Sponsored Links
Every successful entrepreneur starts from small not unless they inherited it from their parents who are tycoons by themselves. Through hard work and discipline, a small business can go into a large enterprise which can generate millions or even billions of profits.
I am sure a lot of us want to start our very own small business. We are tired of having a boss who handles our time. If you are one of those who are contemplating of jumping to become an entrepreneur after being a long time employee, then you might want to read my article about employee to entrepreneur and gauge what are the pros and cons of each.
If you really have the passion for entrepreneurship, then you can leave your company and start your own business. Aside from writing a business plan prior to establishing your small business, here are some tips for wannabe small business owners:
Create a cash flow projection. A good cash flow forecast will enable you to plan and allot your expenses accordingly. It allows you to anticipate possible problems so you can take action to avoid them. Aside from these, you can also know how long will be your return of investment or ROI.
Use Credit and Bank Cash. As I mentioned in one of my previous posts, credit cards can be a source of good debts if you know how to discipline yourself in handling them. For small business owners, it is advisable to use business credit cards and charge any business trips, meals, and minor expenses to free up cash and simplify tracking expenses with itemized expenses. Aside from this, you would also get to enjoy the advantages of using credit cards.
Stagger Payments. Don’t always pay in full cash specially if it involves a huge amount in a special project just like a construction. Stagger your payments – the first comes when stage one is completed, the next when the second is finished and it proceeds through various agreed payments. This is not to affect your cash flow for your small business.
Hire the right people. Talent is one of the best assets of a business most especially if you are just starting. Hire the right people. Screen them thoroughly by having a background check. Give incentives and rewards for those performers to boost their morale.
Entries (RSS)
Hi Tyrone,
Nice points on “Use Credit and Bank Cash” and “Stagger Payments”.
I think I got the trick on staggered payments from one magazine, I can’t really remember where… But if I relate to what Robert Kiyosaki says on “how much money you keep”, then it makes perfect sense. A business has to live in cash and how much a business can hold cash is very important.
I’ve tried using credit cards on my personal rakets. It was my wife’s idea and it was very brilliant. You have to be careful not to abuse it though… And you have to be diligent in paying your bills.
[Reply]
I Love your tips sir tyrone! Mag out of topic po pla ako, thanks for the comment po sa blog ko, ask ko lang po, may laban o ba ung entry ko for the Super One contest?tingin nyo po honestly?
[Reply]
[...] is some kind of a great inspiration. At least you have something to work on. And if you have the burning desire or the passion to achieve your goals, no matter how hard it is, you will definitely enjoy what you are [...]
Hi Tyrone,
Excellent articles. Concise and effective. It would be useful if it applied theoretically when you dabble on your next venture in business as an entreprenuer.
http://www.pinoymoneyvantage.net
[Reply]
To whom it may concern,
Could you please give me a sample of small business plan?
Looking to hearing from you at the soonest.
Chiep Chanyuthana
[Reply]