Running a business is no small talk, especially if you’re running a small business. When you run a small business, you operate with an inner circle and if things go south, you’re in the deep end. So what should we do, or not do to prevent a small business going from small to negligible? Because no matter what, however small your business is, it brings value to you which a corporate job never could. And we don’t want that value to abandon you, so without wasting any time, let’s get rolling with “How to run a small business successfully?”
Naming your business right
Before you run a small business successfully, you need to launch one. And before you launch one, you need to find a name. Of Course, it is of primal importance that you decide what you’ll be calling your business. And you should be proud to say it out loud in public. And therefore, having a bomb of a name for your small business is justified. Before going to Google and search-typing business name ideas, do give a read to our take on naming a business.
● Less is more- Keeping your business’s name short will do a great favor to both you and your clients. They won’t have to type out long names and you won’t have a hard time ensuring that people remember the correct name of your business.
● Keep it straightforward- Your brand name should have a clear message which speaks for the kind of services and products you offer.
● Your brand name is no eye-candy- Your brand name is comfort food for your business, it shouldn’t have any words or micro-phrases which are catchy and trending in the present and irrelevant and immature-ish in the future.
● Avoid making it a grammar test- The name of your business should be easy to remember and type, with a simple spelling. The complex spellings will literally take your potential customers to some different sites when they type the URL.
These points here will be enough to help you brainstorm a splendid name for your small business.
Tips for a Successful Small Business
1. Churn out some plans: If you’ve set up your business already, the juicy stuff begins from point number four. This tip is for people who are thinking of starting. Note down a handful of business ideas. And now ponder, and see which one is perfect for you. Pace your business with the pace of money you think will be coming in.
2. Difference between Price and Prize: Once you think of a business niche, the next thing you need to do is figure out what margin will you be making doing a particular business. And if that margin is good enough, you found your business, kick start with it after these 2 steps to follow.
3. ‘Slow and steady wins the race’: It goes without saying that you should learn to walk before you dream of running. In the initial phase, your business should be a small-cap business so that you’re not too deep clearing loans because you wanted to go big in the first jump.
4. Get handwritten contracts: Dramatical consents in a business, like handshakes, are good, only dramatically good. In real life, you should always seal a deal in writing. You should have a contract made for every deal you make with your business associates and partners. This will help your business have legal support solid as a rock, god forbid things to go south, you’ll have these contracts to prove your innocence.
5. Stay awake: You need to stand out from your competitors and win in every situation to get at the top of your game. For this, you need to be different and better from your competitor's competitor and watch out what they are offering. Never share your business secrets, that’s what makes you different from them.
6. Hire mindfully: When you are looking for employees, don’t just hire an employee based on her or his degree. Instead, make sure they have good values and respect for your business. See if they share the same vision as you for the success of your business.
7. Employee relationship is the key: Once you hire the right person for your company, you ought to maintain good relationships with them so that they work honestly and with enthusiasm for your business
8. Punctually pay your bills and taxes: Once you get started making a handsome profit, you shouldn’t ignore your bills and taxes. They can take a toll on you if pile for too long.
Things Not to Do When You're Running a Small Business
Once you know what to do for running a small business, you need to have a mind map of don’ts for your business. Here is a list of things you shouldn’t do when you wish to run a small business successfully:
A. Rush an association: Once you start a business, you should not hurry about getting into a partnership. Of course, it may lessen the burden of input funds and hard work, but it will take a toll on you when you can’t explain your point to your business partner. It’s like being in a relationship for one month and getting married the next - full of risks.
B. Chicken out: There are slim chances that you’ll be hitting on the big bold success in capital letters in your first take at starting a business. Often, it takes time for the initial revenues to catch up with our imaginary set-up bars. But this should not daunt your enthusiasm for being an entrepreneur.
C. Be a multi-million-tasker: We know that it’s not profitable hiring people in the initial phase of your business, and you think you can do everything by yourself. But this is not good for your mental and physical well-being as well as creativity. You should seek some help and hire rightfully.