Jumping into business ownership is exciting and a little scary. Do not be alarmed, however, many have done it successfully. You may be wondering, ‘how do I succeed?’, or ‘where do I begin?‘. I will share with you some important success tips for entrepreneurs.
Do’s and Don’ts for Business Owners
Whether you’re an experienced business person or a budding entrepreneur, to be successful, I recommend keeping these ten tips for entrepreneurial success in mind.
1. DO Be Focused – Stay 100% Committed. When starting your business, it is not possible to succeed if you enter into the process half-heartedly. To get a start-up company off the ground, you will need lots of energy, time, passion, and, if applicable, the support of your family or partner. Make sure you fully understand your motivation to keep yourself focused.
2. DON’T Underestimate All of the Paperwork. When it comes to paperwork, some business owners put off dealing with legal documents, insurance details, and employer obligations. Doing paperwork is essential for maintaining a healthy and sustainable business. The key is setting time aside to allow paperwork to be dealt with on a regular basis.
3. DO Your Research. Research your competitors as well as your industry. In today’s competitive business world, you will need a unique selling point to stand out from the crowd. By thoroughly researching your market for your product or service and analyzing the data, you will quickly see how to position what your business has to offer.
4. DON’T Spend Before You Create A Budget. Many entrepreneurs make the mistake of underestimating their costs. Do your calculations about how much money you need to start up before you approach any lenders or investors or before you commit too much of your own money. Keep your expenses to a minimum. Most importantly, be sure to separate your personal expenses from your business expenses.
“Separating out your business and personal costs will help you in at least three ways:
First, you will be better able to identify if your business is actually making money or not. Second, you have a better handle on which items you will be able to deduct as a business expense.
Last but not least, you will know whether your business is classified as a business or a hobby if the IRS comes knocking.”-Sean Stein Smith, Inc Magazine
5. DO Write a business plan. I cannot stress how important it is to write a detailed business plan. Not only does it focus your thoughts and keep your goals in sight, but potential sources of funding, such as bank managers or angel investors, will almost certainly expect to see a professional-looking business plan.
6. DO Expect & Prepare For Rapid Growth. A big reason why so many companies fail within the first five years is not that their business just didn’t work, but because they were too successful too quickly, and the owners did not plan for the rapid growth that ensued. Make plans early to scale your business so that you will be able to manage people and resources effectively in case your business really takes off.
7. DON’T Overlook Protecting your business. Many entrepreneurs shy away, at first, from the patenting process as it is notoriously complicated and costly, but it could be essential for your business. Areas that usually require protection are trademarks, domain names, and even copyright protection. These all help in protecting your business from copycats. Lastly, remember to take out an insurance policy for your company. There are many ways a company needs to be covered.
IN THE GAME
8. DO Keep Your Head In The Game. In order to stay ahead of the game in business, you must constantly be analyzing your competitors and acquiring customer feedback to remain on top. This is often overlooked as it is seen as trivial. However, the business world is constantly changing, so monitoring all aspects that relate to your business is crucial.
9. DON’T Fear Selling. Many people are terrified by the idea of selling; however, it is something you must get used to in the world of business, even if it doesn’t come naturally. By using tried and tested sales tactics, you must get yourself out there and sell yourself and your business to succeed. After all, whatever business you’re in, you’re in the business of selling. A word of warning, though, never try aggressive sales tactics as this will have the adverse effect of losing you, customers. Simply be yourself and tell your story or your reason (‘why’) for being in business.
10. DO Create A Brand Identity For Your Company. Using your market research, you should be able to identify and create a brand identity for your product or service, which will appeal to the customers that you are trying to attract. This is an important aspect of running a business because if your target market doesn’t like your product or service, then what are the chances of others liking your brand, either?
I hope you will follow these success tips for entrepreneurs and that they will help you in your business journey. If you use this resource (& others) I have little doubt that you will make a success out of your business venture. Being an entrepreneur is an art form and therefore requires learning from experience. But the information I’ve provided here is my experience. I wish you the very best in whatever you do.
Enjoy the journey as you go and learn from your mistakes – as there will be mistakes. Those mistakes often end up making us better. Take one step at a time and just keep moving forward.
For some important statistics about Entrepreneurship be sure to check out this article: 70+ Essential Entrepreneur Statistics in 2021. This contains some great information and informative infographics that will help you absorb the information quickly easily. I hope you will enjoy it.
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