If you’re a small business entrepreneur, you’ve already hunted around the internet on how to own a successful business and quickly turn a profit. But ‘get rich quick’ can equal to ‘crash quicker’ if you can’t maintain the dollars, reputation or the lifestyle.
Forbes is associated with all things money, from rich lists to interviews with billionaires. This list recounts advice that you have probably heard before, but need to keep in mind.
Good tip: Be a solution. It’s important to have passion, but can it solve a problem that your potential customers are having trouble with?
This is an American site but their advice is universal. One of the ‘right ways’ to run a business is to know the laws concerning it. This includes patenting, copyright and contracts. In the early stages of your business, get a lawyer on your side and ask them to help you with these.
Good tip: Get insurance and use as much of your own money as you can. The last thing you need are loan repayments to sink your business before you’ve made a profit. Get advice from your lawyer or an accountant on what insurance to purchase as well. There’s many to choose from, including:
- General Business Insurance
- Public Liability Insurance
- Professional Indemnity Insurance
- Business Interruption Insurance
Starting a business guide by the Australian Government
The government has a plethora of free guides and resources available. The free guides cover finance, aspects of law surrounding start-ups/small business and how to hire the right people.
Good tip: Speed-read the guides and make a list of the areas you want to look at first. There’s a lot of information to take in, so best to tackle it in small chunks.
More free advice below: