Starting a business in today’s day and age is becoming a popular option among Americans. Statistics show that more people are starting their own business than ever before in the history of our country. The ability to create your own hours and not being required to report to anyone is attractive. Obviously, the financial benefits of a being a business owner of a successful operation are nice, too. The problem? STARTING AND OPERATING A BUSINESS IS NOT EASY! Do I need to repeat myself? The misconception is that starting a business isn’t that hard. Sorry, that just isn’t the case. Regardless of the industry or company you choose to start, you are going to face a large number of obstacles in addition to compensating for mistakes you make along the way as you learn the ropes of being an entrepreneur or participating in an industry you aren’t completely versed in. To culminate a successful business it is going a number of things working in unison and in an efficient manner. Not to mention you better have a solid work ethic. Are you ready for that? If so, here are 10 tips for new business owners and entrepreneurs.
10 Tips For New Business Owners And Entrepeneurs
1) Do-it-yourself — NO, DO NOT!
Stop trying to do it all yourself! The old saying….”if you want it done right, you have to do it yourself.” Well, that might have been true a decade or two ago, but it couldn’t be further from the truth in 2013 and this crazy fast-paced world we live in. You need to recognize what you are good as a business owner and human being and then hire or outsource to others who are good in areas you may struggle. Makes sense, right? Stop trying to do everything yourself!
If you think you don’t need marketing, you are setting your company up for failure. We live in a visual world, my friend. “I never pay attention to ads and I just skip over commercials,” are common statements by those who do not understand the value of marketing. Do you think the advertising industry became a massive multi-billionaire dollar business by accident? The stuff works! You can’t plop up a new restaurant and expect people to just show up! If it were that easy, I wouldn’t have failed in numerous business ventures before finally hitting pay dirt. Stop being ignorant, your business is no different than any other. You need to start reaching potential consumers and with the incredible benefits the internet and social media offer us, you can do it fairly cost effectively. If you don’t have one, put together a marketing plan for your company immediately. Not your area of expertise? Put together a marketing budget and hire someone else to help you. Again, you can find good services for a cheap price in today’s internet age.
If you think starting up a new business or being an entrepreneur is going to offer you more time, you are sadly mistaken. Yes, in many cases the time will be more flexible, however, you are going to be putting in A LOT of hours if you plan to develop a highly successful business. If your work ethic is lacking, you are asking for trouble. Nobody who reached high levels of success did so without putting in the time. Stop trying to take short cuts, instead, work hard and build your company into a success.
Track everything! If you can break down exactly where all the revenue you generated was allocated to, this is going to help tremendously in making future decisions that are in the best interest of your business. Creating a spread sheet in Excel is a good start. You can put together a simple breakdown of exactly where your money is coming in and exactly where it’s going out. If you are neglecting this area of your business, you are surely losing money. You must have a handle on what is going on with the money related to your business.
5) Learn From Your Mistakes
So you messed up big time, did you? Not to worry, learning from the mistakes you made are going to help you in the future, I guarantee it. As I mentioned earlier in this article, I failed many times. However, I learned from every single one of those experiences and collected valuable knowledge that certainly helped me become successful later in life. Get rid of the American society driven mindset of NOW NOW NOW and realize mistakes you make now can help you in the future, IF you recognize what went wrong and how to do it right the next time around. Stop being upset you messed up and start being happy about what you took from that experience which will help you to become a highly successful entrepreneur in the future.
6) Business Goals
I laughed at this notion for years. Goals? I don’t need those. I already know I want to be successful in business! While that part was true, failing to map out how I was going to get there and the time frame that I sought for certain aspects held me back for a long time. It’s no accident that thousands of books on the topic of setting goals have been sold. And these books have been written by successful people. It’s probably a good idea to listen to successful people, don’t you think? Take a few hours, write down some goals and the time frame you would like to achieve them by, then start working towards those goals immediately.
Stay Organized! If you aren’t an organized person (me), then find someone who is! My sister, the organization queen, helps me keep everything organized which allows me to run my companies efficiently. I have recognized the fact that I suck at staying organized and made the smart decision to incorporate someone into my operations that will allow me to make sure everything is organized and efficient. If you aren’t organized you end up wasting valuable time, our most precious life commodity, on constantly trying to find something or locate something else. Getting organized and staying organized will help your business be efficient which converts to growth.
Don’t feel like talking to anyone at the party or the school event? Too bad! We all have days where we do not feel like talking to anyone, but what if the guy in the corner has a connection to the CEO of a company that can get you mass amounts of your product at half the cost? And because you didn’t feel like talking to anyone that day, you missed out on taking your business to another level! People lead to more people. Successful people lead to more successful people. It’s a simple equation. Taking the time to have a short conversation can be the difference in connecting with someone that can completely transform the direction of your business. You must start networking as often as possible! There is absolutely no doubt in my mind that I would not be where I am today without the help of others I met along the way. Get out there and start socializing, even if you hate talking to people! If that is the case and you don’t enjoy talking to people, what is the old saying? Fake it till you make it!
9) Time Management
Well here is another area that I probably won’t be teaching a course on anytime soon. I am just not good at this. However, with that said, I have significantly improved my time management skills and it shows in each one of my businesses. In case you didn’t know, you can’t be in two places at once. I learned this the hard way. Start allocating your time appropriately and watch as your business and your life begin to become more efficient and manageable. By the way, those things mean less stress in general. It’s a simple principal, really. Spread your time around properly and reap the benefits.
10) Personal Development – LEARNING
I saved this one for last because in my opinion it is the most important. How do you expect to be an innovative company that is constantly adapting to the consumer and the change in times if you are stuck in your ways? You need to constantly be growing as a person and a business. You need to constantly be learning about your business, your product(s), and ways to run your business better. Read books. If you hate reading, listen to audios. If you hate audios, watch YouTube videos. If you hate YouTube videos, well, actually, nobody hates YouTube so that shouldn’t be a problem. Seriously though, guys, there are a ton of different ways to continue your growth as an entrepreneur, business owner, and most importantly, as a person. Take your natural born abilities and become an expert of those abilities. Also, work on areas you aren’t so good in to make sure you’re equipped for situations that are inevitable as an entrepreneur. Please, don’t get stuck in your ways. Don’t be a know-it-all. Take a little time each day or week and expand your arsenal of knowledge. Be a sponge from this day forward and start soaking up everything you possibly can. I promise, it will payoff big-time.
Well, there you have it! 10 tips for new business owners and entrepreneurs. I hope you are able to use this article to help gain a further understanding of how you can get your new business functioning properly or how to kick your stagnant company into high gear. If you begin to implement these 10 tips for new business owners and entrepreneurs, there is absolutely no doubt in my mind you will notice the results, and you’ll notice them fast. Being a successful entrepreneur is no walk in the park like some people make it out to be. It’s going to take persistence and high levels of effort. However, the rewards of being a business owner are bountiful. I’m sure you are well aware of them. Thanks so much for taking the time to read this article and supporting Everything Business! Hey, what are you waiting for? Don’t you have a business to tend to?