Diversify your business. If you lack any of these characteristics, you are at risk
A survival guide for small business owners (or anyone who owns a business) in a nutshell.
Exploring opportunities in the world…
Do business exclusively with your own funds
Without any kind of help from banks, the business created is healthy from the start and no funds are wasted, causing only high interest expenses.
A small business that does not use banks for its business saves at least $1,000 to $10,000 (or $) per year.
Get paid upfront when you sell a product
On the other hand, if you sell any kind of service, get paid at the end of the job or at the end of the day at the latest.
Losses should be close to zero.
Use professionals only for the bare minimum
Inform yourself by studying all the laws and news that are now easily found on the Internet and pay professionals only for targeted and very specific advice.
Also, devote at least a few days a month to studying the regulations and especially the laws that affect your business.
Mobility and elasticity
Elasticity and mobility from one sector to another are definitely important in a world that burns winning models faster and faster, even at the expense of highly questionable innovations that attract the attention of potential customers.
If you lack some of these qualities, you are at risk.
But don’t complain when things get worse.
No more entrepreneurs resting their business on other people’s money.
I urge everyone to make it on their own and close all accounts payable with their bank.
Bank loans are not necessary.
They only serve to distort the picture.
Those who have a healthy business certainly do not need their money.
Losses should be close to zero…
In addition, it is advisable to use the following cautions whenever possible :
Never buy something you cannot pay for immediately
Having no debts means not being blackmailed by banks, financiers or various creditors.
Never offer personal guarantees such as sureties to support business transactions
Protecting personal assets (large or small) must always be the basis of one’s economic survival and well-being.
A must especially for entrepreneurs.
Also, always psychologically prepare for the worst before starting a business.
Prevention is better than cure.
Invest part of your capital in protective assets
Always better to be cautious and have a fund for emergencies.
Explore opportunities around the world
Staying tied to an economically unstable area is not only foolish, but downright masochistic.
Of course, you should always operate in accordance with the laws (both local and international) of the new country in which you will reside, possibly always with the assistance of local or international professionals.
Have more than one idea, invest in several sectors
It is necessary to always have a possible exit plan B available in case events do not go in the right direction.
