Business Opportunities Weblog

July 16, 2008 by Rich Whittle | 2 Comments

News-Leader:

As a small-business owner, Theresa Gallup has learned “you can’t do it all. Hire the professionals.”

Hire a professional accountant, hire a Web designer, hire anyone who can fill in the blanks you can’t.

You can learn these skills, but the time it will take to learn them and the results are often not worth it, said Gallup, who owns a home-based business, Kimono Designs.

While the majority of small businesses fail in the first five years, some are quite successful. If you’re thinking about starting a home-based business — whether it’s a lawn company or crafting jewelry — there are many things to consider. These professionals share their tips for success and how to avoid common mistakes.

The first three years were rough for Gallup. “I lived extremely meagerly because all the money I made I poured back into the business,” Gallup said.

She advises having three years of income to sustain yourself if you are serious about your business.

Nena Potts, a Rogersville jewelry artist, said one of her earlier mistakes was trying to “reinvent the wheel” with every piece of jewelry.

She learned to find designs that worked, then tweak and redesign. Keep your business as versatile as possible so you don’t have all your eggs in one basket, Potts said.

She does custom work, shows and wholesale to ensure income all year, instead of seasonal work. Another thing to decide is how you will accept payment.

Taking credit cards is a real maze to get started, but it’s been a big part of Gallup’s business. “But there is a fee you pay for that,” she said. If your product costs more than $20, you should consider taking credit cards, she said.

Read more.

Photo by sachyn.

In Uncategorized | 2 Comments
Tags: Advice, Small Biz, Success