Starting a business can seem incredibly scary! It’s especially hard if you’re already working a nine to five and have a limited amount of time to focus on the tasks you need to accomplish before you can make your first sale. However, if you were born with the entrepreneurial gene, there’s nothing that can deter you from achieving your dream and offering the product or service you are passionate about. But knowing where to start can be a challenge. So, we’ve compiled tips for starting a business successfully.
Get started with these tips for starting a business:
1. Make the Jump!
If you aren’t happy in your current situation, there is no time like the present to change it. There will always be a never-ending list of excuses as to why now isn’t the right time. The truth is that the time will never be perfect, and the longer you wait, the more time you’re wasting. Change can only occur if you decide to make it happen. What are you waiting for? Make the jump!
2. Choose your Passion.
What is it that you’re passionate about? If you hesitated in any way when answering this question, you need to do some serious soul searching to figure that out. Starting a business is hard work, and if you are not excited to get up and work your butt off every single day, you will not be successful. Listen to your intuition and choose your passion.
3. Plan for Success and it will Materialize.
Planning is key to building a successful business. Unfortunately, most small business owners and entrepreneurs do a very poor job of it. A business plan provides clarity and focus and gives a reference to look at when you begin to lose your way. You don’t need to write a novel! A simple one-page plan focusing on your objectives, who you want to serve, and action steps to achieve your long-term goal is sufficient. Do this and success will always materialize.
4. Manage Your Personal and Business Finances.
Most small business owners have their personal and business finances wrapped up all in one. You need to understand both as separate entities to be able to be effective. Often, an entrepreneur will be the sole investor, and understanding your personal finances is key to knowing what you can invest. Don’t fly blind, look at your finances on a regular basis.
5. Networking Builds Sales.
Once you have the basic infrastructure in place to support your first client, it is important to get the word out that you’re open for business. While social media marketing is good…nothing works quite like building a strong support network of other business professionals who can advocate on behalf of you and your business to their existing clients, vendors, and other contacts. When you participate in a professional networking group, chamber of commerce, or any other networking opportunities, remember to give more than you receive. Trust me, it will come back to you tenfold.
These tips for starting a small business provide the steppingstones to set yourself up for success. Remember, when you’re not an expert in certain areas, it is best to defer and outsource to individuals who can help guide you in the right direction. Connect with the financial experts at Tentho for guidance. Schedule your free consultation. Or download our Free eBook, “What is an Outsourced CFO?” to find out if it’s the right choice for your newly-founded business.