If you are among the 25 million plus people that will be running a micro-business by the end of 2009 [Ref. SmallBizTrends.com] this entry is for you. Some will fold this year, but many more will start up. Here are a few tips for staying among the "thrivers" in the bunch.
- Cash is the lifeblood of your business; therefore:
- Know what the payback or return will be for planned expenditures.
Base this on your own evaluations, not what the sales rep tells you.
- If you have a paying job, keep it as long as possible. You may be sleep deprived, but your bank account and your household will suffer less. That being said,...
- Get the highest quality (not most expensive) tools and equipment of your trade, that you can afford.
- Good business cards. See this checklist.
- A laptop computer, with wireless LAN, webcam, a big hard drive, and lots of RAM.
- Make a "must have" and a "like to have" list of other items.
- Avoid debt and credit card purchases. Use them prudently, if at all.
- Lease what makes economic sense, to conserve cash and yield tax advantages.
- Invest in your web presence. The internet is the next great business growth frontier.
- Choose a logical domain name. Don't pay more than $15 for one year to register it. Avoid the super-cheap services; there are hidden, costly inconveniences.
- Put up a website. It does not have to be fancy, but it must meet your business development needs.
- Avoid using your kids, best friend, or neighbors' kids for this purpose. Use professionals or a user-friendly service.
IMG Online Business, one of our technology partners, has excellent packages. You may try it from the link above. - Set up business-specific e-mail.
- If hosting stretches your budget too far, at first, use forwarding from your parked site's registrar.
- Get set up to use e-mail software, such as Outlook, so you can send professional looking messages, A.S.A.P..
- Learn your market quickly and sell, sell, sell.
- Customers will not auto-magically appear.
- If you cannot sell your product or service, get someone who can.
- Sales skills will not guarantee success, but the business cannot grow without someone who has, and uses, them.
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