How to succeed at small business!
New Life Woodwork is part of a business development program, and as part of our story, we are sharing lessons learned. My day job is actually as a business development coach, and since coming back to Gansbaai, I have seen lots of opportunities where small businesses are missing a chance to grow. Perhaps the most important lesson is about setting up a proper business structure. I hear some people think it is better to take cash payments because they want to avoid paying taxes. But when you run your business from your back pocket, you lose out on a range of services that will make your business better. You also set yourself up to do your business in half measures. Key tips: register your business properly, open a bank account and build a relationship with your bank manager, track your expenses and calculate your real costs of doing business. Don't just work in your business - take time to work on it too: figure out your business model, get smarter about your customer segments. And perhaps the biggest lesson of all, don't lose money because you take too long with quotes, or under quote just to get a job. As a new micro venture, we have had our challenges and no doubt there will be many more. As long as you are learning and not making repeat mistakes, you are halfway to business success.
