Every entrepreneur has had their fair share of struggles when starting their business. If there were any business owner out there that has never struggled with anything during the startup process, then I’d advise you all to start that business and follow their tips. I can’t promise you that every part of the way with starting a new business will be stress free- but I can share with you some secrets to make those hurdles easier to overcome here . Today is all about learning the in’s and out’s of starting your own business and I will share with you some startup secrets to follow along the way!
Now a few of these tips some people may think are common sense, but to tell you the truth- most people lose track of these important steps and end up failing, so let’s go over them…
How important is it with anything we do in life- to stay focused? We have learned that throughout our life, starting with school. It’s important to stay focused if you want to learn and succeed. When you’re starting out and trying to open up a business or advancing with your current business, it’s important to not lose track of the big picture. It’s easy enough to get side tracked into the little things, but staying focus on the end picture will keep you motivated and concentrated. Staying focused doesn’t mean following step-by-step instructions from a competitor. Remember, you want to differentiate your business from the similar businesses out there and stick out from the crowd. Also, don’t worry so much about what other people and business owners are doing around you. Just focus on your own business and making it that much better. I’ll say it again… It worked for you in school, so why wouldn’t it work for you now!
Time Is Money:
Regardless of what you do during your days, every minute of that time is money. Therefore don’t spend your time foolishly during business hours. Also, don’t get overworked and spend time after business hours focusing on business matters. You will get burnt out quick. Your brain needs time to comprehend everything that happened during those hours and time to think about what is next. Often times you see entrepreneurs who get burnt out from spending way to much time and energy focusing on their business 24/7.
Now The Secret Is Out…
- Choose the right legal structure for your business. Should you incorporate or not.
- Use the Internet for free marketing and sign up on different social media platforms. This is where the new generation is.
- Build a relationship with your competitors and see how they got to where they are. Take notes!
- Networking is key. Attend various trade shows and business conferences and get the word out there, that there is a new business in town.
- Gather information on your target market and the best possible ways to reach out to them. Be creative and fun to grab the attention of these people.
- Always, Always, Always- backup your information! Once your information is lost it is very hard to get that back.
- If you do not know something, ask someone who does. Do not just go assuming something you have no clue about. This could get you in serious trouble.
- When hiring employees if your business requires that, make it an environment that you would want to work in. Make it fun, and exciting so your employees are happy at work. If they are happy and enjoy what they do, chances are they will show it through their work.
- Think about the future of your business and the future for yourself. Retirement may seem far down the road now but it will come up before you know it. When you own a business, this is something you have to think about now. You do not have the benefits from another employer to count on- so it’s important to make a plan and put so much money away for your future!
- Enjoy what you do and keep track of every milestone! Starting a business for yourself is not easy, but it’s worth it in the end.
To stay up to date with business, I would recommend reading daily business blogs to learn the latest at greatest businesses out there. It’s important to stay up to date with the latest trends and technology. Especially in the world to day, if you fall behind on the new technology- your business could fall behind as well. Depending on your target market, this goes with staying up to date with new products and services. You want to be different from your competitors and whatever that takes you should go the extra mile.
Now my last piece of advice is to think of yourself with no money at all. What would happen if you ran out of money and your business failed? Now is the time you want to work as hard as possible and make sure that doesn’t happen- because starting a new business, you run the risk of that. You also run the risk of making millions and millions of dollars and I applause you for starting. You are further than half the people in this world. Without risk comes no reward. Just remember that if you fail once, don’t get discouraged. A lot of successful entrepreneurs fail three or four times before they become successful. Don’t look at failure as something bad. It is not bad it is a good learning experience, and something to look back on and know where you went wrong and where you can change. Having a backup plan if something does go wrong is essential. Also, it’s important to not put all your eggs in one basket and make sure you have extra money stored away for a rainy day. If things don’t go as planned you still need a roof over your head and food on your plate. With a good business plan, lots of research, a defined target audience, and enough money to invest- you should be on your way to success!
One thing to never forget in business is marketing will go a long way! Whether you are doing free social media marketing or paid marketing and advertising on a local radio station or on TV- it’s all beneficial. If you happen to watch TV or listen to the radio you will see all the big car companies advertising around Christmas time or you will see chain restaurants like Wendy’s and McDonald’s advertising on TV late at night… this is all part of their marketing process. They know that most people get the munchies at night and by showing them a burger and fries at that time might make them head to Wendy’s. Digital marketing is expanding like no tomorrow. If you are not already marketing on the Internet, well you should do it like yesterday. Soon everything is going to be based on the Internet so the faster you learn to utilize the Internet the better your business will be.
A bit of research will save you a lot of time and energy. If you are not cut out for marketing and have no clue how to do it- than hiring a professional in this field will help you immensely. There are a lot of free webinars and courses that you can take online to help you become more efficient in that field. So if your budget is a little tight at the moment, learning how to do it yourself would work out even better because you can keep up to date with everything.
Giving away FREE stuff will always be one of the best marketing tactics any business can do. Who do you know has ever turned down free stuff? Depending on your budget of course you could set up email campaigns and give away a gift certificate to the winner’s favorite restaurant. Most restaurants have gift cards that you can purchase online so it would work out great. This way you will also be getting their email for further use and you can send them offers and deals in the future. There’s always a win-win for everyone it’s just going out and finding that solution that works the best for you. With a bit of trial and error you will learn a lot about your business and what works the best. Don’t forget to share this advice with your friends and family members. The more you help out other the more other will help you out. Business works by helping each other out. Networking goes a long way and the sooner you realize that the better your business will be. If you have any advice you could bring to the table and help businesses around you- maybe in the future they will do the same. At the end of the day it’s good karma for you and your business if anything!