Taking Care of Business

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Let me start by saying if you’re going to open a business, take care of your business. Treat it like a business and NOT a hobby. If you want a hobby, then start a hobby. A business is opened to provide goods or services for a fee. If you start a business then there are things you need to be able to do.

  1. Invest in your business
  2. Promote your business
  3. Pay your bills
  4. Reinvest your profits back into your business

The number one thing you must do when you open a business is invest some cash into your business to make it stand out from what other people are doing. If your just going to be like everyone else, why open the business.

Now that you have invested in your business and have it up and running, you are going to want to promote your business. You need to get people to come to your business and join and spend money. You need to promote your business everyday. People have a short memory, so they need to be reminded that your business is here and open.

Pay your damn bills. Nothing will ruin your reputation faster than not paying your bills. If you have an affiliate program and you owe commissions, pay them according to your term and services. If you don’t have specific terms on how you payout commissions then you need to. It needs to be spelled out how your partners are supposed to be paid.

Now you have your business up and running, your getting traffic, making sales, and paying your commissions, you need to reinvest your profits back into your business. What? You mean I can’t spend my money on toys? Nope, for the 1st year or so, you need to reinvest most if not all of your profits back into your business to keep it fresh.

Unless, you are just killing it, making mad profits, then you can spend some of that cash. But make sure your business is properly funded, keep your customer, affiliates happy.

Certainly there is more to running a business, but if you follow those 4 rules, you will be way ahead of most of the crowd.

 

  • Catherine D. White

    Good information here Shon.
    It’s a little sad you have to list “Pay Your Bills” as one of the steps of running a business. Unfortunately, it is probably a good thing you put it on the list.

  • Yes, it is true. There are a lot of online businesses who think they can open a site, have people promote it for them, bring in sales, and not pay out commissions. Then they close the site and come back in 6 months to a year and do it all over again.