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What are some valuable tips for a first time business owner?

  1. robertsmichaeltd profile image41
    robertsmichaeltdposted 3 years ago

    What are some valuable tips for a first time business owner?

    Being an business owner is not an easy thing, takes lots of heart, sweat and tears to make something you're passionate about a success.  I've owned over 7 companies in my lifetime and have learned a lot from each business and I am still learning after all these years.  What are great tips you can give a new or struggling business owner?

  2. Arco Hess Designs profile image74
    Arco Hess Designsposted 3 years ago

    Listen to your customers. Not all of them, but the majority. And give good customer service.

  3. Billie Kelpin profile image87
    Billie Kelpinposted 3 years ago

    I have had an online business since the 90s and have lost money all these years which actually makes it a hobby, someone told me.  I know of many points that fall under the "don't do" category for ONLINE businesses. 
    1. Don't name your company something at the bottom of the alphabet because when you are listed with some affiliates, you do get listed last.
    2. Try not to name your company something that your company DOESN'T do.  For years we were Windmill Works, but we created software.
    3.  Join business groups.  Suppport is helpful.
    4.  Don't shy away from writing for grants.  Of course, that requires the bitter work of a business plan which we STILL don't have.
    5. Go to a local college and talk to the business dept.  We once became a project for a group of students who were studying start-up businesses.  They had good ideas for us.
    6. In the very beginning, DO NOT SAY: "Well, I really don't want to get THAT big" because you won't.
    7.  Try to be upbeat.  I've always been honest and realistic about our product.  People don't like that.  They want you to be excited.  I really don't know how to be excited when no one seems to want what we have.  I guess you really need someone on your team who has a sales-person mentality. 
    8. Don't downplay what you have.  If you think it's nothing, so will everyone else. 
    9. If you have an online business, blog as often as you can giving helpful hints to other business people.
    10. Get the money you need for improvements.  If you go to kickstarter, first go to udemy and get some information on how to make a great kickstarter video.
    That's all I've got.  But I can't wait until someone writes something here that will help my business 'cuz I'm getting EXTREMELY discouraged.

    1. robertsmichaeltd profile image41
      robertsmichaeltdposted 3 years agoin reply to this

      Great answers Billie, there are some points I didn't know.  Thank you!

  4. Morgaren profile image77
    Morgarenposted 3 years ago

    If you make an end consumer product, DO NOT forget to put labor cost into product price at the end. If you have had several companies I am sure you already know this, but it is something I see happen way too often. Someone makes a craft to sell, and when they do they forget to pay themselves for their time. When it gets a little larger and they have to get help, they don't generate enough profit to pay for labor cause it is not in their initial pricing. Then they raise prices accordingly and suffer a customer fallout their small business can't afford, then it ends.

    I have seen this happen multiple times. Don't forget to pay yourself for your own labor, otherwise you will always have to do it all yourself, for practically nothing.

    1. robertsmichaeltd profile image41
      robertsmichaeltdposted 3 years agoin reply to this

      Thank you for your answer.

  5. wqaindia profile image79
    wqaindiaposted 3 years ago

    Having owned 7 companies means that you have seen ups and downs in business. None other than yourself knows your weaknesses and strengths. Recollect your strengths and improve your weaknesses. You might have read the story of King Bruce and the Spider with the moral that try try again till you are flying in the sky. Just try reading the following as motivation:
    1. http://wqaindia.hubpages.com/hub/Qualit … n-HubPages
    2. http://wqaindia.hubpages.com/hub/My-Suc … -Story-Too

    1. robertsmichaeltd profile image41
      robertsmichaeltdposted 3 years agoin reply to this

      Thank you sir, yes I have had my ups and downs.  I will read your links!