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What are the best tips for small business success?

Discussion in 'Business Management' started by Desaran, Jun 6, 2018.

  1. Desaran

    Desaran Affiliate affiliate

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    Guys, how to manage your small business finances and keep costs down?
     
    100kinvesting and Nanette like this.
  2. CPA Evolution
  3. Graybeard

    Graybeard Well-Known Member affiliate

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    The IRS defines a small business as having less the $10 Million in assets.
    Generally, a small business can have anywhere from $40 Million to $100 Million in revenue.
    The US Department of Labor defines a small business as having less that 500 employees.

    Do you mean a *micro-business?*

    • Use open source software where you can.
    • Budget your anticipated expenditures -- monthly or quarterly -- try to stick to them.
    • Buy templates and other peoples work, even it it is not exclusive, when starting something out -- unless you have development skills or qualified developer partners.
    • Keep ego centered things like fancy stationary or business cards to a minimum.
    • Find a bank that doesn't charge you fees for everything they can.

    Taxes -- If you have revenues;
    • Make full use of the home office deduction -- have a separate room or rooms in you home dedicated to your active business.
    • Learn all the tax laws regarding running a *micro-business*
    • Take advantage of tax sheltered deferred income like various retirement accounts -- if you have employees (not independent contractors) you must offer them the same retirement benefits.
    • Are you incorporated? Even if you are not --seek out advice from an enrolled public accountant or a CPA (Certified Public Accountant).
     
  4. Desaran

    Desaran Affiliate affiliate

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    Thanks a lot, Graybeard
     
  5. AffiliateAF

    AffiliateAF Affiliate affiliate

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    I am also a one man show, when I started working by my own, I wasted a lot of time with several matters, many of them smalls. But after doing many times, we get the rhythm... Good Luck ;)
     
    Nanette likes this.
  6. BerryJ

    BerryJ Affiliate affiliate

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    This theme also interesting for me. thank you
     
  7. annagreenang

    annagreenang Affiliate affiliate

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    Small business success is always lies in two thing Healthy and growing, you can only keep both way by having a line of credit.
     
    Last edited by a moderator: Aug 21, 2018
  8. Nanda Bhat01

    Nanda Bhat01 Affiliate affiliate

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    Wow, Congarts. I appreciate your hardwork. Good luck for your future.
     
    AffiliateAF likes this.
  9. affmarketer101

    affmarketer101 Affiliate affiliate

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    Choose really small niche and work hard.
     
  10. Graybeard

    Graybeard Well-Known Member affiliate

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    That can only work if you can reach-out to that small audience.
    You cannot do that with these mass advertising platforms.
    Neglected customers in a larger market works -- Uber is a good example ;)
     
    affmarketer101 likes this.
  11. Graybeard

    Graybeard Well-Known Member affiliate

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    ^^^Last edited by a moderator: Today at 9:45 AM
    link spam FAIL :D
     
  12. Nanette

    Nanette Affiliate affiliate

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    Lots of Cool advice here
    Don't splurge of course

    Go thru all of Your expenses
    What can You cut out?
    And
    What do You need?
     
  13. affmarketer101

    affmarketer101 Affiliate affiliate

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    Ok, the point is it has to be accessible, right?
     
  14. poliq

    poliq Affiliate affiliate

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    business is business no small and no big. Any type business for successful need good management. Don’t hire worker/employees if you have small business or start-up your business. first of all create good place in market then after you increase your business.
     
  15. Sharmilarock

    Sharmilarock Affiliate affiliate

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    Choose the really small niche keyword and work hard.
     
  16. Graybeard

    Graybeard Well-Known Member affiliate

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    Not so much accessible as neglected.
    How many Uber customers used to use overpriced old school taxis? How did the app affect their customer pool? Is it just less hassle and not really just the money aspect?
     
  17. Ian_murphy

    Ian_murphy Affiliate affiliate

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    Sounds stupid, but believe in yourself and that you can do it!
     
  18. randynguyen

    randynguyen Affiliate affiliate

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    choose a small niche, validate your idea (market demand and product), if people pay for it, let expand your business idea, if not go back to the first or second step, The problem is in these two steps
     
    Last edited: Sep 12, 2018
  19. poliq

    poliq Affiliate affiliate

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    Lifted from Tom: First, you need to decide what your role will be. In any business, there are three management roles, and each has an appropriate share of the profits: Operations (30%), Marketing (60%), and Control (10%). Someone has to make the stuff, someone has to sell the stuff, and someone has to keep the money in balance. Making the stuff is pretty easy actually, once you decide what it is you want to make. You can contract with existing manufacturers to make things for you, to your specifications, and nearly always, that will be less expensive than building a production operation of your own. Selling the stuff is the hardest challenge, because every dime you earn has to be pried loose from a competitor who would get it if you were not in the game. Those who can develop and manage the marketing function, are the engine of every business. Ideally, that function will be filled by you, but if you are not comfortable in that role, be prepared to pay well for that expertise, with a major share of your company.

    That may not be 5 steps, but it’s close.
     
  20. aimll

    aimll Affiliate affiliate

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    There are many important tips for small business...
     
  21. ssasoft

    ssasoft Affiliate affiliate

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    work at your own.
    Don't hire for small works do it at your own
     
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