Small businesses comes and go and it seems that right as you get used to one being there and are looking forward to getting something from it, something happens, insurance claims are issued, and it closes its doors. And other times you can walk down a street or local Mall and find five new ones pop up out of nowhere. So how can you make your business successful? Simple, just follow some basic rules and stick to them in order to continue the success of your business and its future.
One thing you want to have for your small business is insurance. Not necessarily health insurance although that is a plus when you decide to expand and then hire more workers. No the insurance you want is to cover your business itself for those times when you are not making money. The first year of a small business does not always make money, in fact when you deduct all the costs of renting space, fixtures, product, time and sales tracking you are likely losing money or taking no paycheck yourself. The insurance is to protect yourself from theft and loss, damage to the building or your merchandise and is there to protect your customers in case of an injury. Remember to always call a loss assessor if you need to make an insurance claim.
The first thing you need to do is discipline yourself into sticking to the creative ideas of your business and what it makes it work. If you are running a craft store or a hobby shop, stick to what works. If it sells and customers are asking for it, then you might want to expand more space into your customer’s needs. This is where your big DON’T come in place. Do not over expend your capabilities or the potential needs of your customers. This means that if you decide to bring in something new, do it in small amounts first to see if there is going to be sales for the product.
Security can be an issue in some places but it’s not necessary to hire an armed guard. That would be very costly and drain your budget faster than it would take to catch a criminal in the act in the first place. Instead a couple of well-placed video cameras connected to your office computer can do the trick just nicely. If you suspect someone or happen to catch someone but can’t detain them yourself you can turn them in to the authorities. The video camera once connected to your computer can then be accessed and a CD copy can be used to store the data for the authorities so they can catch the criminal faster.