There is a lot to do when starting (and running), your own business. Marketing, locations, hiring, legal, social media, productivity, management, the list goes on and on.
always focus on why you began.
Keep that as a motivational accelerator and make sure it is strong enough to overcome tough days…with a stronger effort tomorrow.
There will be days throughout your journey where you will question your decision to start a business. Follow these tips to minimize those days:
- Be realistic. It takes time to develop a profitable business. Make sure you are realistic about your financials. You will also need to figure out if you will spend all of your time running your business or if you will continue working a full-time, or part-time, job while tending to your business when you are not at work.
- Make a plan and modify it often. Creating a business plan is an unwritten law of starting a business. Don’t worry you don’t have to be an MBA to do it. Go to my resources page and download a free eBook on writing a business plan. There are also many free resources on the web. A business plan gives you a clear picture of your marketing strategies and projected start-up costs. It will also allow you to adjust your business idea before you get started. Be sure to keep track of your plan throughout the year, making minor adjustments and tracking goals.
- Put key things in writing. You must put in writing contracts that last more than one year, involve the sale of goods worth $500 or more, or that transfer copyright or real estate ownership rights. Even when there is no legal requirement, it is still best to put important information down on paper as oral agreements are difficult, if not impossible, to prove.
- Hire the best people that you can. A firm’s employees can determine much of its success. Whether you have one employee or ten, hire the best that you can afford. Look for candidates who are honest and have lots of enthusiasm for your business. Place a higher priority on attitude than experience. Interview and selection is critical. I will have an upcoming blog on the interview-for employers and employees-so check back often.
- Streamline efficiency. Share the workload. Delegation is a key component of efficiency. Successfully running a business without properly delegating will greatly reduce your ability to produce. Look for my upcoming eBook. It is a blueprint on how to effectively delegate.
- Maximize free social media tools. Social media is one of the most powerful tools that small businesses have. Learn your target audience, figure out what they want to hear and provide them with it. Be entertaining as well as informative. Interact with your followers as much as possible.
- Focus on what you do well and keep doing it. As you look for ways to expand your business, look at what has already been successful. Before you jump into a new project or adopt a new strategy, further the efforts that are already working for you.There will be plenty of time to try new things, don’t rush it. At the same time, don’t be afraid to explore new endeavors when the time is right.
Don’t wait until it is too late to implement these tips to enhance your business growth. They just might save the day.