-branson/
17. Take Risks!
Risk is uncertainty. The only reason that achievements have any value is that they are difficult to obtain. The harder the task, the more valued it is as an achievement. Smart entrepreneurs learn to mitigate risk, but always recognize that uncertainty is a part of the game.
http://www.crowdcrux.com/5-business-tips-from-richard-branson/
18. Don’t Fear Failure.
Ironically, it is small failures that lead to success. Most things in life are trial and error, whether it is getting better at chess or learning how to run a business. True failure is only when you do not learn from your mistakes. Think of failure as a learning process.
http://www.crowdcrux.com/5-business-tips-from-richard-branson/
19. Stay in touch with your local community
You might be surprised to learn how many other small-business owners live in your area. Stop by their stores and introduce yourself.
https://www.americanexpress.com/us/small-business/openforum/articles/5-tips-to-build-your-small-business-network/
20. Be active in online forums
Your online presence is immensely important, not only because it’s where many of your customers are searching for products and services, but because it’s also where small-business owners turn for information.
https://www.americanexpress.com/us/small-business/openforum/articles/5-tips-to-build-your-small-business-network/
21. Be unconventional
Be on the lookout for unique networking opportunities to grow your referral network in new ways. Think about it, in your everyday life, you are constantly on-the-go meeting new people.
https://www.americanexpress.com/us/small-business/openforum/articles/5-tips-to-build-your-small-business-network/
22. Join social networking sites
You’ve heard it before, but I’ll say it again—build your referral network and online presence through social networking sites. It’s really important to join the right networks for your business where you can help other small-business owners and they can help you in return.
https://www.americanexpress.com/us/small-business/openforum/articles/5-tips-to-build-your-small-business-network/
23. Follow up
This is an important element of both building and strengthening your referral network. Regardless of the type of networking, the key is quickly turning those new contacts into active connections in your network. Do this by practicing 24-hour follow-up. Reach out to new contacts (via e-mail is easiest) within a day of first meeting them.
https://www.americanexpress.com/us/small-business/openforum/articles/5-tips-to-build-your-small-business-network/
24. Accept That You Can’t Do Everything
Part of the allure of starting your own business is embarking on the exciting adventure of becoming your own boss. As a small-business owner, you’re going to have to be comfortable wearing a lot of hats – salesperson, accountant, marketing manager – but that doesn’t mean that you can (or should) do everything yourself.
http://smallbiztrends.com/2014/06/tips-for-growing-your-business.html
25. Keep Your Doubts to Yourself
To launch and run a successful business, you need to have passion, drive and confidence. However, even the best of us have doubts, and experiencing apprehension about your new venture is completely normal.
http://smallbiztrends.com/2014/06/tips-for-growing-your-business.html
26. Run the Business You Want, Not the Business You Have
Ever hear the expression, “Fake it ‘til you make it?” Well, this principle is something you should (and may need to) adopt, especially in the early days of your business.
http://smallbiztrends.com/2014/06/tips-for-growing-your-business.html
27. Get Used to Hearing ‘No’
Making the decision to start your own business is a choice that only you can make. It’s an adventure that only you can decide to embark upon. Unfortunately, when it comes to many other aspects of making your dream a reality, other people are often involved – other people who have a say in whether certain things happen or not.
http://smallbiztrends.com/2014/06/tips-for-growing-your-business.html
28. Don’t Dip into Your Business’ Bank Account
Once you’re up and running, it’s tempting to see your business as an extension of your checking account, but you must resist the temptation to “borrow” funds from your business or splash out on lavish expenses, at least in the early days.
http://smallbiztrends.com/2014/06/tips-for-growing-your-business.html
29. Overestimate time and cost
Estimate the time, effort, and money it will take to start a business, then double it and add 10% for good measure. It probably sounds like a given, but starting your own business will most likely be the hardest work you ever do. For the first while it will feel like you eat, sleep, and breath your business, and that’s probably because you will.
http://theeverygirl.com/5-tips-for-starting-a-business
30. Envision success, but be ready for setbacks
Being confident in your idea is definitely the first step to making your business a success, but you have to be prepared to face challenges, and likely ones you don’t see coming. The important thing to remember is that just because there are bumps in the road doesn’t mean you have failed. Entrepreneurs earn their stripes by accepting, overcoming, and flourishing in the midst of these challenges.
http://theeverygirl.com/5-tips-for-starting-a-business
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