Business Tip: Know your finances inside and out so you can make informed decisions. Be aware of your revenues, expenses, profits, debt, cash flow and taxes.

Business Tip: When choosing a business location, think about your needs. Consider the opportunity for growth, and your proximity to suppliers or consumers.

Business Tip: Do additional research. Find out all the standard costs within your industry. This will help you to plan properly for your business expenses.

Business Tip: You need to have an excellent understanding of the sector you want to launch into. Gain some experience in that sector before launching.

Business Tip: Always keep in mind that success won’t happen overnight. It’s going to take some time before you make a profit.

Business Tip: Make sure that you take out business insurance as early as you can afford it. Choose an insurance package that best suits your business.

Business Tip: If your idea is rejected by customers or investors, don’t give up. Rather use their criticisms to help you to improve your idea.

Business Tip: Chances are that your original idea may need to be modified. Being flexible to your customers demands will a greater chance of success.

Business Tip: Before launching your business, plan your marketing, sales and branding ideas. Use social media – having an online presence is key.

Business Tip: Create a maintenance list for when you have your business up and running. Remember to add tasks such as inventory, website updates and payroll.