1. A business plan is the foundation of every business. You must have one without it there is no clear direction or focus, which can lead to failure.
2. Investing too much money in the beginning can cause problems. A wise move is to have an adequate savings to start with. Also work with a shoe string budget and wait for cash flowing in before deciding to invest further.
3. Knowing your numbers is very important. Your numbers are the lifeline of your business. In order to be knowledgeable of your numbers such as; gross margin, sales, break profitability, prices and additional funds you may need.
4. Having reasonable pricing, coupled with quality product service will drive customers to your door. You don’t need to charge below market value to get business.
5. Biggest mistake owners make is trying to do everything themselves. You cannot be the master of everything; you must hire the right skilled people to achieve success faster.