The benefits of being your own boss are amazing. You set your own hours. You don’t get hung up in committees. You create your own dress code and most importantly, you follow your dream. Here a few tips aspiring and new entrepreneurs need to take into consideration when working on their new business venture according to top business sites: Forbes, Top Resume and Santum.
1. Follow your passion.
If you’re going to take the leap and start your own business it’s going to take a lot of energy, time, and money. The best way to keep yourself motivated through the ups and downs is to do what really matters to you. Buying the first affordable business that comes available just because you want to become an entrepreneur is a recipe for disaster. If you take immense joy in building birdhouses or selling cookies, do your research and go all in. There’s no promise that it will work, but when you follow your passion you know you’ll give it your all.
2. Research and understand your market
Take the time to do market research and really listen closely to your ideal client’s needs. Get really in tune with them to know where they’re at right now: That is different to where you would like them to be. Take this intel and craft it into an irresistible solution for them to be able to get easier yeses in your business.
3. Develop a business plan
A business plan is your blueprint for making your business successful. It lays out your business concept, how you fit into the marketplace, and the details of how your finances will work. Your business plan is essential if you are going to need investors or a bank loan because they’ll want to see that you have thought things through. Even if you don’t need financing, a business plan is a great way to understand how your new venture will succeed and what issues you could face.
4. Put in the hard work
Starting a business is exponentially harder than another other job. Successful entrepreneurs need to operate well across a variety of functions: sales, marketing, finance, operations, HR, etc. On top of that, creating an enterprise from scratch requires creativity, persistence and continuous learning.
5. Hire cautiously
Few things can sink a business faster than poor quality employees. It’s always better to stick it out short-handed for a while than it is to hire haphazardly. Look over applicant’s credentials carefully, scope them out online to see if there are any red flags, and make sure that they can embrace your passion for your business. Remember, they could be the face of your business when you’re away, even for a day.
4. Really listen to your clients
Truly listen and empathise with your clients. Everyone is so interested in getting their own personal message across, that no one pauses for a moment to actually listen and hear the root of the problem or pain. Believe in listening 80 per cent of the time, clarifying 10 per cent of the time, and responding wholeheartedly and intentionally, is the remaining 10 per cent of the time.
5. Focus on what makes you thrive
Be unapologetic and relentless with what makes you thrive. Many times, we are influenced from the outside world, and cloud our own desires for the sake of those around us. The sooner you are able to grasp this nugget, the sooner it will drastically change your world.
6. Prepare for financial challenges
Deal with cash flow blows by saving for a month’s worth of expenses or by getting creative with how you lower your overheads. You could offer clients a discount if they pay a deposit or the full amount upfront, or even an incentive – e.g. pay 10 per cent less if you deliver your product or service a week earlier. Whatever you do, be extremely careful of debt – this is one of the biggest killers of small business success.
7. Play the long game
It’s easy to get caught up in the day-to-day challenges of running a business, but you must carve out time at least once a week to take stock of what you’re doing for the long-term health of your business. That includes marketing, training, employee development, community engagement and capital development. Sound investments today will pay dividends in the future.
9. Network with experienced execs
Take any opportunity to network and learn from more experienced executives, as well as to be mentored and coached by some of them. Further, exposure to specific meetings, boardroom discussion, and strategic planning would be utterly beneficial.
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