30 DO’S AND 20 DON’TS IN STARTING A SMALL BUSINESS

Small scale businesses are easier to set up compared to the middle or large scale businesses that require more time, feasibility reports, adequate financing, logistics and manpower development. Small is beautiful. For a small business enterprise, with careful planning and little resources deployed; success is always guaranteed. However, the law of success must be fully obeyed in order to get the desire result. This law has the do’s and don’ts. Enjoy the benefit of a booming business following the “do’s” and avoid the un-pleasant sanctions from the “don’ts”

50 Do’s
1. Start a business venture you know more about.
2. Separate business income from personal income
3. Always save and spend less than the income generated.
4. Pay the tithe of your business.
5. Buy when people sell; sell when people buy.
6. Learn and gain more experience from your business.
7. Think before you buy!
8. Make discoveries; find out more about your business.
9. Give more time and attention to your business.
10. Hire the best staff for your business. No sentiments.
11. Always keep a daily record of income and expenditure.
12. Be a time manager; be punctual always.
13. Be courteous and show care and love to your customers.
14. Add more value to your products; give more.
15. Induce buyers with tempting offers.
16. Offer after sales service; the customer is a king.
17. Offer money back guarantee for your products.
18. Use the feedback to correct the mistakes. Listen more!
19. Set a standard for your business.
20. Get branded. Be known for your unique offers.
21. Train and re-train your employees.
22. Motivate your staff daily (reward progress & achievement)
23. Shower more praise and be economical with criticisms of staff.
24. Be a leader by example, not a “bulling” boss.
25. Think positively, believe in yourself and your team.
26. Show more love and attention to your workers.
27. Develop work ethics, use official line of communication.
28. Make your work your hobby; enjoy yourself.
29. Learn to delegate authorities; create time to think.
30. Register your business, pay tax and operate legally.

20 DON’TS

1. Don’t personalize your business; solicit staff ideas.
2. Don’t be over worked; create leisure time.
3. Avoid gossip, backbiting, and undue favoritism to staff.
4. Avoid compulsive purchases; plan and budget for the things to buy.
5. Don’t buy, if you only need it for a while; rent it or lease it.
6. Don’t be too bureaucratic in your operations.
7. Don’t abuse business goodwill; pay off creditors.
8. Don’t build castles in the air; don’t spend unearned profit.
9. Don’t kill the chicken that lays the golden egg; encourage growth.
10. Don’t be afraid of competition; be innovative and add more value.
11. Don’t be afraid to expand or diversify when necessary.
12. Avoid taking loans or overdrafts; always look inwards.
13. Don’t offer or take bribes; be professional and stand out.
14. Don’t rush into signing agreements, contracts, etc until you
are satisfied or seek legal experts.
15. Don’t give out postdated cheques; it’s risky.
16. Don’t be too tight fisted; reward excellence in your staff.
17. Don’t be too rigid; encourage advertisement, publicity and training.
18. Don’t encourage family members’ interference with your business.
19. Don’t employ too many staff and owe; avoid duplication of activities.
20. Don’t create disputes for staff; have clearly spelt out organization structure.

MONEY IN YOUR HAND

Money hate wasters; but love givers.
Money talks big; dumb when buried.
Money grow with thinkers; malnourished with wishers.
Money defeats poverty; but poverty kills the poor!
Tunji Aderonmu

Now that you’ve got the right mindset on how to start and run your small businesses, kindly keep the tips in mind. In case you’re yet to decide or confused about the type of business to go into, then I have an advice for you. Get this book: Multiple Streams of Income in The Gambia. It teaches you how to choose from 150 businesses with details profile on each business.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: