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I want to open a successful Business and I am not sure how to?
My friend and I want to open a business. As of now we are in highschool but we both know that is what we want to do. We were planning on going to college ofcourse, and take business classes. I know it sounds like unreal but after college we want to move to Calfornia and open a shop and be successful in life. We are actually dedicated not just thinking about it. Please give me tips and anything else you would know about business thank you.
On top of what Michelle said, I would recommend you greatly understand the financial information of your company, especially your break-even and how your day to day decisions in the operations affect the break-even point as well as your overall budget and targeted profit. Learn, understand, and master the business side of your business.
I would suggest that you understand inventory control and try and minimize excess inventory where possible. Large, non-turning inventory is cash that could be used to help grow the company and company profits. If dealing with a constantly changing line of inventory (fashion, for example) it may be a little bit more difficult to do. Setting employee productivity standards will also be greatly beneficial, especially in determining the labour requirements to generate a certain amount of revenues. That'll be pretty clutch in making your budget as well.
Thirdly, I would suggest you look at incorporating the company and creating a partnership agreement which puts one shareholder as the majority shareholder. Might be common sense, yet it still happens where a 50-50 split occurs.
Finally, I would subscribe heavily to the philosophy of PYA- Protect Your Ass. Remember, an ounce of prevention is worth a pound of cure. Work in a way to minimize the potential 'fires' of tomorrow so that you can actually focus on your business and growing it properly.
Timz - Open For Business (www.timzonline.com)