1. Choose a business that is very profitable.
2. Ensure adequate cash reserves.
3. Clearly understand your market, your customer, and their habits.
4. Build a remarkable brand.
5. Price your product or service properly.
6. Anticipate cash flow.
7. Treat your employees like family.
8. Research competition, technology, and changes in the marketplace.
9. You can’t please everyone – don’t try.
10. Focus on your strength(s).
11. Don’t become dependent on a single customer or customer set.
12. Control future growth.
13. Make sure you can be found online.
14. Delegate tasks.
15. Make sure you have adequate management.
16. Keep your door open for employee suggestions.
17. Spend your time wisely.
18. Ask your customers how you can improve.
19. Create “Key Performance Indicators” to measure your gains.
20. Don’t just sell what you can make, make what you can sell.
These rules are incredibly important to remember. Don’t flex to the point where you are trying to please a specific customer – just to get them on board. Diversification of your portfolio aside, if you attempt to handle everything for everyone – you’re simply making ends meet (and making it very difficult for yourself in the process).
Find the product that your customers need, and your customers will find your product. Remain focused on what makes your business better than the rest, as that will be the shining beacon when you describe what you provide for your customers.