Starting your own business can be very scary; others who have started businesses have some tips that they love to share with young entrepreneurs. Here are 10 of the best:
Tip 1: Hire Enthusiastic Team Players
When you are looking to hire people, look for those with a can-do attitude who truly appear to care about getting the job done. You can train for skills, but you cannot train for attitude. If you find an employee who keeps saying “it’s not my job,” show them the way to the exit.
Tip 2: Become an Industry Expert and Share Your Knowledge
Expect yourself to know everything you can about your industry. Spend hours studying everything possible about your industry so that you develop your own ideas. Then, share them with everyone that will listen. Publish articles about the information you have learned, write guest blogs, offer useful comments on blogs, work with others in your industry for free if necessary.
Tip 3: Spend Less than You Make
Many startup businesses fail because they overextend their credit lines. Hustling to the bank to get a new loan is seldom good, instead carefully consider the money that you are brining into the business. It may require you to downsize where you are living or even eat a diet of bologna sandwiches, but in the end, you will reap rich rewards.
Tip 4: Network
You cannot possibly be an expert in all areas of life. Therefore, concentrate on becoming an expert in your business field. Meanwhile, add a good accountant and an attorney to your team. Also, send potential customers whom you cannot help to experts who can help them. In return, those experts may send clients they cannot help to you.
Tip 5: Plan Time Away
Your brain can only absorb so much at any time. Therefore, you need to take mental vacations on a regular basis. Do not concentrate so much on building your business that you ignore your family. Alternatively, if you do not find yourself excited to get out of bed in the morning and start working, you are doing something wrong.
Tip 6: Try Again
It takes a lot of creativity to get a new business started. The most successful people failed many times before they finally succeeded. In fact, the path to success is lined with failures. Refuse to stay there, however, but take something positive from each experience. You will soon find that you are paving your way to great success.
Tip 7: Impress
It is so easy to try to cut corners in places where your customers will notice. If you are using marketing materials, print them, so they look their best. If you have a store front, design it to leave a lasting positive impression on your customers. Put on your very best clothes every day, even if you have to buy them at the thrift store.
Tip 8: Know Your Cash Flow
Many businesses fail because they do not understand what brings money into the company. Others fail because they do not know where they are spending money. Keep a careful record of all money coming in and out. Evaluate your finances regularly and make adjustments where needed.
Tip 9: Watch Your Competition
You can learn a lot by watching your competition. Emulate what they are doing great. Think of ways to improve on their weaknesses.
Tip 10: Never Lose Your Sense of Humor
If you lose your sense of humor, you are doomed to fail because your health will soon fail. Instead, make it a personal mission to find at least one thing that is positive about each day. When appropriate, share those happenings on social media because others love to laugh with you. They will remember your business with positive thoughts.