Becoming an entrepreneur is a truly exciting adventure. Additionally, learning how to run a successful small business is unlike any other path you’re likely to walk. It’s a bold move that requires tremendous courage. However, making the decision to start your business is only the first step. Now it’s time to grab the harness, hold on tight, and take the necessary actions. Yes, coming up with a new idea or invention is a great place to start. But even the best product or service isn’t enough to sustain you over the long haul. For that, you’ll need to understand the keys to a successful business.
Of course, starting a business is just like any other new venture or passion. It involves a great deal of risk, for instance. But these risks come with an almost tangible sense of excitement as well. They’re also accompanied by the potential for a level of success that surpasses your wildest dreams. In other words, risks are an essential part of how to run a successful small business.
But that doesn’t mean you have to fly by the seat of your pants. There are many things you can (and should) do to minimize the risks involved in starting a small business. In fact, this is one of the keys to a successful business. It’s all about being prepared and following strategies that are proven to work. And that’s the purpose of this small business primer. It’s designed to teach prospective business owners these strategies and eliminate unnecessary risks. Read on to learn the best tactics for starting a small business and maximize your chance of success.
Best Business Apps
Business apps are a fundamental contributor to the success of a small business. Essentially, business apps are software tools that automate certain business functions. These automated functions execute many tedious or repetitive tasks. This lets business owners reduce the size of their workforce and greatly lower costs. Additionally, the best business apps increase productivity and efficiency.
IT experts are confronted every day with increasingly more tedious tasks. Similarly, people are working a wider range of hours. This makes it harder to keep track of and sort out the workday. And while business applications are certainly necessary, it can be difficult to find the right ones and keep them properly updated.
Business apps are ideal in helping deal with those key assignments simultaneously and keep you up to date on your various projects. They allow your people to share thoughts and complete tasks in a timely fashion. Lastly, these software tools help you stay abreast of who’s doing what, as well as the overall status of a project. There are numerous business applications and utilities out there to choose from. And some can make your daily work easier without costing you a single penny.
Here are three of the best business apps that will help you in running your business:
Expensify is considered one of the most valuable tools in assisting you with your expense logs. Whether it’s your tax returns or simply keeping tabs on minor expenses, this application makes it easy to log your receipts using any mobile device that can connect to the Internet.
Whether you’re a manager or a business owner, this free application makes it easy to transfer receipts, email them to a devoted email record or add them to expense accounts utilizing a Google Chrome extension.
Despite the fact that you will most likely need to physically store the original receipts somewhere, bookkeeping is kept up-to-date, which makes annual reports much more straightforward.
G Suite is the organizer that stays with you no matter where you are. It’s a secure, cloud-based capacity that can store essentially anything you need. Most users can access documents and content archives, spreadsheets, etc any time of the day. G Suite includes Google Sheets, Google Docs, Google Slides, Gmail, etc. Documents saved on your Google Drive can be accessed at the tip of your fingers.
Also, you can share documents and make edits in real-time with colleagues.
The Slack application promotes efficiency with less energy inputted. Slack works a lot like Twitter—you can include any member in the channel with @here and can label people using their @handle through private or group messages in a thread. Slack allows flexible communication organized through channels by a team, subject or project. Conversations can be looked up by anyone and you can access information using the tools and services you already use on a daily basis.
All small businesses starting up should employ marketing tools, today, to be successful. With increased digitalization, marketing employs different technologies in advertising for business and focuses on the research behind focus keywords consumers use to search specific products or services. Marketing is now far beyond mere advertising. Now, looking at the way people navigate through websites seeking a product or service, brands are now able to filter their target audience. Day by day, marketing technologies have opened new pathways for businesses to succeed. New occupations are now responsible to help businesses build brands and get a better understanding of the psychology behind the customers’ choices.
Marketing strategies are necessary when competing with other businesses in the market. These strategies allow businesses to display what sets them apart from other businesses—the unique character they develop in communicating how they want their business presented. Marketing tools help businesses understand which strategies have the best ROI. When analyzing factors in a website, keeping track of words and the way people maneuver through a website, businesses can direct traffic to their website and increase their return customer rate.
The following are marketing tools that businesses, today, use in running a successful small start-up business:
This is the sending of automated mass emails to potential customers. Email marketing is a type of relationship between a brand and the customer that concentrates on the scheduling of campaigns. Marketing automation executes the menial tasks when a business is pursuing an ad campaign. This process watches tracks the process of which leads turn into customers. These enable companies as tools to get a comprehensive understanding of consumer behavior via email marketing and help captures leads and increases conversions.
Search Engine Optimization
The responsibility of analyzing SEO is to track keyword usage and volume. This method is a comprehensive study of keyword usage and strategically monitoring content of a business’ website. With search engine optimization, businesses can understand viewer engagement and how to rank higher with regards to search engine results. When people enter your business’ name or words in relation to your business when running a search, SEO can help you direct more traffic to your website.
There are two types of traffic: organic and direct. Direct traffic is when a user types in your exact business as a search and organic traffic is when users type keywords related to your business into a search engine. Lastly, there is referral traffic. This is when users land on a business’ webpage via clicking on a link to one website from another.
Being able to monitor these three similar types of traffic, businesses are able to increase the possibility of new customers engaging with their brand.
Conversion Rate Optimization
When optimizing a websites capability in converting visitors who land on the webpage into leads, this is the process of conversion rate optimization. CRO displays the success of a marketing strategy—with a high CRO, a business is more likely to be successful.
Social Media marketing
Social media marketing utilizes platforms such as Facebook or Instagram in promotion of a brand. These outlets enable businesses to capture a target audience when promoting a product and grabbing attention. This allows them to build a following and enhance their marketing strategy. It encourages word of mouth advertising when one user goes to his or her friends when suggestion a particular brand. Businesses are able to capitalize on social media marketing when promoting their products to a target market who are reading the reviews on these platforms. This factors and has a huge influence on the e-commerce market and encourages the growth of e-commerce popularity. Customers like to see pictures and get a comprehensive understanding of a product, what it does, what it looks like, how easy to use it is and how easily accessible it is.
Pay-Per-Click Advertising (PPC)
PPC marketing is the sector of a marketing division which studies the ads on search engine results for a business. A business pays a minimal fee for every time a visitor clicks on the website’s advertisement. In essence, businesses are paying to increase traffic to their website and hoping to increase the amount of customers converted from mere visitors.
Design and Visual Marketing
People like to see vibrant pictures of what they are looking to purchase. The psychology behind a consumer’s decision-making process goes along with the “the shinier the better” ideology. Visual content plays a huge factor in helping a website grow—the rise of visual content is astounding and complemented with written content, businesses are likely to see better results.
Content creation and marketing.
The written word is not totally dying. This focuses on the target audience and why people must generate specialized content. SEO and PPC factor into content creation— content is generated according to the keywords and silos subjected to the content writer. The content written along with the design makes or breaks a business’ website. Content marketing strategy displays content in different arrangements to grab attention from an audience and encourages engagement with them. A content marketing strategy creates content and uses tactic to pursue a marketing plan through content for a company. Companies have to create a headline that grabs the reader’s attention or a “hook.” Using vibrant words to draw attention from visitors on a website along with appropriate graphics looks appealing to visitors looking at the page.
Individuals in the present market are coming to understand the influence of marketing systems in a business’ prosperity. It is a feat that numerous entrepreneurs don’t, yet, know to take advantage of. The Internet is turning into a colossal factor in the promotion of a business. Building an affinity and keeping up a good rapport is, now, generally done on the web.
By disregarding advertising techniques, entrepreneurs are passing up on a huge prospect that can quickly increase profits. It is crucial for organizations to utilize certain techniques in showcasing marketing to use, in the present market. These advancements increase the number of leads. Despite the fact that they are just an online type of promoting, these instruments ought to be utilized by each business.
Types of Cyber Threats
Misfortunes of a Small Company
Businesses deal with different types of cyber threats on a daily basis. Many of these businesses are not even aware that they have been attacked. Hackers try to benefit from susceptible small businesses and they are, usually, looking to profit with a ransom. These cyber attacks can be expensive—the average costs a business a few hundreds of thousands of dollars.
Types of Cyber Attacks
Read on to learn the different types of cyber attack small businesses face and better protect your business in a time of crisis.
1. Denial of Service Attacks
This type of attack overloads a business system’s resources crippling it from responding to requests. This attack is usually initiated by a large number of host machines that are also infected. DDoS attacks are designed so that the attacker has open accessibility to deny service to requests. It is also commonly used to hijack a system database, which can further turn into a extended attack when the system is taken offline.
2. Malware attack
Malicious software attacks are the most common types of cyber attacks. This software is usually installed on a computer without the user’s permission or knowledge. It attaches itself to real code and can fester in everyday applications or find its way across the Internet. Most of these viruses that infect applications like Microsoft office programs are macro viruses. It attaches itself and when the application is opened, the virus creates instructions before attaching itself to other code in the computer.
These are the most commonly used DDoS attacks. These are several millions of systems controlled by a hacker that are infected with malware. They are used to pursue attacks against the central systems, ultimately, overloading processing capabilities. It is challenging to track these DDoS attacks because botnets are situated in different locations.
4. Cross-site scripting
This type of attack is when hackers use third-party outlets to run scripts in the user’s browser and injects a cargo with malware into the website’s system. Websites transmit the page with the hacker’s payload included in the body of the HTML to the user’s browser when the user requests a page from a website. This pursues the malicious script. This enables remote hackers to steal cookies and capture screenshots to collect network information securely.
5. Man in the Middle Attacks
MitM attacks are when a hacker blocks the communication between a client and a server. Some types of Session hijacking MitM attacks include:
a. IP spoofing
When the attacker hijacks a session between a loyal client and the network server. The attacker tricks the server to believe the IP address is that of a trusted client and the server believes it is communicating with that client. Using this method, attackers are able to access confidential information.
An attacker can impersonate and send old messages that were captured. Encrypting messages is vital to prevent this type of attack.
Attackers can send emails that seem to be from a trusted source in order to obtain personal client information or to manipulate situations. To prevent phishing attacks, try hovering over the link sent in an email. Analyze the email header and test email content by opening the attachment in a secure environment.
7. Eavesdropping Attack
This attack pursued by hackers is through the interception of traffic in a network. Attackers can obtain credit card and other important information that should, generally, be secured by eavesdropping. This is done by, either, listening to the message transmitted in a network or disguising themselves as a friendly face to users by probing.
8. Drive-By attack
Hackers look for vulnerable websites and plant a malicious code into the HTTP code on the page. This script might instantaneously download malware onto the computer of anyone who visits the website. This type of cyber attack does not require a user to click on a link or malicious email to be hacked.
9. Birthday attack
These are produced with botched algorithms that are used to ensure the integrity of a virtual or digital signature. The message is filtered by a function that confuses the absorption of the message. The birthday attack is named so because of the likelihood of finding two messages with the same MD when processed by a hash function. If the hacker has the same MD the user has, he or she can securely replace the user’s message with that of his own and the receiving end will be unable to determine the substitution.
10. SQL injection attack
This is executed when a hacker pursues a SQL query to the system through the data entered by the client to the server. An SQL injection attack can process sensitive data from the system and change the data in the database. This allows them to pursue managing operations remotely. A website might require a user’s login name and password and send it to the database. Systems should require the database to obtain dynamic SQL with the account number associated with the account information.
11. Password attack
When attackers retrieve users passwords by deceiving users into thinking they are logging into a trusted website.
Communication in Business
The fluency of communication between employees and their manager in a small business can make or break a business. Giving accurate instruction with clear feedback directly proportions with productivity and workplace culture. Establishing an outlet of good communication is essential for a business’ success and can have a rippling effect from the managers to the employees. Many employees don’t communicate with their peers or managers nearly as much as they should, which decreases efficiency. This leads to frustration and bad quality in employees’ work. Here are three things managers should consider to improve communication within a business:
A Collaboration Software
Collaboration software can really promote proper communication. But, how do you choose the right one for your business? Businesses should choose collaboration software that is the most fitting for the business and will benefit the team the most.
Businesses use collaboration software to keep all employees on the same page. It makes collaborating and sharing information much easier and everyone has the latest update on projects. As a system, everyone should have an understanding of where the company stands in positioning and how the business is running. When employees can recognize what has been done and what needs to be done, they have an understanding of what pace to keep with up and coming projects.
Slack is an application in which employees can communicate with each other. Direct messages can keep everyone updated through a memo. Slack displays every employee’s email on his or her profile and allows everyone to email longer messages if it involves more content. Not only with small start up businesses, but also remote workers are encouraged to use slack to communicate within a team.
Employing proper management who can communicate with the employees by instructing them clearly and appropriately is essential for productivity. A boss who does not listen well and cannot communicate his or her ideas properly will end up giving cryptic instruction that nobody can understand and move forward with. This is detrimental for workplace culture because it builds frustration and tension within the team. When employees don’t understand what they are being told, they are unable to proceed with tasks and cannot give proper feedback. In a system, one person’s delay ends up becoming the entire team’s delay.
Therapy Sessions or Talk Therapy
Managers should be required to provide employees therapy sessions for mental health welfare. This encourages stability and also sends the message to employees the company cares for the employees’ wellbeing. This also creates a pleasant work environment and culture. When employees cannot communicate their feelings amongst themselves they become frustrated and, inadvertently, this affects their work ethic. When they start to build resentments toward each other it will begin to become uncomfortable and their job satisfaction will decrease. Keeping track of boundaries and acknowledging what bothers them allows you to recognize what lines not to cross and keep everyone happy. Provide your employees a few sessions with a therapist for them to air out their feelings a few times throughout the year.
Checklist for Small Business
Starting a new small business is challenging. However, the generalized notion that 95% of businesses fail with in the first year is not necessarily true. This false statistic is a deterrent for individuals who want to become small business owners to take the necessary steps to pursue their dreams. Researching these types of statistics will only derail business owners from reaching their goals. Spending the necessary effort will create a successful small business. The failure of small businesses in the first year is typically due to poor money management, ineffective time management, ineffective time management and lack of knowledge about the market. Here are the necessary requirements for a successful start up of a small business:
Additionally, it may sound like common sense but it is essential that a prospective business owner is absolutely passionate regarding the nature of a business. Whether starting a a business cleaning houses, catering, developing and selling toys, or any other product, service, or skill that can be provided to the community that has a monetary value– it is imperative that you are truly emotionally invested in the work and being able to envision happiness with the daily workings of a business for the foreseeable future. At the end of the day, even after five years, business owners should remain as passionate as they were on day one. Business owners should have a goal to far surpass five years of growth when looking to have a successful small business.
Willingness to Learn
Business owners are not expected to master everything all at once about a business, or product, or service, or market in the beginning stages of creating a small business. This may even run until the late stages, as the local, regional, national, and global economy and marketplace is continually evolving. Lack of knowledge or experience should not impede a prospective business owner from beginning this process or be frightened away. This knowledge and experience will build in time. The overall majority of successful small business owner’s learned their trade on the job as various circumstances, or learning opportunities, arose in real time.
This next strategy is food for thought. As a burgeoning entrepreneur, a business owner may believe he or she may have many great marketable ideas that can be pursued. However, it is imperative to choose one and invest time and energy into that singular idea. Many early entrepreneurs that fail, fail in attempt to pursue too many ideas, simultaneously. Therefore, none of the ideas follow through to the finish line. Choosing one, focusing on it, forgetting about the others, let it blossom and develop over time, and when finally developing stable growth and profits, then potentially look at other ideas to pursue.
Involve the Right People
If looking to form a partnership, be extremely diligent in choosing the right partner, or partners. Convenience is not a suitable reason for a partnership. The idea of synergy is when two components, originating separately, are brought together and form a greater whole than the original components. Form a partnership based on synergy between partners who bring out the best and challenge each other. If it comes to a situation where a business owner selects an inappropriate partner, the day-to-day of the business may become too tedious and he or she may lose interest in the dream. A bad partnership can lead to a premature termination of the business at hand.
Learn Proper Management
As a business grows, there will be a point where it is necessary to hire employees to assist in the daily operations and to facilitate the growth envisioned. Do not expect to be an excellent manager of employees from day one. Managing people is not an inherited skill. It will take time before you become an effective manager. Give yourself this time, and manage reasonable expectations, as it will improve this skill as the growth of the business increases.
Do not spend unnecessary time doing menial tasks such as designing business cards, or stationary just to feel productive. Spending time wisely and effectively each day is of utmost importance when starting a business. Plan the months, weeks, and days out with daily, weekly, and monthly goals and objectives that are directly connected to the growth in sales of a product or service. This can be done by creating small business checklists and holding accountability in completion. It is important to be organized and know what needs to be completed every day, week, and month in order to grow at the envisioned levels. Checklists provide the means to formulate an organizational structure with in a business.
Complete and utter dedication is necessary to turn your dreams into your reality. Do not let the comments or critiques of outsiders influence your dedication to your craft. It will take dedication to ensure your perseverance when speed bumps arise as they do on every new business owner’s path to success.
Opening a Business Bank Account
Regular business accounts incorporate a financials record, investment account, charge card account, and an administrations account. Merchant administrations accounts enable credit and debit exchanges from your clients. When you begin burning through cash in your business, you should open a business bank account for these reasons:
Business managing an account offers restricted individual liability protection by keeping your business finances separate from your own assets. Merchant benefits likewise offer purchase insurance for your clients and guarantees that their own data is secure.
Clients will have the ability to pay you with credit cards directed to your business account rather than your personal. Also, you’ll have the ability to approve workers to deal with everyday account management tasks in the interest of the business.
Business banking, more often than not, accompanies the option for a credit extension for the organization. This can be utilized in case of a crisis, or if your business needs new hardware.
Charge card accounts can enable your business in making substantial startup buys and help build a financial record for your business.
Some entrepreneurs want to open a business account at a bank they use personally. Rates, charges, and choices shift from bank to bank, so it is essential to look around and make sure you locate the most beneficial for the least cost.
Here are some considerations a new business owner should take note of when opening a savings or business checking account:
- Interest rates for credit lines
- Interest rates for funds and checking
- Business exchange expenses
- Minimum balance expenses
- Early contractual termination charges
Accounting Made Easy With Tax Apps
For those people who are not accounting professionals or expert bookkeepers– tax preparation apps appeal to almost everyone. Anyone who knows how to navigate through a website and is able to answer simple personal questions in English, which they should know the answer to, can submit their information to the website which will calculate everything in IRS language and move your tax information to the correct parts of IRS forms and schedules.
Tax apps will walk you through every tax topic if you are not confident in your knowledge about taxes or if you have a complicated tax return.
H&R Block Tax Preparation app can help you file a simple tax return if self-employed and filing your state return for free. Once you are able to figure out the type of tax return you’ll be filing, there is a small fee to electronically file it. They feature an instant import of all your income by allowing you to take a picture of your W-2’s and 1099’s. H&R tax app reviews your return, automatically, for errors and information you’ve left out. The amount they say will be refunded is guaranteed.
Turbo Tax lets you file your return on the go with its mobile app, if you have to file your return running on little time. It works for self-employed freelancers, remote workers and independent contractors. Just take a picture of your tax forms and then upload them directly into the tax app. Also, if you have any questions, there is a qualified tax professional always available to answer any concerns you may have.
GoDaddy Bookkeeping is a centralized system which organizes all your business finances under one account. It links all your bank accounts incuding PayPal, Amazon and other credit lines you may have open and keeps track of all your expenses and amounts people have paid you for your business services. GoDaddy Bookkeeping automatically calculates your taxes on a quarterly basis and gives you full, 24/7 access to your profit and loss statements. It also takes care of your Schedule C tax information.
After moving through the basic questions in any of these websites, these tax apps provide site-wide navigation menus which allow you to maneuver through all your information through a user-friendly process. Being able to access your tax information and easily being able to calculate your returns makes the process of filing taxes enjoyable.
Hire A Writer for a Small Business
Hiring a writer for a small business enables flexibility if you find the right one. Generating quality content is a significant marketing strategy. Rich and unique material which doesn’t just meet the word count requirement which can engage with a target audience and instill emotion while being informative is essential in building a relationship with the customer. You may have to “test-drive” a few of these writers before you find the right fit. Once you find the right writer, you’ll notice a lot more freedom and time opened up on your hands.
Business owners usually only have access to skill close in proximity with them. However, not everyone can find someone who can write appropriately for their company who is close to them. Outsourcing a writer enables you to extend to employees around the world. There are many writers out there, however, you may find the perfect writer for your company on another continent. It makes more sense to extend your reach if you are looking for a specific and customized expertise.
Content marketing allows employers to manage content using a strategy which can help implement a business plan. Through the use of words, creating a “catchy” headline which can draw attention of a visitor on your website is really the main connection a business can have with a customer, virtually. This can increase conversion rates– a visitor on a landing page can convert into a customer, if not a returning customer. Being able to properly connect with a customer by using vibrant words, and connecting with emotions that even the client is unaware of is easier when you are able to employee unique writers from different backgrounds. These writers can connect with visitors on a different level with different perspectives than would a local writer.
When hiring a writer you have the option to outsource and pay the employee as an independent contractor. This just means they do not have to come in to your office every day– they can work from wherever they are situated. This saves time when canceling out commuting, training and onboarding.
Less Stress Behind Hiring and Firing
Firing an employee is difficult once you have developed a history and relationship with them. On the other hand, replacing an independent contractor is much easier– avoiding the unnecessary process through human resources.
Also, hiring a writer for social media management can be done from anywhere in the world. Social media is a global platform which brings the world closer together. People may manufacture a product in one part of the world but the target market may be on the polar opposite side of the world. Businesses can capitalize on the use of social media marketing by building a following of a particular audience and grow in popularity with the use of illustrative and colorful pictures accompanied with words. This can minimize the cost of traditional advertising as, mostly, everyone has access to and experience with social media. There is no need to find someone with the particular skill of being a social media expert.
Access to Expertise
Instead of micromanaging people who don’t know how to do their job, hiring an outsourced writer reduces attempts in multitasking. People who are skilled with writing and can get the job done fast will also display a strength in your company’s game. A good writer usually writes SEO copyrighted material. The purpose of SEO for a website is to observe keyword usage, between trending and keywords with high volume usage, to write content which will rank higher in search engine results. When writers have knowledge of keywords inputted which are related with your business, they are, more than likely, going to bring more leads and visitors on your website– ultimately, increasing the number of customers to your business.
Avoiding costs is the biggest reason behind outsourcing a writer. However, making sure you are not sacrificing quality content for quantity is more cost-effective than hiring someone who may answer a “quick fix.” Finding the appropriate talent for the best price is possible through outsourcing a writer globally rather than for cost purposes and just meeting numbers.
Since the writer is an independent contractor, they are assumed to be his or her own business. This reduces liability on your end. The project is a shared collaboration, however, since the writer is employed on his or her own, this reduces the pressure on your employees.
The Time Zone Advantage
When you have a workforce located in another time zone, they can execute projects when your employees have retired for the night. The best part is that you will find the results waiting the next morning.
Virtual Assistant in Business
Becoming a virtual assistant in business can allow you to operate as your own small business. All businesses need administrative help but don’t want to delegate an entire position to having a full-time employee in house for expense reasons. Virtual assistents can offer many different services—remotely. With today’s technology like cloud software, video chats, instant messaging and project management software, business owners can easily work with clients and provide all the necessary administrative help, virtually. Here are some things to consider when taking the opportunity to start a business as a virtual assistant:
Extend Your Skills
Being able to work efficiently and in a timely manner is essential for completing daily routines. This may be a little challenging when you are your own business—your own employer. However, practicing a little bit of everything you may be required to do can save a business a great amount of financial ruin. Virtual assistants must understand the language of all aspects of business administration, including customer service, payables, project management, sales, marketing, etc.
All remote and virtual work requires communication that is not necessarily face-to-face. Many people find it challenging to communicate when working remotely because of this. However, employees are quick to learn that any task can be completed with a computer that has access to the Internet. People are not, necessarily, required to be present for work to be done. Knowing what you are required to do by your manager and the clients is essential for customer satisfaction.
Personal assistants are required to be the “renaissance man” of a business. They are usually responsible for several different tasks and responsibilities. Assistants are usually the professional support for a business and reading, researching and networking is essential for success. Being able to practice all the skills you may be required to engage in can help you better your ethic and productivity as a virtual assistant. For example, being able to redirect a client or colleague with subcontracting advice with different establishments. Networking is key, if your company does not provide a specific service, acknowledge that and know where to direct the person you are talking to.
Being able to answer all clients with what they need gives you the power to dictate your prices. If you can complete what you say you will with quality, you are empowering yourself in determining the structure and service packages. You have more say when you work with integrity. Being able to complete what clients are looking for efficiently and in a timely manner gives you leeway and, more importantly, say in your business practice.
Keep in mind the following tips when starting a new small business– they can make or break a business. Addressing excuses which buffer you from accomplishing what you need to and absorbing everything you hear. Maintain simplicity and be a solution, keeping costs in mind. Make sure you are profiting while you build in some way shape or form, even if it is just learning experience.
Although it is not what comes immediately to mind when reading an article on tips to forming a successful small business, this last one is extremely important. During your minimal spare time, read as much and as often as possible. Not only reading business books although they may be very helpful, but also reading the newspaper, self help books, books on meditation, and fiction. If you do not have the time to read, then listen to audiobooks. Reading will help you develop and incorporate new ideas, theories, and processes into your business development. It will help you foster a creativity that can be directly applied to your daily business tasks.