FIVE TIPS FOR BUILDING SUCCESS AS A
BUSINESS OWNER
Small business owners agree it is
essential that they love what they do because the hours are long and the
sacrifices on their finances, personal relationships, sleep and peace of mind
are more than they might ever anticipate.
For those who can pledge
such love and commitment, San Diego’s small business professionals offered
several tips to handling the challenges of running a company that employs 50 or
fewer people.
• Business plan: A solid,
well-researched business plan is essential. Do your homework. Scour the
Internet for information on taxes, licenses, certifications, permits and
processes. Read industry publications and contact trade organizations for
guidance. And build a financial cushion into your budget—because you must
always expect the unexpected.
• Free resources: Utilize
free community resources such as SCORE and the Small Business Development
Council, which can provide free mentoring and training.
• Networking for
referrals: Turn to personal and business networks as a great source of
referrals for outside help, for everything from bookkeeping to cleaning
services and IT.
• Training: Don’t hire
faster than you can provide quality training. Training is important to quality
control, good communication and the company’s culture.
• Invest: Sometimes you
have to spend money to make money. Perhaps an office in a spare bedroom just
isn’t conducive to productivity and you’ll have to lease office space. Perhaps
a business coach with experience in your industry will provide the objective,
unemotional guidance needed to learn how to manage the business.
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