These are the things you need to take note if you are engage into a small or big business. It will help you succeed along the process especially if you are a newbie into this industry. Most of the rich entrepreneurs around the world knows exactly that this tips are very important and needs to be remembered always. They are experts in this field so they know exactly what to do and theses tips are some of the things they follow to keep track of their growing company.
1.Start Small, Think Big-
If you are a neophyte in terms of business it would be better to start small. I always believe that out of small things comes which is great. So starting small is a great big step but you also have to think big. Thinking big is thinking of great, unique and new ideas. This is how you will be successful. Your path to greatness is getting there slowly but surely and learning everything along theway. Most of the people I know wants to start really big in a faster way. There’s no such thing as getting rich in a fast pace. It takes time and dedication. Without a great experience and money to support, newly build big businesses will fall faster than you will ever know.
You know getting started is really hard at first especially that you are taking a risk yourself. It is also expected that mistakes may arise in the beginning but start from this and grow sustainably.
2.Differentiate Your Business-
Last time when I was strolling in a mall in Manila, I was so impressed to see many unique businesses, different products and approach. I realized how business minded people succeed because of being different with others.
Think of this, selling the same products hurts your business and it also affects everyone. It will increase competition and it pulls down prices. It’s a lose-lose situation so avoid it.
Again, be different. Sell unique products, carry unique approach and stay away from competitors.
3.Buy Low, Sell High-
Most of the successful entrepreneurs do this. You buy a product in a low price and sell it more than you paid for it. The wider the margin between the price you pay and the price you charge will make you more money. However, also be reasonable. Selling too high hurts the business. The best way you to do is negotiate with your suppliers for low prices of the products.
4.Buy on Credit, Sell for Cash-
This is something some people who wants to start a small business did not understand. They interchanged this notion by buying cash then sell on credit. Doing this is a bad step to do. Like me before, I thought that it’s wiser or a good thing to buy cash and sell on credit but I realized it is much better to buy on credit then sell for cash.
Find where you can get suppliers on credit, sell it to customers and get their cash. Do this and you will be astonished to the result, more inventory and you can pay suppliers on time.
5.Turn Your Inventory Often-
Take note, inventory can help your business grow. Small inventory turned everyday is another big step to do. For example, if you buy a product for 50 pesos and sell it for 150 pesos, you earned yourself a hundred pesos. Do this 10x for a week and you will get 1000 pesos for that week. Do it 10x a day, you earn 1000 pesos per day. This is the power of leverage.
6.Records is a must-
Records are vital in a business because you will be able to see the in and outs of your products. It is another way to see how your business grows. Keeping records will keep you away from overspending and bankruptcy. Keep in mind these 5 things: a. sales of the day; b. money you hold; c. money you owe; d. money the people owe you; e. value of your inventory.
7.Do not eat your inventory-
Never show your inventories to others. Doing so is the fastest way to lose money that eventually will lead to bankruptcy. Let others pay first before allowing them to take inventory. Perishable items must be disposed fast.
8.Pay yourself a SALARY-
Even though you are the owner, never get or lessen the working capital of your business. Just set yourself a salary like an ordinary employee. Example, your business earns P100,000 in one month, only take a portion of it as your salary then put the rest as your revolving fund and directly to your bank. Most entrepreneur isn’t successful because they re tempted to take some of the capital almost every day. They forget this simple rule.
9.Increase sales, Decrease costs-
The secret to this is working hard every day to increase the sales and multiply it. To make goals and achieve it. Also keep on track to control cost and expenses. In the name of direct selling, it is okay to be pushy a little bit than starve.
10.Make Profit everyday-
Do not let the day pass by without a profit. Do all you can to be able to sell. Be motivated plus a dedication or even a challenge to profit every day. Buy right, add value, and make correct pricing.
11.Value your customers-
Do good to them because you earn to them. Having a good relationship with your customers means repeat income for you because they will be loyal to you and buy to you all the time. Make them happy as well as attracting more loyal customers.
These are my tips to all of you. Good luck!!!
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