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I am a new small business owner. Could anyone give me the top 10 things every small biz owner needs to know?

Marketing, Finances, Taxes, Sales, Etc.

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1. grab/buy copy of 'guerilla marketing' read understand and apply - will save u thousands in advertisements. keep two set of books. one for u , one for IRS. LOL no keep good books. paper works. do not believe 'every one ' is a customer , they are not. do not fight against bigger guys , go for the scraps until u know ur skills and have cash. build on cash or drown in debt. take successful peoples advice , ignore those who are not successful. OK if they yell fire then listen. hug ur kids pets spouse everyday. the business can eat them and u. post photos of goals life and business where u can see them. change them occasionly . read about successful people , learn from their mistakes. it is cheaper faster and easier.
2. You should first clarify your question. What kind of business do you operate and what point are you at now? Are you open yet? My suggestions are: Start small Don't get in over your head with debt Make business decisions with your head, not your heart Always out number someone you're meeting with (eg. if a sales rep is coming in for a meeting with one associate, then you have 2 people sit in on the meeting on your side...even if they don't say a word) Get an awesome accountant (let the professionals do what they do best...don't waste your time...use your time with what YOU do best) Work HARD every single day...even when business is not so good. Have a good attitude EVERY DAY ....even when things are not going your way...when someone asks "How's business?" ALWAYS respond "Never better!" Have a good lawyer that's down to earth (you need to feel comfortable asking questions...even if they sound silly/basic. Have a great website and do a lot of advertising. DON'T make any hasty decisions...always buy time...people will want to pressure you. Always say "I like your product/service....I always sleep on big decisions so I'll get back to you by tomorrow." GOOD LUCK! And...stop and smell the roses from time to time.
3. Well I can tell you my experience by being a small business owner. My husband and I own a residential/small commercial electric company. We have 8 employees and around 20 builders we work for. Here is what I have learned after three years of the above: 1) Most of our business is word of mouth - we took out advertising and only had one call from it. We bought magnetic signs for the trucks and passed out business cards, and word traveled fast. If you do good work, word travels fast, if you do crappy work, word travels faster. 2) You will not get rich owning your own business. It is a long process of growing your business and making it flow like it should. We are just now seeing good profits after three years. We always made money, but just not alot. 3) It is alot of hard work and dedication. Having employees is stressful because you are responsible for them. 4) Taxes SUCK! Make sure you know all the tax requirements for your type of business. Call the IRS or a CPA and take notes. Keep out enough money from each check you receive to cover said taxes. 5) Once you start taking out taxes on your employees, you can not go back. If you take out taxes on them, you are responsible for payroll liablilty tax every month and the 941 report every quarter. 6) Don't be scared to ask questions if you are unsure of something. 7) Forget vacations, you won't have time. And if you take a trip you will worry the entire time about your business. My husband's cell phone never stops ringing. 8) Get a good program for your business to keep up with your banking, taxes, payroll...etc. I use Quickbooks Premier. Keep everything up to date. 9) Do not throw away receipts..etc, just because they are entered in the computer. Save the hard copies of everything. 10) Don't give up - work hard and it will pay off!!