Do Business Well

The simplest and easiest way for the very small business to operate is as a sole trader (if you are a one-person outfit), or, if you are going into business with a friend, as a partnership. The only difference between the two is that as a sole trader you conduct your business in your personal capacity and have sole responsibility, while partners in a business share equal responsibility. There are pros and cons to either of these operations, and you should be fully aware of them before you make a final decision on the legal structure of your business. Continue Reading »

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The first basic aspect to consider is pricing. This is difficult to get right. A key element of working out pricing is understanding your costs. Once you know your costs, you can use this as an element in the pricing calculation. Two types of costs are relevant here: Continue Reading »

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The company promises that you will “get rich quick”.

Products are unsaleable, unattractive, overpriced, or of poor quality. Continue Reading »

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More often than not you are only one of a number of possible beneficiaries to share up the proceeds of Death; you may even be low on a list preceded by such persons as sons and daughters who feel they have some sort of right over the goodies to come. You should never feel daunted by such strong competitors. Remember: where there is a Will there is a way. Continue Reading »

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Most deals are floated on credit, sustained on tick, and brought off in the nick of time. It is essential to be able to get hold of large chunks of cash with no strings attached while you negotiate the delicate middle stretch of making a fortune. You have probably noticed that banks are normally pretty flush with high denomination notes, and most of these the public never get to see at all. Continue Reading »

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If you find it hard to start work each day — and it happens to all of us — then try these tricks to get going.

As you have breakfast, do a little harmless day-dreaming about how successful you are going to be, think of the car you’re going to buy when you get your first break, how envious your friends are going to be. Continue Reading »

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How long does it take for a customer to forget you?

The 90-day test

Statistics report that it takes 90 days to break a habit such as smoking or biting your nails. Well, what do you know, it also takes 90 days for a customer to forget you. Continue Reading »

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My bank manager tells me that ‘one of the main reasons for many new ventures failing is inadequate financial planning. In their enthusiasm, the players often overlook the necessity to look at contingency planning.’ Continue Reading »

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You may have ideas in your head, a business plan in your briefcase, and reasonable expectations that clients will soon be on your doorstep. But, if you don’t have financing, you are not ready to do business. Those who expect to be taken seriously in a home business must manage their money with care and skill. Continue Reading »

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Having what it takes

I have interviewed and observed a number of successful business people, and have summarised what many of these entrepreneurs have in common. From this, I’ve compiled a questionnaire requiring simple ‘true‘ or ‘false’ answers. If you get 80 per cent or more true answers, you have what it takes to be a successful business person. If you have not scored well, remember that these are the characteristics of highly effective entrepreneurs, and strive to follow their example. Continue Reading »

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