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General Small Business Tips

By Office Space TorontoIn standard18th December, 2013

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So you want to start a small business, we have prepared a few tips to help your small business succeed. While these are just some simple tips, they are often the most overlooked details for starting and running a small business.

General Small Business tip #1 – Make Sure You Are Your Ready for Entrepreneurship. It is easy to come up with an idea to start a business, but not so easy to actually launch and build a profitable business. Eighty per cent of businesses fail in the first five years. While planning your business, you need to budget for shortfalls in sales or economic downturns.

General Small Business tip #2 – Prepare a Business Plan. By not preparing a business plan, you are preparing to fail in you business. Most small businesses that create a thorough business plan that incluedes financial plans and budgets, market analysis, competitive analysis and competetive strategy, sales projections, marketing plans and more have a better chance of succeeding. check out this simple checklist from dummies.com http://www.dummies.com/how-to/content/businessplan-check-list0.html

General Small Business tip #3 – Work your business plan. By keeping to your plan, you are more likely to suceed that if you alter your plan without proving your plan can work. If you have planned well, your business will work. Changing plans mid-stream will only cause more confusion as to what works. Investors or lenders to your business put their money in because of a solid business plan. When you change your plan, you may have problems with those lenders and investors.

General Small Business tip #4 – Keep to your budgets. When you change your budgets, you are changing your business plans and my cause problems with your financial partners and the way the business model was developed. If you are considering changing your budgets, consult with your financial partners first and see what advice or options they may have to make your budget work better.

General Small Business tip #5 – KISS – Keep it simple silly – Do not over complicate things and find simple solutions for your business, the more you complicate it, the more you will strugle to keep your business going.

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