So you’re launching your own business? – Congratulations! Welcome to the world of entrepreneurship! Here we have some handy tips for new entrepreneurs you that will benefit all new and budding businesses!
1. Love what you do!
Choose something you love – this will maximise your productivity for sure. The routine of 9-5 will become a thing of the past as you’ll be enjoying your work so much that you’ll want to keep going! And that’s a good thing because hard work pays off so make sure you love what you do.
Of course, balance is important. Don’t do anything at the expense of loved ones, neglecting them could cost you a lot more than just your money. Just try to be a bit more flexible about working longer than 8 hours a day to heighten your chances of success.
2. Keep it fresh
New ideas are to be welcomed! Established thinking is so overrated – be creative! Don’t fear the unknown but embrace it. Bounce your ideas off trusted team members (don’t let anyone steal your big idea!) and have faith in yourself. You are the creator of this business and you have something unique to offer – remember why people want to buy your product and not anyone else’s, we’re guessing it hasn’t got to do with you doing the same old thing as the rest of the market.
3. Be patient
Rome wasn’t made in a day – yes, we are comparing your business to Rome. What we mean is starting your own business will take time and patience and it certainly won’t happen overnight. Companies are big and move slowly, the idea of “corporate time” is something you will get used to and be able to better gage as you gain experience and your company grows. Everything moves gradually and takes a lot of planning, be prepared for this.
4. Don’t be a bad boss
No one likes a bad boss. Learn from the mistakes you’ve seen your previous bosses make. Avoid bad management and an unhealthy working environment, be sure to listen as much as you talk while keeping in mind it’s your job to do what’s right for your company. Prioritise correctly, use technology to make your life easier and delegate tasks to those who can do them.
5. Have a plan and set goals
Have a business plan, write it down, get professionals to look over it and revise it accordingly. Keep revising it as it needs to stay up to date, your business must adapt to the world around you in order to keep developing. You will always, always, be learning.
Setting performance goals is a good way to assess whether or not you’re on the road to success. It’s good to persevere, but there’s no point in lying to yourself – if things aren’t going according to plan, address it in order to fix it.
6. Solve problems with advice and positivity
Problems aren’t the end of the world. All businesses face them – use them to get better. Criticism can be incredibly useful. Have a support team of advisors at hand to help, it’s good to have people from different departments such as an accountant, a member of HR and a lawyer. Your family and friends are also people to turn to for advice as they can shed their own light on matters.
Tips for new entrepreneurs – summary
At the end of the day, if things aren’t going to work out then that’s okay. You’ll have learned from what you’ve done and be proud of yourself for being brave enough to try. Stay positive when it comes to business and always ensure you’re keeping your life in perspective.