Published on August 15th, 2019 | by Sunit Nandi0
Thinking of Starting a Small Business? Here are 5 Things You Need to Know
Having your own business is like a dream come true. Of course, it comes with a lot of responsibility, and you will likely have to work long days with little time off at first to help get it off the ground, but in the long run, it will pay off. You are your own boss, you set your own work pace, and your business can help you accomplish goals, realize dreams, or contribute to causes you care about.
Although, it’s no walk in the park starting a new business. Countless hours could be spent trying to solve a problem, only for a new one to creep up right away. Money could be sunk into the business with little or no return, sometimes making it seem like success is a distant dream. With the right know-how and perseverance, you can get your small business off the ground and have it be successful, keeping these five tips in mind.
1. Having a mentor is key
Getting advice, insights, and wisdom from someone who has walked in your shoes before with their own business is an invaluable asset for any entrepreneur. If you’re starting out on your first business venture, the path to success probably won’t be clearly defined. In fact, its most likely won’t be clearly defined after your tenth business either, but having a mentor to guide you and help you avoid costly mistakes while pointing you on the right path can make a big difference.
There are plenty of websites and networking events you can leverage to help find a mentor to guide you, but you also have to be willing to put in work as a mentee, so keep that in mind when starting conversations and asking for help.
2. Don’t be afraid to fail
Learning comes from failures, so being afraid to fail is basically the same as stifling your growth opportunities as an entrepreneur. It isn’t about how many times you fall; it’s about how many times you get back up and try again. Taking calculated risks and making smart decisions that may seem outside of your comfort zone can pay off hugely, whereas staying safe and passing up opportunities will get you nowhere.
3. Focus on one goal
When you’re making a business plan, outline your main goal that you want to accomplish as a company and stick to it. Whether that’s helping other small businesses accomplish a task, or being charitable and standing for a noble cause, or opening an eCommerce store, it’s important to stay focused and not go on divergent paths as your focus shifts to the latest and greatest trend in your industry. Pick one goal, stick with it, and accomplish it fully before moving on to the next goal. If you try and do too many things, like expand your services before you’re ready, or try and help too many different groups of people, you risk spreading yourself, your company, and your employees too thin, and you may not be able to accomplish anything at all.
4. Keep track of your expenses
Starting and operating a business is an expensive endeavor, so you want to make sure you’re on top of your finances. Understand what kind of profits come in, what monthly expenses are necessary, and what other costs are involved so you can balance your books. You can find ways to save on monthly expenses, like ordering bulk office supplies, or comparing business energy rates to make sure you’re getting the lowest rate available.
5. Don’t undervalue your employees
Your employees will be your greatest asset, so don’t take advantage of them or undervalue them. Recognize what each team member can bring to the table, ask for their expertise, and listen to their ideas. Reward them for their hard work and a job well done when applicable, because employees who feel valued are less likely to look for a new job, do better work, and work more productively.