Tips to Run a Successful Business Operation
Diego Ruiz Duran, the Mexican criminal defense lawyer, views his legal practice like a business, and so he has a lot of interest in running his law practice profitably.
And Diego Ruiz Duran loves to share some business tips he’s learned along the way to run their operations smoothly and efficiently, no matter which business you are in.
Here are some of Diego Duran’s top tips.
- #1. Recognize there is no quick and easy lunch in business.
The sooner you come down to the real world realization that business is hard work and that results will not come instantaneously, the better off you will be.
The plain fact is, most small businesses take at least two or three years to become profitable, and you probably will not be considered really sustainable until you reach the 5-year point or later.
Sure, there is the rare exception, but it’s like playing the lottery. Your chances of
hitting it big is, as they say, about as likely as being hit by lightning and being bit by a shark on the same day.
The sooner you get to this mindset, the more prepared you are to utilize the other business steps.
- Choose your niche
It’s no longer true, if it ever was, that you can build a business and be everything to everybody.
Business is extremely competitive. And the only way you can expect to really make it is to pick a niche, at least initially. Be a big fish in a small pond rather than have a ho-hum general business.
- Analyze your competition intensely
Once you have a business idea, Diego Ruiz Duran believes that you need to spend literally hours analyzing who your business competitors are and why you can offer a better service.
Fail to do this, and you will be guaranteed to fail.
- Create a written plan
Once you’ve chosen your niche and analyzed your competition, write it all up in a concise business plan.
Expect this will take you several days to accomplish, not something that is thrown together in 20 minutes.
Writing your business plan down helps you find all the holes in your business and all the details that you will need to accomplish before you open your shingle, in person or online.
- Be a numbers guy or gal
You don’t want to invest $200,0000 in a business only to find out that you’ll only make $10,000 per year in profits.
Ruthlessly analyze everything, and only act once you have all the data to prove you
can definitely make a go at it.
- Be prepared to work 60 hours a week or more.
Many people dream of the freedom of having a business, not recognizing that during the first 3 to 5 years or more, most business owners work at least 60 hours per week.
If you aren’t prepared to work long hours, it’s probably better to work for someone else.
Have enough money to sustain yourself for a couple of years.
Most small businesses need to have a couple of years worth of money stocked away to get the business running.
Know whether you have the finances to make a go of it or not.