This is a Guest Post by Praveen who blogs at Techperk.
There are a number of things that one has to learn before venturing into a business of your own in a small-scale or in a large-scale. There are differences when the business is going to be on a small-scale, as the regulations governing your small-scale business will be much different and nuances to be adopted for making your small-scale business flourish will be much different. If you are someone who is running a small business then here are few things which you must be aware of.
1. Know Your Taxation:
When you are investing on a large-scale business the input and the output will be more dividends, unlike in small-scale business dealing where the input and output will be a direct one and you will have very little room for showing a lesser gross difference of the total benefit of your business. If you are not careful in filing your taxes and tax returns smartly and appropriately, then you will be finding that most of your money will be spent towards the tax benefits. This is very important to file your tax returns when there is a call for, as may not be automated for your small-scale business.
2. Keeping the Books and Journals:
Keeping the books will be of help both when you are filing your tax returns and will tell you when you should be thinking of expanding your phone. You will also be finding out where you are lagging and the sensitive regions where you can fail in your business, which means you should always have a contingency plan ready in hand until you improve in that sector of your business.
3. Knowing Your Location:
Every business can flourish only in the specified regions where there is a market. You should be in the locality where you grow in your business, or grow a business that will thrive in the region where you are. For example, if you want to be a waste cotton merchant, then you should be on the regions where there are more spinning mills and not ginning mills.
4. Know Your Customers:
A perfect analogy for this will include the tea and snack shops. You should know what kind of snacks that you would like to sell depending on your target customers, as the cost, choice and taste of the snacks will differ between people. You will find that some will like to have tea with biscuits, while some will prefer tea following the conventional oily foods and snacks, and some like a whoremonger, will be there to taste the delicacy that is specific to your area.
5. Business Plan:
Many small-scale business owners do not plan the season well ahead or only do mind mapping without putting them in ink on the paper. This is very important that you set goals and pass them across to your employers, this will also encourage them to work harder.
6. Ask and Verify:
Many times, this is what happens. Doing business builds and moulds your personality to make you confident and many a times this can turn out to the reason for your failure, as the small-scale business owners will develop a kind of superiority complex paving the way to develop an ego of “know-all” with your employers. Since employers have more opportunity to deal things directly with your valuable clients, this is good to ask and verify from your workers and employers about the current business trend. They will be telling you many a times the right step to move forward in your business.
7. Keep Backing Your Business With Enough Funds:
This is very important that you always find ways to keep your business secured by gaining insurance for your fixed assets and the floating funds from not falling to a fixed minimum amount.
Comments are always appreciated!!
Please do add your points if I have missed any!!
Praveen Sivaraman is the Editor-in-Chief and CEO of Techperk. An Engineering Graduate with a passion for technology, a knack for writing and most importantly addicted to Blogging. Follow him at Twitter or Facebook. Check out some of the best ipad gamescollections.