You should always have a business plan, preferably written by you.
No matter how enthusiastic you are about your small business it won’t be successful unless you have a business plan on how to start and run it. The business plan is essential because allows you to experiment on paper before getting into reality and the size of the business plan is not important.
Run the business with passion
To succeed in running the business you should have passion and wish and of course to want to do your job.
Decide how you will make a profit
The profit is a goal of any business. You should know and estimate all your costs related to the business, do not neglect a single one no matter how small it is and you should know/estimate how much you will have to sell to cover all costs and to start generating a profit. This is known as break-even analysis.
Begin with as much as possible your own money
Everybody wants his small business to be successful, to work on different locations, with many employees. But you must first learn to walk before you start running.
If you start with small amount of money and modestly you will survive easily the traps related to running a small business. The entrepreneur who starts with modest operations can easily recover and learn from his mistakes without getting into big debts.
Put it on paper
It would have been nice if the businesses were made with a single handshaking, but there is no substitute for a written agreement. The agreements are means of proof.
Employ the right people
Don’t hire the first person who will possess the qualifications you are looking for. Find a motivated, creative person with the right character in order your industry to survive in your industry and fit into your business.
Always have a positive and colleague relationship with the employees, the associates and the partners.
Always pay on time!