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Top 10 Pieces Of Advice For Running Your Own Business.

BasketsGalore is 10 years old this year, and we're in a reflective mood.

We’re often asked for advice on how to set up and run a successful gift business. So in keeping with the worldwide trend of sharing, here’s our tips.

NB* These tips are most applicable for an early start up.Please remember to bare in mind that all pieces of advice are not truly objective.  They are subjective based on our experiences.  We ourselves didn’t always follow this advice, so we hope if you adopt them early on we will save you some struggles and headaches along the way.

    1)  Accept that success is many, many years down the line, learn the art of patience and perseverance.

    2)  Preserve what little capital you have religiously

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    3)  Don’t let the desire to generate money consume you. Let you goal be to make your life and the life of those around you in wider society better

    4)  Generating direct financial capital is difficult. So focus on creating financial capital through human capital.

    5)  When you generate a cash flow protect it at all costs. Cash flow is the life blood of a business.

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6)  Analyse profitability ratios so that you know where to concentrate your attention

7)  Never compare yourself to others or to your competitors. It is a fool’s game and the shortest path to madness. The most outwardly successful looking companies are often the ones most in trouble.  Mind your own business. The only competition you have is with yourself.

8)  Don’t look back. Accept that you will make mistakes, learn from them and move on. 

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9)  Demand excellence from yourself, but don’t beat yourself up if you can’t deliver it all the time. 
10)  Your brain never switches off when you run your own business, take time out to rebalance or you will burn yourself out. Never give up. It’s simply not an option.

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