Whatever you do don’t do this in your small business.
Never sign a surety, there are ways of getting around this if you are asked to.
Signing a surety is likely to be one of the worse financial mistakes you can make. The surety will expose you to potentially losing your home, your family and perhaps every other thing of value you have.
The Bank or Financial institution will say 'it's only a piece of paper'. If it was they wouldn't be so keen on you signing it.
I will explain these details but in the meantime, please whatever you do, don't sign a surety. Of all the small business tips this is the most important the 6 not to do tips.
In small business avoid multitasking it is a fallacy that you achieve more by doing so. Multitasking makes you tired irritable and less efficient. Here are some articles explaining this considerably better than I ever could.
Try and leave about 20% of the day uncommitted. Why? There is always something that comes up no matter how well you plan things. Perhaps the unexpected but important call from a client. This will allow you to have time to use to sort out unexpected problems and opportunities.
Avoid your email inbox especially at the beginning of the day. Try and check it at specific times otherwise, it will detract you.
Be very aware of labour legislation. In some countries, it is VERY difficult and expensive to fire and employee. Often it pays to automate or hire through someone such as Fiverr to perform a specific task or project.
If you decide to hire someone in your small business this might help you.
If at all possible avoid bad employees one great employee is better than 10
Once you have a good employee who you have trained thoroughly. Try to give them as much freedom as possible and avoid micromanaging them.
In your small business be very careful of leases for property or vehicles and in particular watch out for escalation clauses. Some companies put these in automatically but in the current times, they can and should be avoided. At the very least try and reduce the percentage of escalation. You only need to ask, often they are not expecting this. Remember they need your business, you have other options and even if you don’t try to give the impression that you do. As I mentioned before do not sign a surety.
Love of what you are doing and passion for what you do in your small business is very important. However, there is a better chance of success in your new business venture if you choose something that you are good at. Do something that uses your best skills whatever they may be. Yes, you need passion and love for what you are doing but passion is not a substitute for skill and knowledge.
Obviously to have both is ideal but if you need to compromise go for good over love.
Also, remember best is the enemy of good.
You need to do some market research for your small business. That doesn't mean hiring an expensive market research company or spending a fortune studying trends.
It does mean researching similar products to those you want to offer. It does mean talking and networking with friends about your ideas and products.
There are many ways to do surveys and research though Google and Facebook for little or no cost. Often you can test the market to see if you ideas/products are viable before making a commitment.
It doesn't matter how good your product or idea is if no one wants to purchase it.