Starting a business is likely the most exciting time you’ll experience over the life of your new start-up. There’s the magic of creating something from scratch, overcoming adversity and seeing your business grown from nothing to hopefully something bigger. The other side of the coin is that running a business will get frustrating at times, because no matter how hard you try, you’ll repeatedly fail at something.
I’m that someone who’s been through the start-up stage twice in my life. I started a successful cleaning business, and a pretty successful personal finance blog.
Being an entrepreneur is so rewarding….most of the time, and other day’s I want to run away without looking back.
If you’re on the fence of starting up a new business, here are 7 things new entrepreneurs should know.
1. Keep Your Day Job
You should always have a plan B in place, and if you’re really crative you’ll have plan’s C and D as well. Here’s the reality – You won’t make any money right away.There I said it, and got that out of the way. Majority of the money you make from your new business will go towards paying your personal monthly bills. Other parts of the income you bring in will be reinvested into the business. So, where does that leave you for leading a normal life? Think about it before you jump in with both feet.
2. You’ll Never be an Expert at Everything
Running a small business isn’t a job – it’s probably eight jobs in one. Most people have a hard enough time doing two things well, let alone three or more. Secondly, you can’t become an expert at all the jobs you do. And if you try to take on more than you can handle, you’ll realize that the quality of your work is diminishing. So, be real with your self and save yourself a lot of grief by braining on board a bookkeeper, an accountant or any other specialist you may need.Outsource as necessary.
3. Small Business Owners Are Sales People Too
In the start-up stages, most business owners are sales people. Even though sales is not their forte, they’re the front line in the beginning. I’m not going to get into selling and how to sell, because that’s a whole separate topic. What I’m saying is you have to pay attention to marketing and the buying patterns of your customers. This is even more important in the very early stages of your business. Watch, ask, read the body language and be attentive to every need of your customer.
Talk about your business everywhere and to everyone. Business owners personally need to be able and ready to talk about their business to whoever at any time.
If I asked you what you did, would you be able to tell me in two or three sentences that told me not only about your business but why it might interest or matter to me?
4. People Are Cheap
People already have a hard time parting with their money, and they’ll be even more reluctant to part with their money to unproven new businesses. Why are banks reluctant to lend money to new start-ups? Because they’re unproven and are associated with a lot of risk.
5. Playing Fields Are Always Uneven.
Someone will always be better at you in something, offer a better or equally good product/service, and have stronger connections. There are the guys who are well known, the guys with deep pockets, entrepreneurs with solid track records and the guys who carry a combo of everything. It may be wise to shadow, partner or create a beneficial relationship with someone who’s possibly stronger than you in branding and growing your business.
6. Measure Twice And Cut Once
An old saying that my father always used to say. Work in the trenches will always equal to greater rewards in the future. Create a plan, stick to it and always plan first, do second.
7. A Good Idea Alone is Not Enough
“Anybody can have these ideas, but to actually do it is quite a miracle.” – Dorothy Vogel
Ordinary people who do extraordinary things. That needs to be the motto for any new small business owner. Remember that it’s not the idea alone that makes money, but how the idea is developed and marketed that makes the money.
Starting a business takes a lot of time and investment of a person’s financial, mental and physical resources. The last thing any new business owner want’s is to fail. Hopefully you’ll use this article to your advantage to save you some time or energy during the start-up phase of your new business.
Thank you for taking the time to read, and I wish you nothing but the very best with your new or existing business.