Successful Budiness Owners

Business**

Since everyone is posting on this one...What tips would you give to those who are just starting their own businesses?

What kind of business do you run?

Bidness **

Posted by brianafay
Bidness **

Yeah you right, you right ?

Try to always net 50% of what you charge for your service/product.

The one piece of advice that I will give you based off my own mistakes when I owned my own LLC is to not focus on the profit so much that you refuse to hire or outsource parts of the business out. You run the risk of running yourself very thin, when you try and control every aspect and take care of everything as you chase that money.

Have a business plan. Know your market. Know your locale. If you're opening up a store front do some research on the area and get to know what the demographic is. If it's an online business create a niche. Understand you're gonna need capital of some sorts to start any business and know that 50% of all busineodont make it past year one. If your business can survive 5 years then you can start taking a real profit. The biggest things are never be afraid to take a risk and always prepare for the worst and hope for the best. You're gonna fail a whole lot but if you stick through it you'll be a fruitful business person. I've owned 3 businesses myself.

Posted by tiziani
I learnt when you fail, enjoy it, don't take it hard or too personally. Just persevere.

words to live by.

Posted by nikkistar
The one piece of advice that I will give you based off my own mistakes when I owned my own LLC is to not focus on the profit so much that you refuse to hire or outsource parts of the business out. You run the risk of running yourself very thin, when you try and control every aspect and take care of everything as you chase that money.

Please come talk to my leo boss!!

When it comes to certain things he is VERY cheap. You got to spend a little to make more.

Offer profit sharing or commission opportunities to your employees. Even if they are on an hourly or salary based wage. It'll encourage them to work harder and bring in new business.

Ex: We pay for advertising on angies list and houzz however sometimes we get people commenting on our yelp page or facebook and instagram. Our office manager also handles responding back to these potential clients and if she books a meeting with them she gets a cut.

It ends up being a win win.

Posted by tiziani

Posted by LadyNeptune

Posted by nikkistar
The one piece of advice that I will give you based off my own mistakes when I owned my own LLC is to not focus on the profit so much that you refuse to hire or outsource parts of the business out. You run the risk of running yourself very thin, when you try and control every aspect and take care of everything as you chase that money.

Please come talk to my leo boss!!

When it comes to certain things he is VERY cheap. You got to spend a little to make more.

I think sometimes it's being a control freak too. I have that problem when I don't necessarily trust readily that someone else can do the work to the same standard. But it does just eat up all your time living that way.

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Lol I'm talking about how he doesn't want to get a bigger office space cause we pay next to nothing here. Instead we are having to work around each others schedules. Annoying.