If you’re a small business owner, or even a budding small business owner, these secrets here will help you in various ways – and you’ll more than likely wish you’d known them sooner. You might already be wise to some of them, others might be new to you. Take a look and see if you can learn something today:
Secret 1: Hire An Accountant Early On
If you’ve already started and you haven’t yet hired an accountant, it should be classed as the next most important thing that you do. It’s important to realize that there are many deductions, loopholes and requirements that only professional financial professionals are trained to identify and manage within your business. You might think that doing it yourself will save you some dollar, but you’re probably wrong.
Secret 2: Get A Mentor And Ask Lots Of Questions
You really don’t have to be a lone entrepreneur to get your business off the ground, and doing so could actually hinder your success. Many of the greatest entrepreneurs out there admit to having help when they first started their businesses, namely in the form of a mentor. A mentor or business coach that can provide you with a tailored plan rather than a cookie cutter approach is best. A business coach is especially useful if you’re starting a business based on one of your passions or talents, but aren’t quite sure how to turn that into revenue or market yourself.
Secret 3: Do Your Research
Doing your due diligence is absolutely crucial if you’re going to make your small business a success. You’ll want to know things like the cost of living in your city, your target audience, reputable vendors you can work with, etc. For instance, if you’re planning on starting a small welding company, you can do research on this now by checking out different sites and pricing up the equipment you’ll need to begin. You’ll also want to read lots of business books instead of watching TV, and talk to people who have done what you’re setting out to do. You should try to avoid learning by trial and error, and speak to professionals instead – although some trial and error is always inevitable, in just about any business.
Secret 4: Retain Those Loyal Customers
Retaining loyal customers is absolutely key – more so than trying to gain brand new customers. Don’t try to come up with excuses as to why something happened if you’ve had a complaint; just make the customer happy again! Never underestimate the importance of good customer service – make it a priority from the start. Reply to customers right away, and do little things that make a big difference, such as reach out to them via a handwritten thank you in your shipments, and then send out email follow ups to make sure they were satisfied. Small actions like this will make a customer remember you and ensure they want to come back again.
Do you have any small business secrets you’d like to add? Leave a comment!
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