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The primary objective of every business venture is to maximize profits and minimize expenses. Operating at a loss is not the goal of any business module, and those that are not prepared for obstacles will find it very difficult to recover from the risks associated with down times.

The first three years are the most critical for any small business. Statistics indicate that more than 80 percent will fail during that time. Overcoming the odds takes a combination of preparation and due diligence, but anyone willing to work hard and not shrink under pressure can find tremendous satisfaction both emotionally and financially.

Most industries are cyclical. There are times of the year when they do well, and times when their products are out of season. For instance, home improvement stores do better in the spring and summer, and do less business during the winter months. Electronics manufacturers and their distributors enjoy robust sales during the fall and holiday seasons, but slump during the spring.

Businesses within these industries do not close shop during off peak times just because customers are not lined up at the door. Instead, they use strategies that sustain them through the dry spells, and any business can benefit from applying many of the same principles.

FOLLOW YOUR BUSINESS PLAN

Before beginning any venture, whether a cross country drive or starting a new business, it is imperative to have a good idea where you're going. Just because you're a master carpenter doesn't mean that you'll automatically be successful operating a business building homes. There is so much more involved than just framing the house.

Creating a good business plan and following it is like the blueprint necessary in home building. Your business plan should not only state your purpose for being in business, but also have set realistic objectives for staying in business. It should include a projected financial analysis for the first three to five years, detailing everything from the cost of goods and services essential to completing projects to salaries and wages. It's also a good idea manage financial resources well, making it a priority to put more back into the business than you take out.

KNOW YOUR INDUSTRY

Become as much an expert on your industry as you are about your business. Trade periodicals and industry reports are an excellent way to keep up with trends and stay fresh. Would you rather have surgery performed by a physician who still uses methods from thirty years ago, or one who has

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