No matter the size of the business or the age the entrepreneur, there are some rules that can be applied to every new venture. Similar to how Newton developed the 3 laws of physics, I’ve developed 10 rules of business.
Alright, maybe there are exceptions. But generally these rules are accurate.
- Without increasing your prices there are only three ways to make more money as a business owner. 1) Find new clients. 2) Sell more things to existing clients. 3) Sell more often to existing clients. Numbers 2 and 3 are often the easiest.
- New customers are 5 times more expensive to find than selling to existing customers. You should sell to people who already trust you and use your services.
- The 80-20 rule says that 80% of your revenue will come from 20% of your customers. In short, this means that you should take good care of your loyal, long-term customers because they will provide you most of your business.
- Saving 10-12 minutes per day saves 1 hour per week or about 50 hours per year. Spend most of your time on activities that are productive and you will not have to work as much.
- Time management of employees is also critical to your bottom line. If you have a crew of 4 people and they waste 15 minutes getting ready, you just paid for an hour of unproductive labor that didn’t generate any revenue.
- The only place you will find success before work is in the dictionary.
- Always do more than your customers expect and they will always be happy.
- A customer and a client are the same thing. Typically a customer is someone who pays as a consumer and a client is someone who purchases as a business.
- Your name is your personal brand. My name is Nicholas Tart. You have to build it and protect it by always providing a quality service.
- On average, 4 out of 5 new businesses will fail. So when you succeed, you’re already in the top 20%. Congrats!
Now how do you get your first customers?
As a young person, you need to build credibility and trust. Start here:
8 Ways to Build Street Credz fo’ Yo’ Biznezz >>
Photo by: Frederic Poirot