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Getting Started
These first 13 Rules of Thumb will help you have a solid foundation to your business. Apply them as you get started and "great things will come to pass."
*Remember, these rules are always applicable and should be used as you advance from stage to stage.
RULE: Start Small, Think Big
Learn the basics when your business is small and mistakes are less costly. Then grow.
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RULE: Sell What People Will Buy
Solving critical, recurring problems is a great way to make an income.
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RULE: Write Achievable Goals
Aiming high will move your business forward faster
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RULE: Differentiate Your Business
Give your customers a reason to come back. Be cheaper, faster, higher quality, better service, and more convenient
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RULE: Use Suggestive Selling
Suggest to each customer in your store other products that may want or need.
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RULE: Buy Low, Sell High
Bigger differences between purchase price and selling price mean greater potential profits.
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RULE: Turn Inventory Often
Turn Your Inventory Often. Profit is made every time inventory is priced correctly and sold.
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RULE: Don't Eat Your Inventory
Consuming inventory or seed capital will quickly kill your business.
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RULE: Purchase in Bulk
Suppliers usually sell products for less if you purchase in volume.
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RULE: Buy on Credit, Sell for cash
Selling a product before you must pay for it increases cash flow.
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RULE: Be Nice Later
Don’t give your product or business capital away to friends and relatives.
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RULE: Hire Slow, Fire Fast
Screen potential employees carefully. Terminate bad employees quickly.
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RULE: Pay Yourself a Liveable Salary
Turn Your Inventory Often. Profit is made every time inventory is priced correctly and sold.
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