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8 Tips for New Business Owners

As a young entrepreneur, I wanted to offer a few tops for new business owners. I believe that there are far too few resources directly addressing nonacademic trials and tribulations that new business owners face along their journey. Whenever I talk to readers here looking to get into starting their own cleaning business, I encourage new up-and-coming business owners to establish a relationship with someone who’s a little more seasoned, for their insight and nonacademic eduction that will provide a foundation for you – the new business owners.

Even though I haven’t been in business for myself a very long time (only 4 years), I have learned a lot in a very short period of time. With that, here are my ten tips for new business owners that I wish someone had given me when I first launched my cleaning business venture.

1. Act like a start-up.

Don’t worry about the fancy offices, fast cars, and expense accounts – you’re still a start-up at the end of the day. Your wallet is your company’s pulse and life-blood. Being frugal will get you much further than trying to pretend to be a big player. Watch every dollar, check your expenses, compare prices, maintain a low over head and you’ll be around for many years to come.

2. Nobody will give you the dollars.

Nobody owes you any favors, your bank included. Just because you’ve been banking with them for centuries, doesn’t mean that they’ll be nice enough to give your business any money. You’re unproven and still a huge liability. If you need a lot of cash to start up, go back to the drawing board and find the beginning – not the end. Simplify your idea until its viable enough that you don’t need large sums of cash to get the ball rolling.

3. Be straight up.

Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business in an enthusiastic way, rather than a tacky way. Exaggeration will only get you so far.

4. Focus.

Focus on your goals. Many new business owners jump around too much at every opportunity that they come across. Opportunities can sometimes be wolves in sheep’s clothing. Avoid juggling multiple ventures, because it will only spread you thin and limit your productivity and effectiveness. It’s much better to do one thing really well, then 10 things half-ass.

5. Learn under fire.

No business book or business plan can predict the future of your business. There is no such thing as a perfect plan. Business and Marketing plans are just guides to keep you focused. Much more happens outside of them. I believe in creating a plan and putting some thought into it, but not spending months trying to prepare the plan. Execution is key, and a much better teacher than any business or marketing plan.

6. Don’t be a know-it-all.

Nobody likes a know-it-all, especially those who pretend to know-it-all, yet only know very little. It’s exhausting, and a turn off at the same time. Don’t be afraid to ask questions, and surround yourself with those who will nurture you to become a better business person.

7. Always be ready to pitch.

Every encounter is an opportunity, but you have to be ready for that opportunity. Always be ready to pitch your business, whether it’s to a potential customer or an investor. State your mission, service and goals in a straight to the point manner – 30 seconds or less I say.

8. Keep Healthy.

Most new business owners forget that entrepreneurship is not a 9-5 job, but rather it’s a lifestyle. Prioritize first and foremost things that are important to you. Working to a point of exhaustion will burn you out and make your less productive. Never forget to make time for yourself.

Keeping Focus Now And For Future

Let’s be honest with each other for a second. As a small business owner it’s easy super easy to lose focus. You’re trying to do ten things at once, come up with new ideas, and build for the future.
I’m not going to lie – I fully admit that its hard to keep up at times. There are so many things I want to finish in any given day, but working full-time, and running side business, simply becomes impossible at times.
A few years into my entrepreneurship, I finally realized that I needed to change things in order to keep focus now, and for the future. I was simply forgetting things, and a lot of great ideas would go by without getting the proper attention. So, I changed things around, and implemented two simple processes into my daily routine.
First, I started to carry around a mini jot-note book, so when a new idea came into my head, I write it down, add any extra side ideas that came from the main idea and then I put it into a box. I created this box from a shoe box, and made it look like an actual suggestion box by cutting out a small opening in the middle to slip in the ideas on a piece of paper.
The thing is, we can’t afford to work on something new until we finish what we started, or at least we reach a decent stopping point where we then have time to work on something new. A project that is only 75% complete is actually 0% complete in the eyes of those who will be using that product or consuming it.
Next that I do is that I visit my notes usually once a month. I take a note out randomly, read it, maybe do a little research on the topic at hand, and decide whether this is something that I want to brings to life.
Not every note with an idea comes to life, some just require too much time, and others are ongoing projects that can be implemented into my present work life.
Some projects that I’ve worked on were a cake walk, others presented their challenges, but all projects have ups and downs. The down times can be severe enough to deter us from continuing on, but if we prevail during the down times, the end result can be pretty satisfying.
The Passive Cleaning Income blog has been around for less than six months, and my other blog – Finance Fox has been around for nearly two years, and in this time there have been many moments when I wanted to give up and walk away.
I did walk away every time, only to come back running back a short few hours later. I guess I just needed to clear my head.
The whole point is not to lose track, and never lose sight of the picture. If we give up too easily, what’s the point? Yesterday, I wrote a post on Finance Fox called; How Do You Become Rich?, even though the post mostly focused on leveraging, it also talked about the fundamental difference between the rich and the rest of us, and that is that the rich never give up, but instead keep finding ways to keep moving forward.
Remember to keep moving forward, and never forget the big picture, because it’s so easy to lose sight of the big picture when we get bogged down with the little things.
How do you keep focus?
All the best!
Eddie
Photo Credit – paranoid-android_arg