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The Do’s and Don’ts of being a Small Business Owner!


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Do you know someone who owns a Mom & Pop business, how about a Solopreneur or a Small Business Owner? small bizWell yesterday on November 30, 2013 which is known as Small Business Saturday, is a day set aside and sandwich between "Black Friday" and "Cyber Monday". The purpose for Small Business Saturday is to encourage consumers to support a Small Business.

In the past, I had a brick and mortar business being a tax & financial services professional and currently I operate a consulting and financial coaching business. So I been through the ups and downs of being in business, and now looking back if I had to give someone advice and on how they can avoid some the mistakes that I encountered here is my list of do and don’t for any new small business owner.
Do’s

  •  Become a marketer of what you do, and not a doer of what you do. This is where many business owners drop the ball even me. When I first got started in business I thought advertising and marketing was the same thing and I was wrong. When you understand marketing, your approach is strategic and targeted. I have learned that having a big and wide reach; will result with either getting no business or getting too little business. You have to deep pockets to serve a big and wide market.
  •  Become a business owner who will provide solutions to the market place, for example your target market. This was a difficult point for me to understand, let me explain if you can communicate to your potential customer or client that what you have can solve their problems. Lack of sales will never be a concern, because there is a psychological behavior on how people buy. Consumers buy to either be taken out of pain or to increase pleasure, now it’s up to you to be the provider.
  •  Know your Unique Selling Position (USP) what sets you apart from your competition. What will make a customer buy from you versus your competitor? If you can communicate your USP to your target market that will set you apart from your competitors, you will always be a step head.

Don’ts

  • Do not fall in love with your product or what you do. Fall in love with how you will reach your target market. When your only in love with what you do, you risk the chance of becoming a commodity to the customers you are trying to reach.  Commoditize products or services are forced to have lower prices, because you as the business owner have not educated your target customer on why what you have is different than your competitor.
  •  Don’t be reactive to getting new business be proactive to new attract customers. Most business owners do not have any method on how they will get new customers, many of them will be use reactive methods to making sales, for example paying money to do run an untargeted ad or only marketing during sporadic times during the year. Getting new business and getting recurring business is the life blood to staying open. If you are unsure how to get new customers you will eventually be unsure on how to stay in business.
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6 Responses to “The Do’s and Don’ts of being a Small Business Owner!”

  1. Priceless tips! I wish I could have figured these out way back when so I could have made better decisions but I’m still glad to be where I am right now.

    Thanks for the great reminders.

  2. This is outstanding advice. My brother and I will be launching a biz here soon and you’ve summarized much of the battle. Be valuable, be passionate, treat people right, and put them first…

  3. avatar David says:

    Awesome article!
    I will definitely consider this advice if I end up making my own business.

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