Puerto Rico is a lovely place, but it is in the midst of a horrific financial crisis. If you are putting your business plans on hold, don’t! You can still open and operate a successful business, even when financial crises arise. Below are tips and tricks for operating a successful business in times of financial turmoil.
Surround yourself with good people: People outlast problems usually, and having the right staff and mentor can help you keep your head up when times are tough. The wrong crowd can have you doubting your dream – which is something that you do not need.
Find a mentor: A mentor, whether in a like business or just a successful local merchant, can provide you a wealth of knowledge for free. You can also get introduced to a wide circle of contacts, which is helpful when it comes to cross-promotion.
Don’t be afraid: Yes, fear is real when times are tough, but it doesn’t get you anywhere. The best merchants are the fearless merchants – and do not be afraid to fail. Do you want to fail? Of course not – but if it is constantly on your mind it is more likely to happen.
Make Mistakes – Fast: So this is odd advice, but if you screw up early, you know what to avoid later on in your business journey. It is better to screw up with one or two employees and a small customer base, then with 30 employees and a larger customer base. So, if you are wanting to try something new and creative, do it when business is small.
Do The Best You Can Do: Simple advice, huh? Well, it’s true. Do not fear, but do not gauge more that you are capable of doing.
Get Financial Help: Not a business loan per se, but many do take a merchant cash advance when they are in need of funding. And in a country that has financial issues, you are probably in need of funding. This is a quick and painless method – and you only pay it back when you get paid via customers. Besides, finding a business loan in Puerto Rico right now is pretty darn tough.