The weekly top 5 tips post is always full of helpful hints and advice for small, home and micro business owners.
1. The statistics often paint a grim picture for the survival of a small business. It is not unusual to even see claims that around 50% of small businesses fail. Remember that the term ‘small business’ is remarkably vague and a statistic like this means very little in regards to your own business survival.
2. To be a successful small business, it doesn’t necessarily require you to take a whole load of risk. Entrepreneurs are often portrayed as wild risk takers but in reality the decisions they make are almost always careful strategies based on quality data.
3. Don’t expect to simply be able to pay yourself whatever you like, as many people believe when they start a business. In the early days it may be difficult to even turn a profit and business owners that do manage it will often reinvest that profit back into the business for the first few months or years.
4. You also shouldn’t expect to be able to hire people straight away that you can delegate all the worst parts of running a business to. For a long while you are going to have to get your hands dirty to succeed.
5. A common myth is that you need money to be able to make money. This is false, many large corporations have been built totally from scratch. Don’t be fooled into thinking you absolutely must have a bank loan or something similar.