4 essential tips for first-time small business owners

By Bernadine Racoma

There’s no denying that starting a small business can be an exciting new experience, especially for first-time entrepreneurs. After all, it will present you with an opportunity to earn more. However, don’t be fooled: achieving success is easier said than done. And with the uncertain economic landscape, it’s not surprising that many are not able to attain the desired outcome.

Fortunately, with some careful planning, preparation, and know-how, you can give yourself a much better chance to succeed where others have failed. So, if you’re planning to start a small business, here are a few tips that you should keep in mind.

-Get your fixed costs as low as you can early

A lot of inexperienced entrepreneurs usually look for ways to reduce their overheads after they’ve established their small business, and end up wasting both time and money in the process. Instead, give yourself a head start and begin exploring your options as early as possible. In this way, you’ll be able to keep your outlay at a minimum as soon as your business starts its operations. And you’ll generate profit much sooner than you would have, as a result.

-Outsource if necessary

Contrary to popular belief, keeping as much work as possible in-house won’t necessarily translate to lower expenses. In actuality, it could lead you to higher costs. So, if the task is beyond your level of the company’s expertise or if the business can’t take on the responsibility, don’t be afraid to outsource the work. For example, choosing http://cannonpacking.co.uk for the contract packing services that you require or hiring an IT firm to take care of your networking needs might seem like an added expense now. But it’ll undoubtedly save you money in the long run.

-Have a back-up plan

There are no guarantees of success in any business venture. There’s no getting around this fact. And even by taking all measures to avoid any potential trouble, there’s always a chance that your business will encounter some problems along the way. And when any lapse in judgement or oversight can lead to catastrophic results, it makes sense to have a back-up plan in place. So make sure that you have a contingency. It can make all the difference in helping your business sustain its operations in the event of any issues.

-Don’t quit the day job first

One of the most common mistakes that many people make is quitting their day job to focus on their new business venture, only to run out of financial resources immediately. And as challenging as it might be to juggle responsibilities at work as you run your business, it’s well worth the effort as it will give you additional finances to work with.

Running a successful small business takes a lot of work. Getting the numbers that you want won’t just happen overnight. And by finding ways to minimise your costs as early as possible, outsourcing whenever the need arises, forming contingencies, and sticking just a little bit longer with your current job, you’ll be able to give yourself more opportunities to succeed.


Bernadine Racoma is the Content Manager of eTranslation Services. Her long experience in an international development institution and extensive travels have provided her a wealth of knowledge and insights into cultural diversity. She writes to inform, engage, and share the idea of the Internet being a useful platform for communicating, knowledge sharing, educating, and entertaining. You can find Bernadine Racoma at Twitter.

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