Surviving your first year tips for small business owners

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  • 1. Surviving your first year: tips for small business owners Ewon Whynes Dynasty Team Inc.S

2. Surviving your first year: tips for small business ownersS Many successful entrepreneurs can tell you that starting abusiness can be extremely rewarding but that it can also be stressful. S Everyone who starts a business enters with excitementand aspirations for success and while no two businesses are the same, success can be difficult to predict 3. Surviving your first year: tips for small business ownersS Many factors can contribute to the success of yourbusiness, but its important to understand that building a successful, profitable business takes patience, determination and focus. 4. Surviving your first year: tips for small business ownersS Here are some tips that can be applied to any newbusiness, increasing your chance of success 5. Surviving your first year: tips for small business ownersS Make a Plan Creating a business plan is essential tothe survival of any business. It will help you identity your customers, your market, your competition, and other important aspects of your business. It will also help you identify potential opportunities and obstacles that might not have occurred to you. As your business grows, it will serve as the yardstick against which you can measure your business performance and make sure youre staying on the right track. 6. Surviving your first year: tips for small business ownersS Establish a Support Network Business owners tend to be independent-minded and are more inclined to solve problems on their own. However, it is important to not be shy when it comes to asking for advice. Youll be surprised how many are willing to share industry information or serve as a sounding board for your ideas. Other people to consider for your professional network include suppliers, customers, accountants, lawyers, and financial advisors. 7. Surviving your first year: tips for small business owners S Be a Student of your Business To be successful, your business needs to stand out among the competition. Your unique selling proposition may be your product or service, price selection, or any number of things. Whatever it is, you need to understand the market, and know what your competition is doing, to ensure that whatever you are offering is more appealing to your customers than anything else out there. Research online, join industry associations and most importantly, talk to your clients. 8. Surviving your first year: tips for small business owners S Keep an Eye on Your Cash Flow Withouta clear picture of your daily sales revenue and expenses, you wont know how much your business is making. Thats why keeping an eye on your cash flow is crucial. Its also essential for forecasting, as your predications and planning are based on what happened today. Over time your forecasting will become more accurate, so you can plan for fluctuations in your business due to seasonal or economic factors. It will also help you determine how much cash you need in reserve to keep you in the black through slower periods. 9. Surviving your first year: tips for small business owners 10. Surviving your first year: tips for small business ownersS Start an online business today get the support andsystems that you will need to survive your first year as a small business owner. S http://makingezmoneyathome.com