Your Complete Guide in finding the Right Business Opportunity and Achieve the SUCCESS You Desire! by Rita Schwarcz - HTML preview

Tips for a Successful Small Business

There is one thing that all successful people value more than money and that is their time. They will be more willing to give up money because they can never get time back. Even repetition of small changes can make all the difference on whether your dreams become a reality.

These are a few of the key changes I made in my life that impacted everything.

–  write down you short/medium and long term goals and revisit and revise them periodically as they will change

–  try to tick them off as you go and celebrate all of your achievements and wins, big and small

–  get organized, research some ways you can make yourself more organized. Some will find it challenging even sticking to a diary, but I have everything diarized even when I do my housework and pick up my child from kindy. Don't forget you  "free” time, it should also be in your diary

–  design a DMO –daily method of operation and stick to it no matter what (you can rearrange your day but complete all steps daily)

–  be committed and re-commit daily to your business

–  don't forget to spend time on yourself and your personal development and quiet time-meditation

(I believe this is the most important point to become successful!)

If you are after a Home Business you can run completely online, where you will get All your initial and ongoing training and support and basically getting paid to evolve and to grow and assist others to help themselves, feel free to check our my website.

Don’t let the one things that made you

start your business Be the reason for your

failure!

Some more tips and useful information to consider:

The most important thing you can do is to write a business plan as stated above and stick to it!

Start with as much of your own money as possible

Many small business owners cover their start-up costs entirely through loans, with the expectation that they will begin paying back the loans with the profits from their new business. New businesses can take months or years to generate a profit, however, and loan payments can really become a millstone around the neck of a fledgling operation.

If you can save up as much of the start-up capital yourself before you open your doors, you will help ensure that loans won't sink your new business. Remember, also, that there's an outside chance that a lender will call a loan or add unfavorable terms if your business isn't as successful as you initially planned. If you provide as much of the start-up money as possible, it will lessen the odds of a nasty surprise like this hindering your business.

Protect yourself

Most small businesses are sole proprietorships or  partnerships. While these types of businesses are nice and easy to form, they also expose their owners to liability for business debts and judgments. Creditors and judgment holders can come after the owners' personal assets, like savings accounts and homes, once the business' money is depleted.

While insurance can reduce this liability somewhat, it's worth it to consider forming a corporation or limited. These business structures will shield owners from personal liability, but there are more rules and requirements associated with them.

Start small

Everyone wants their small business to be successful, with  multiple locations, lots of employees and loads of revenue, but you have to learn to walk before you can run. Don't spread yourself too thin or take on too many expenses at the beginning, especially if your income might take a while to catch up to your ambitions.

By starting small, you ensure that you can survive the inevitable hiccups associated with running a small business. Those entrepreneurs who begin with modest operations can recover and learn from their mistakes without taking on a lot of debt. Starting small will help your small business grow into a successful enterprise.

Get it in writing

While, it's nice to do business with a handshake, there's no  substitute for a well-written contract. Indeed, many contracts are not valid unless they are in written form. 

The exact number of this type of contract varies between states, but here are a few common examples:

• Sales of goods worth more than $500
• Contracts lasting more than a year
• A transfer of ownership in copyrights or real estate

While contracts can be valid when orally made, they are much harder to prove and enforce. Make sure you get all agreements in writing -- it will save you headaches down the line, and could even save your business.

Keep your edge

There are many ways to gain a competitive edge over other  businesses in your industry: you could have a better product, a more efficient manufacturing or distribution process, a more convenient location, better customer service, or a better understanding of the changing marketplace.

The best way to hold onto your competitive edge is to protect your trade secrets. A trade secret is that information that isn't known to others that gives you a competitive advantage in the market. There are many kinds of trade secrets, and trade secrets receive legal protection as long as their owners take steps to keep them secret. 

Those steps could be anything from marking confidential documents to requiring partners and employees to sign nondisclosure agreements.

Another way to hold onto your competitive edge is to stay proactive. If you know that your business is going to face challenges or encroachment by a competitor, don't wait to react -- plan ahead and you'll stay ahead.

Hire the right people

Don't just hire the first person to come along with the basic  qualifications you need. Look for someone with motivation, creativity and the right kind of personality to make it in your industry and fit in with your business. Then, once you've found that person, treat them well, engage them and make sure that you create the environment that they will thrive and give their all in.

Make sure you create the right kind of employee relationship

Lots of businesses try to save money by hiring people as  independent contractors rather than full-time employees. The IRS will impose large penalties on businesses that do not withhold and pay taxes for workers that it considers fulltime employees rather than independent contractors. Here are some things the IRS will look at to determine whether a worker is an independent contractor or a full-time employee:

• The worker performs tasks that are essential for your business
• The worker only works for your business
• The worker works 40 hours a week, or nearly 40 hours
• The worker receives instructions and training from you, and you exercise control over how the worker does their job

Also be sure to create an "at-will" relationship with your  employees. Employers can terminate at-will employees for any reason, which is essential if an employee isn't working out. There are many ways to make it clear that the employment relationship is at-will, including in employee handbooks and through offer letters.   Don't make any promises to employees about the length or terms of their employment, as these could become binding on you later.

Pay your bills and taxes on time

It should go without saying, but it's important to pay what  you owe -- especially when dealing with the IRS. The IRS can impose harsh penalties and even come after a business owner's personal assets if the owner doesn't remit payroll taxes on time.

It's also important to pay your regular debts in a timely fashion. If you get a reputation for stalling on a debt, you could find it difficult to form business relationships in the future. Plus, if you stay current on your debts and pay them as you incur them, it will help you avoid being overwhelmed by cash flow problems if several debts come due simultaneously.

End Note

Now you should have a clearer understanding about how and where to start in finding the business for yourself and also some important factors to keep in mind to make sure that you are successful.

Hopefully I was able to provide you with some useful tips that have hit a spot in you to get you closer to your goal.

Give yourself the time and space to make that decision as it is very important to consider all aspects and do your due diligence and getting fully informed.

If you search on the internet and request information about opportunities, make sure you go through all given information thoroughly and don't hesitate to ask questions.

If you can see yourself happy by doing it for the rest of your life, you have mad the right choice

If you want to cut through the middle, you might like the type of business I have chosen…..

Would you like to have the flexibility and profit flow of being  your own boss, but want the infrastructure of a successful business already built, this might be for You!

Achieve the desired change and growth that you deserve. If you are truly serious about changing your current life and strengthening your future, please take a minute and go to my website!

http://www.MyLifechangeBiz.com

Written and published by

Rita Schwarcz

Business and Lifestyle mentor

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