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Starting your own business? Follow these 10 commandments
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Starting your own business? Follow these 10 commandments

If you don’t want the humdrum of a daily 9-5, and more importantly, want to keep all the profit your hard work generates for yourself, you’re probably starting your own business, right? It can feel like you’re about to scale Everest if this your first attempt, but don’t fret, read my commandments and you’ll know not just what to do, but also what to expect when making your maiden voyage into the ocean that is businesses.

  1. Expect to work hours that are absolutely psycho, your business will see you pulling 14-18 hour shifts, especially in the beginning, and if it booms. What? You thought big money comes easy?
  2. Insurance should be your first priority. It’s stupid to risk starting a business without insurance in place. It’s like going into a football match without a quarterback – you might still win somehow, but it will require some major thinking outside the box, and a truckload of luck too.
  3. Decide your business plan, make it your bible, respect it, and review it every week. You can’t start a business without an end game. See where you want it to go, and make sure its gets there.
  4. Sort your target market; know who you want to sell to, what will appeal to them the most, and where you can attract their attention from.
  5. Get online, like yesterday. Online is the way to go for any business, in fact a lot of young entrepreneurs are forgoing the whole bricks and mortar store way and functioning out of the web exclusively. Even if you have a store or physical outlet, a web presence will only enhance your business.
  6. Give your company a distinct identity. Don’t squirm on spending for business cards and a good logo; it’s all worth it to make your company more recognizable.
  7. Always look to improve. Your company will never be perfect, if you can make your product, service, or work environment better especially if it doesn’t involve spending money, do it!
  8. Hire people that improve your business, not those that you have fun with as people. If you have to choose between a curt fellow who’s efficient at managing your store, or a cute, always smiling, blonde who’s also a bimbo, always go with Mr. Rude. He doesn’t have to talk to customers, and you can put up with his rudeness as long as he delivers. Makes me think of Piers Morgan. That’s the kind of man you want to hire, right there.
  9. Delegate your work with impunity. You’re the boss, you don’t have to do everything, you just have to make sure it gets done. Give your workers more responsibility, that’s the only way you see who’s worthy of your trust, and a promotion.
  10. If you think someone deserves to be fired, do it! The sooner the better, because the longer you hold off, the more comfortable you’ll get with them as a person, and the harder it’ll be.

About Karen Durkins

Your very own guiding light for all-things-business. Personal Finance advisor by profession, career counselor by choice – always happy to help!

One comment


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