Tricks of the Trade – 4 Things Every Small Business Owner Should Know


Starting your own business, but unsure where to start? Don’t be discouraged, many people find themselves in your exact situation. Two of the biggest motivators for starting your own business are wanting to make a difference, and wanting to escape the boss. Both valid reasons, but neither is very helpful when it comes to the technicalities of getting your business off the ground. Luckily, there are now more resources available to small business owners than ever before, and you can turn to articles like this one to help you know what’s important.

Own Your Space

We don’t mean that you have to pay off your premises entirely before conducting business! Owning your space is about knowing who you are, what you can offer and where you fit into the industry. The first thing any business should do is establish their brand and take it live. In other words, ensure you know your aims and business attributes, and have a strong marketing plan for all appropriate channels. If you don’t feel confident doing this yourself, consider employing a web marketing agency in Melbourne as marketing and branding are instrumental to any business.

Latest Isn’t Always Greatest

Business owners can often feel pressured to have the latest technology and equipment, but this isn’t always necessary when you’re first starting out. Obviously, newer models will carry extra features, but when capital is at an absolute premium, it’s perfectly acceptable to have slightly older assets if they can still get the job done. You may also want to consider acquiring big-ticket items in good, second-hand condition if shelling out for the brand new version will hurt your budget.

Count Your Pennies

Speaking of budgets, having a well thought out financial plan is going to be paramount to your success. Start by creating a detailed list of expenses. There’s often no room for error in business finances so you’ll want to know where every cent of your money is going. Once you’ve established your costs, you’re going to have to compare them with what you can reasonably spend. If you’re operating in a profit margin that you deem acceptable, then all is well and you can continue as you were, but if you’re dissatisfied with what the numbers are telling you, it’s time to work out what you absolutely must have, and what can have its budget reduced or removed completely. Make sure you factor any applicable taxes into this equation, or you may find yourself in the red very quickly come the end of the financial year.

The Customer Is (Almost) Always Right

Businesses cannot exist without the customers they serve so be sure to leave every client feeling like a VIP. Word of mouth, social posts, and online reviews have more sway than ever in the business world, so make sure you keep your customers happy and you will benefit from return visits and new customers. You don’t have to bow down to rude people or comply with outrageous demands, but it is simply good practice to go above and beyond as often as possible for those who support you and your venture.

Things aren’t always going to be easy but if you’re after a free ride, business ownership probably isn’t for you. We’re going to presume that since you’ve gotten this far, you’re willing to do whatever it takes to succeed. Remember, as long as you keep your motivation and enthusiasm, the outcome will be rewarding no matter what happens because you’ll know you did your best.