10 Tips For Starting A Small Business That You Haven't Heard A Thousand Times Already

10 Tips For Starting A Small Business That You Haven't Heard A Thousand Times Already

Mike KappelContributor

Entrepreneurs This article is more than 2 years old.

Starting a small business can be both difficult

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If you’ve thought about opening your own business, you might have begun to look for advice. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing.

As a seasoned entrepreneur, I can tell you that there is no perfect formula for starting a small business. I’ve learned that the best business advice usually forces you to think in a new way. So, I’ve compiled a list of tips for starting your own business that you might not have heard.

Tips for starting a small business

Opening your own business is often a learn-as-you-go process. But, the more smart decisions you make early on, the better chance your company has for success. If you have an entrepreneurial idea, try these ten tips.

1. Address excuses

Countless people dream of becoming entrepreneurs, but they never do. They’re burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business.
Let’s face it, being your own boss is scary. In most cases, new business owners have a lot to lose with little insight into their chances of success. Worrying about the risks of business ownership is normal.
But, excuses only slow you down from reaching your goals. If you really want to start a business, you need to address the reasons you think you can’t start a business and get rid of them. Find a solution to the issue rather than let it hold you back.

2. Absorb everything

Listen to what others have to say—friends, family, experts, even yourself. When it comes to things that have to do with your entrepreneurial goals, be a sponge. As you learn, start to work out the idea in your head. Write things down. Keep notes from all the resources you come across to develop a detailed plan.
When you tell people about your startup, read their body language. Do they like the idea? Or, are they just being nice and really think you’re going in the wrong direction? Encourage your listeners to be honest with you. The collective opinion you get from peers could be a reflection of how consumers will react.
Don’t ignore the power of advice from experts and veteran business owners. These folks know first-hand what does and doesn’t work. Smart entrepreneurs learn from the mistakes other business owners have made.

3. Be a solution

Rather than starting your idea with what to sell, think about what it will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.

For example, I didn’t create Patriot Software just because I had a passion for software. I wanted to solve an issue that small business owners like me faced. After doing some research, I found I could provide payroll and accounting software that is easy-to-use and affordable.

Home in on why you are opening your own business. Understanding your motives will help you create a brand and market your company. Know what problems your target customers face and how you can solve them.

4. Keep it simple

If you’re like many entrepreneurs, you have a business idea and you’re ready to run with it. Be careful not to let your concept snowball into something overcomplicated. You could end up with an expensive, elaborate end-product that nobody wants to buy.
As a new business owner, try to start small and narrow your focus. Learn how to test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations.

Cut unnecessary features that water down your offerings and cost you money. As a small business, you don’t need all the bells and whistles of a giant corporation. It will be easier to add to your business as it grows.

5. Count the costs

Once you start to develop your business idea, add up how much it will cost. You will need to factor in every business expense necessary to launch and operate. Some costs to keep in mind include your location, rent, supplies, marketing, and more.
Come up with the most educated number you possibly can. Then, take whatever you think that dollar amount is and quadruple it. Seriously, quadruple it. You’ll experience unexpected costs of running a business around every corner. It’s better to be over prepared than short on funds when bills start to roll in.
When you’re thinking of the cost to start a business, don’t forget about your personal budget. Look at how much money you need to live, including rent, food, gas, healthcare, etc. Lay these expenses out in order of which ones you must pay (e.g., mortgage) to ones that can slide if the money runs out (e.g., entertainment).

Once you have a grasp on all your expenses, start to create a business budget. At first, you might need to get some outside capital to make ends meet, like a small business loan. Go over all of your options before putting your money into the startup.

6. Imagine yourself with zero money

I mean zero. There is a high probability that this will happen. I’ve had several businesses not make it for the long haul. And, I’ve come close to bankruptcy.
Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money?
It’s a good idea to come up with a “just in case the worst outcome happens” plan. You might need to get a job on-the-fly or temporarily live with your parents. You might have to go without comforts that you’re used to. Figure out how you would get by if your business plan went south.

Look at your current sources of income. What do you earn from your current job? How long would your savings last if you quit? What unexpected things could mess up your plan (e.g., you wreck your car or your furnace breaks)? Prepare yourself for all the situations that could happen if the business idea doesn’t work out.

7. Earn while you build

If you want to start a small business, don’t quit your day job—yet. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur.
As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.

8. Speak up about your business

One challenge many business owners face is that they don’t know how to sell. It can be intimidating to share your business with the world, especially when you’re new.

If you’re worried what people will think about your business, you need to get over it. If you can’t convince consumers to buy from you and support your company, it’s difficult to make money. Not outgoing? Fake it ‘till you make it. If you really want business success, you can’t afford to be shy.
In my early days as an entrepreneur, I had to to do public speaking for the first time. Back then, I didn’t have any training or experience in talking to large groups of people, not to mention I wasn’t very keen on the idea of facing my worst fear.
But, if I wanted my young company to succeed, I need to to get out of my comfort zone. This came in the form of planning and hosting nearly 70 three-day conventions for my customer base of network recruiters.
I can’t begin to tell you how afraid I was. As it turned out, I became a lot more comfortable in front of people after speaking at the conventions. Though I was more introverted than extroverted, I learned to “put myself out there” for the sake of my business.

Be ready to speak confidently about your business, even if it makes you uncomfortable. As a new business owner, you will need to market and network constantly. From networking with clients to negotiating supplier payment terms, you must be able to communicate.

9. Know the legal requirements for starting a small business

Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties.
From forming a legal structure to setting up an accounting system, you must follow laws. You need to register the business with your state. You must also take care of business-specific tax liabilities. And as you hire workers, you need to follow employer laws.
The rules that apply to you depend on your state, business structure, and industry. Consider talking to a small business accountant as you set up your company.

10. Balance passion with wisdom

One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows.
That said, don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction.
Conduct market research on your industry and talk to target customers to find out your business’s potential. Ask experts questions about launching a startup. Reach out to professionals that can help you with certain areas of business, such as financial advisors and lawyers.
As your business starts to come together, think of it like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.

Mike Kappel

I'm founder and CEO of Patriot Software, LLC. I have over 30 years of entrepreneurial experience across five startups. I started Patriot Software in the basement of a…

Top 10 Business Trends That Will Drive Success In 2016

Ian AltmanFormer Contributor

Leadership Strategy

Ian Altman is a B2B Integrity-based sales and growth expert

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• You don’t have to be Nostradamus to know you’ll achieve results better and faster if you lead through strengths.
• Price matters most when the seller BELIEVES price matters most

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Click here for the 2017 Version
For decades I have observed business trends from the stage and from the trenches. For the third consecutive year, I am pleased to share with you what I see as top business trends that leading companies embrace to drive success. In some cases, I spot trends that are starting to take shape. In other cases, I spot established trends that have not yet found their way into the mainstream. I see some of these patterns by interacting with participants when I speak at events, and others I notice while working closely with businesses of varying sizes. Feel free to take a look at my past predictions from 2015 by following the link at the bottom of the article. Here are the Top 10 Business Trends That Will Drive Success in 2016.

1. Top Performing Companies Will Focus On Connecting Customers
In discussions with industry leaders like Seth Godin and Clay Hebert (among many others), it has become clear that we are in a Connection Economy. The connection economy rewards value created by building relationships and creating connections, rather than building assets by industrialism. This means the most valuable companies will connect buyer to seller, or consumer to content. If you don’t buy that argument, consider these facts:

1. Uber is the largest “taxi” company – yet they own no vehicles and excel at connecting riders with drivers.
2. AirBnB is the largest provider of accommodations – yet they own no real estate.




3. Facebook is the largest media company – yet they create no content.
4. Crowdfunding businesses like Kickstarter and IndiGoGo are expected to surpass venture capital for funding in 2016 – yet they have no funds to invest.

Whereas it used to be sufficient to sell a product and receive revenues, customers now seek to connect with other like-minded individuals to get the most value in the long run. The most successful conferences build communities that survive much longer than the event itself. If you want to build something that stands the test of time, you’ll connect your customers to each other and to valuable resources that extend beyond the sale. This type of connection is something we included in the Remarkable Growth Experience event for 2016 – we had overlooked the ongoing community aspect in the past.
2. Smart Businesses Will Shift From Complaining About To Embracing Millennials
The largest group of individuals, according to the Census Bureau is people in their 20’s (80 million). This group, often categorized as Millennials, now represents the largest customer and employee segment. They are also soon to be the largest business owner segment. From 1947 to 2010, Baby Boomers represented the largest segment of the population.

Brad Szollose, author of Liquid Leadership and an expert on generational leadership development says, “Millennials want to work for companies they can be proud of, and buy products from companies that give a damn about the things that matter most to them.” Szollose adds, “The reason companies must start embracing Millennials instead of rejecting them is simple; Boomers will be forced to retire soon. This leadership exodus will leave a leadership gap like we’ve never seen before. Since Generation X is much smaller demographically than Millennials, who do you think will be the dominant force competing for those positions? Millennials.”
If you are looking to hire Millennials, you might need to change your approach. Kim Cole, co-founder of TheSalesZone.com, has a great track record of finding extraordinary sales and executive talent. According to Kim, “Millennials need to see a clear vision of their growth and future role in the organization. They might have aspirations that go beyond their current skills. If you share how you help your employees develop skills to advance in their careers, you might attract quality talent – and they will often help you attract other like-minded individuals.” For a great interview question for Millennials, Cole suggests asking, “What types of challenges do you see yourself tackling and how do you envision making an impact five years from now?”
3. Innovative Organizations Will Invest In Mentoring And Engagement For Remote Employees
As more businesses employ telecommuting strategies, it is easy to overlook employee development and training. Top performing companies will make a commitment to electronic tools to teach, monitor, and even mentor team members regardless of physical location. These tools will enable team members to learn on their own schedule and get on-demand support whether it be technical issues, strategy, or sales tactics.
This type of career development will lead to more engaged employees, and will help to improve recruitment of millennials who tend to value skills development. This will extend beyond just learning, but will provide tools to verify concepts, tie to additional clarification, and will track and report on progress to validate the investment.

This also means meeting your employees and customers where they want to find you. Many individuals extend their learning outside of traditional models. Look for continued expansion with podcasts. We’ve seen a strong audience on the Grow My Revenue Business Cast from listeners who tune-in while exercising or in transit.
4. Top Businesses Will Focus On Strengths-Based More Than Remedial Leadership
For years, the approach in employee reviews was to discuss deficiencies and help employees overcome their weaknesses. In 2016, look for an increase in Strengths-Based Leadership. Though we can be taught just about anything, we are most engaged and productive when doing the things we enjoy where we can demonstrate proficiency. Gallup Research shows that productivity increases 21% when employees are engaged at work. Lisa Cummings, CEO of LeadThroughStrengths.com says, “Give them the chance to use their strengths at work every day. Employees who work in their strengths zone daily are 6x as engaged as their peers. So as a leader, you should invest in their natural talents. When you do, the business gets a productivity boost and the employee feels more energized and in their flow.”
Cummings gives a tangible example of the difference: “It used to be that a manager would tell an introvert to ‘get out there more and network.’ With strengths-based leadership, you are more likely to guide the employee to achieving results leveraging their unique strengths. For an introvert, they’re often excellent at deepening 1-to-1 relationships. Rather than sending this person out to run a trade show booth, give them responsibility for showing deep care to five of your top customers.”

You don’t have to be Nostradamus to know you’ll achieve results better and faster if you lead through strengths.

5. Commodity Products Will Continue To See Margins Erode. Services Will Extend Value
Simply being able to deliver a product or service will continue to put you in the commodity game. When it took online retailers a week or more to deliver products to customers, you offered consumers a better alternative. When it took two days for delivery, it was a bit more challenging. Free overnight delivery made it tougher. I recently experienced Amazon Prime NOW when I needed an adapter for my computer. I could have driven to a local electronics store, but the Amazon service was faster, cheaper, and more convenient. I ordered it just before sitting down at a client lunch. By the time I got back to the hotel, the adapter was waiting for me with free delivery.
Top companies will differentiate based on expertise and skills, even when they used to offer commodities. You might think that Amazon and other online retailers are “killing small business.” If you used to count on making money simply because you had the commodity available, you might be in trouble. However, Amazon is essentially training customers to be comfortable buying remotely from faceless vendors. This opens new market opportunities where you can charge for your expertise to online consumers who are now, thanks to Amazon and others, comfortable making purchases from remote sources. While you might suffer trying to provide a commodity in your local market, business opportunities for your niche expertise may have grown beyond your neighborhood. Today, with almost no financial investment, you can sell your expertise and talents anywhere in the world.
Susan Friedmann coined the term “The Riches Are In the Niches” in her book by the same name. In today’s world, generalists need to have the scale and logistics of Amazon to compete. A local brick-and-mortar business might struggle in a small market if they are in a narrow niche. Expand that business on-line, and specialization attracts ideal customers from across the globe. Just be sure you have a product or service they can easily buy to build trust so they can easily do business with you.
6. Leaders Will Invest In A Corporate Culture Of Customer Service To Grow Revenue
According to NY Times Bestselling Author, Jay Baer, “Globally, we spend $500 billion on marketing each year, and $9 billion on customer service. This is despite the fact that we know that customer retention is the quickest way to profit growth. Smart companies are starting to embrace the notion that customer experience and customer service IS the new marketing, as Walker research says that by 2020 customer experience will be more important than price for B2B purchasers.” Baer covers these topics masterfully in his anticipated latest book, Hug Your Haters.

The fastest way to grow your business is to NOT lose existing customers. Customer Service has become a spectator sport, top companies realize that online customer complaints spread like wildfire. Zappos became a legend by investing in a big way on customer experience. They proved that customers in fact, will pay a bit more for an incredible experience.
According to Robert Richman, author of The Culture Blueprint and former Culture Strategist for Zappos, “You can’t demand culture. The best organizations build culture from within. Great culture is built by engaging your team through thoughtful discussions, not by issuing edicts.”
7. Leading Companies Will Measure And Deliver Results Not Just Solutions
Customers are sick of investing in solutions that do not deliver the intended results. Top performing companies will invest in an approach to ensure success of each project for each customer. Doing so will lead to high customer satisfaction, and repeat and referral business.

Price matters most when the seller BELIEVES price matters most . By focusing on results, the seller and buyer will both share appreciation for the value delivered. Once your clients sees that your approach is likely to deliver better, measurable results than the competition, they’ll be able to see beyond price. As more companies focus on measuring results, this also spells trouble for those vendors who today compete as the low-cost service provider. As Seth Godin says, “Competing on price is a race to the bottom that you just might win.”

8. Creative Businesses Will Introduce Fun And Games To Engage Customers And Employees
The average human attention span, according to a study by Microsoft, is eight seconds. This fell from an average of twelve seconds in the year 2000. In comparison, scientists measure the attention span of a goldfish at nine seconds. The study shows that smartphones and mobile devices contribute to this phenomenon. If you recognize that Millennials are the largest segment of consumers and employees, then we better figure out how to capture and retain attention.
One way creative businesses will achieve better engagement is through gamification. Whether it be in the form of electronic games, or traditional games, the idea is to make activities fun and engaging. Let’s face it, would you rather do something fun, or boring? In my business, for years we would work to get teams to embrace role-plays to develop sales skills. Rarely would teams follow-through. We introduced Same Side Improv – a game to allow teams to practice real-world customer dialogs. My clients often report, “I see them laughing and having a good time. Of course, what we care most about is they are seeing better results.” Now they practice weekly and the results speak for themselves. All we did was make it fun.
9. The Best Companies Will Tightly Integrate Content Marketing Into Their Sales Process
When you are looking to make a purchase, how much research do you do on your own compared to the information you rely on getting from salespeople? Consumers value impartial input. When the customer goes silent in the middle of the sale process, it used to signal that something was wrong. Today, it often means they are doing their own research. You have two options: 1) Provide valuable, impartial content to support their research, or 2) Allow your customer to get their information from other sources.
Smart companies will integrate impartial content to support customer decisions. This means not only sharing where you are the best fit, but also acknowledging where you are not. Marcus Sheridan, founder of TheSalesLion.com is one of the foremost authorities on content marketing and he provides a wealth of knowledge on the best approach to achieve results on his website. According to Marcus, “The top companies are seen as the best teacher on the planet on what they do.”

10. Rapid Growth Companies Will Invest in Developing “Selling/Solving” Skills For Non-Salespeople
Revenue generating professionals fall into three main categories: Order takers, salespeople, and subject matter experts. It doesn’t matter which one you think you might be. What matters, however, is what role you want when you are a customer seeking to solve a problem. If you are like most people, you want the subject matter expert. This means that the role of the salesperson is changing. Customers don’t have to put up with the back-slapping, boisterous, stereotypical salesperson.
Instead, subject matter experts are the people who setup a meeting that the customer would be willing to pay for. However, those experts might not have the requisite skills to navigate a complex purchase. Managing the sales process today requires skills similar to solid project management skills – with great attention to detail and follow-through. Those companies seeing rapid growth will invest in developing skills that help their experts manage the process to help their clients solve more challenges. They’ll be seen as trusted advisors. Since these experts wear many hats, the top companies will establish a consistent, simple approach everyone can embrace, even your customer.
It’s Your Turn
Which trend did I miss? If you want to see how I did in 2015, here is a link to the 2015 Trends. I welcome your comments and invite you to join the conversation on Twitter, LinkedIn, or your favorite channel. Please tag @GrowMyRevenue so I can join the discussion.

Gallery: Top 10 Business Trends That Will Drive Success In 2016

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6 Ways To Attract More Clients To Your Business (That You May Have Overlooked)

Avery BlankSenior Contributor

ForbesWomen

I help people advocate for themselves and leverage opportunities.

There are many ways to secure more business.

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Trying to secure more client business can be overwhelming. You may not know what to do or where to start. You may feel like you tried “everything” and are stuck. There are many ways to market yourself for more business, and some methods can be overlooked. Consider utilizing these six tips to obtain more clients.

1. Optimize your website.
To maximize your business, you need to have an online presence. Can people find you on the Internet? Can potential clients contact you readily? Do prospects have a sense of the quality of your work?
Make sure that your website is SEO-friendly, which refers to search engine optimization. When your website is optimized for search engines, people can more easily find you online. Think about the names or words you want people to associate with you and your business. Let’s say you are a freelance high school chemistry tutor. Make sure your website appears when someone might search online with words like ‘”chemistry,” “tutor,” “science,” “teaching,” “learning support,” “high school” or “college prep.”

Make sure people can easily contact you. You might have a webpage titled “Contact” and include your email address and phone number or an option to submit a message. It does not help you if people are interested in hiring you but are unable to make contact.
Also, include testimonials. Include on your website brief content from past clients who can speak to the quality of your work. Recommendations go a long way.
2. Reach out to past clients.

Repeat business is easier to come by than new business. While the probability of selling to an existing customer is 60-70 percent, the probability of selling to a new prospect is 5-20 percent. Also, repeat business brings in more cash. Past customers spend 33 percent more than new customers. It pays to focus on past clients.

Past clients can also help you to get new clients. Let your past clients know that you are available for additional work so that they can refer you as opportunities arise. Do not assume people will think of you, even if your work is stellar. The key to obtaining more business is consistently staying top of mind. It is your responsibility to remind people of your abilities and availability.
3. Give a workshop for the local chamber of commerce or community working space.
Provide some in-person content to wet people’s appetites. Give people a preview of who you are and what you have to offer. If you are a financial planner, you might talk about the markets and the economy. If you are a medical professional, discuss the new trends and techniques in your specialty. If you are a website developer, talk about the importance of SEO and the elements that go into having an online website. Give people enough content for them to think of you and want to hire you for your skills.
4. Publish on LinkedIn.
Start writing. Share your knowledge with people. You don’t have to publish on a major platform. You have the means to start publishing now. Use LinkedIn’s publishing platform.
Promote your knowledge through writing. This is particularly important for women who tend to promote themselves less than men, including on LinkedIn.

Gallery: Tips For Making Money Via Fiverr

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5. Hold yourself out as an expert to reporters.
When reporters are writing, they will consider sources or experts to include in their story. Subscribe to HARO (Help A Reporter Out), an e-mail that looks for sources for journalists. Studies show that more men than women are used as sources in articles. Put yourself out there to let journalists know that you exist and the knowledge you hold. People who read the articles will now know who you are to be able to consider you for services.
6. Be active in professional associations.
Get to know other professionals in your area. They may have tips on other ways to secure business. They also may provide referrals if they are unavailable or the work is not in their wheelhouse. Colleagues are not competition. Your peers can help you.

There are many ways to try and secure more business, and sometimes you need reminders of ways that can be overlooked. Optimize your online presence, utilize your business relationships, be a source for articles and engage with professional associations.

What other ways do you secure more business clients? Share with me your stories and thoughts via Twitter or LinkedIn.

Follow me on Twitter or LinkedIn. Check out my website. 

5 Ways to Stay Afloat When Business is Slow

 

It is always easier for entrepreneurs to start and run a business when the economy’s in an upturn. Starting an enterprise in a favourable economic climate will less stressful as it is relatively easy to get business plans and credit applications approved. However, businesses go through ups and downs, depending on what happens in the economy. As the Eurozone and the USA readjust and recover, the Singapore economy is also feeling the impact.

‘Tough times don’t last, tough people do’ is a popular and timeless adage that has inspired many to keep the faith and not back down when the going gets tough. Here are some suggestions for startups to steer their ship safely and keep it on course even in choppy waters.

Risk and cost analysis

Carry out an analysis of the risks that your business might have to go through and formulate a plan to mitigate them effectively. Strategize how you will retain your customers in the face of increased competition and how your business will adapt to the ever changing market conditions and global economy.

It is also important to anticipate issues related to capital flow that might crop up in the future. Always keep a track of your spending and be aware of how much money you have, how much is owed to you and how much you owe to others. Additionally, you will also have to ensure that confidential information about your finances and other business plans are adequately protected. If possible, always have a Plan B in store to deal with unpleasant surprises.

Working with the right business model

The right type of business model will help you decipher your market and also help you gain clarity on how you can press for a competitive advantage in today’s economic scenario. This has to be done at a strategic level so you will do well to consult experienced entrepreneurs or engage the services of someone who has designed successful business models. This is going to be a crucial step in determining business success as it covers all the key aspects of activities related to the business including partnerships, revenue and cost structures, and resources, among others.

More often than not, you will be tempted to grab every opportunity that you come across. But don’t fall for such enticements. Stick to the basics and focus on your business model to stay consistent in your approach to your business and delivery of products, services and ideas.

Cut down on unnecessary costs

This is one of the first methods that even large multinationals and corporate giants resort to during a downturn. You will have to be very careful while setting the budget for your business to avoid unnecessary expenses. When it comes to expansion plans, you will need to put it on hold or take it very slowly. Recruitment and investments will need to be looked into or stalled.

Do not fall prey to marketing gimmicks that ask you to deposit your money with them with the promise of doubling it in a very short span of time. Be patient, keep tabs on the market, invest wisely and concentrate on getting rid of your debts.

Network and build relationships

In a foreign land, your internal (employees) as well as external stakeholders can work as your best or worst brand ambassadors. Focus on strengthening your relationship with existing customers and keep your eyes open for new ones.

While you look for new business, don’t forget the relationships with the people who work hard for you. No matter how small your team is, without your employees, you will have no business left to run.

Be Patient

Remember, slow and steady wins the race! Running your business in a tough economy might seem like an uphill task and you might be finding it difficult to be patient in raking in the profits, but always bear in mind that it usually takes a great deal of time and effort to establish a successful business, especially during a downturn.

The Bottom Line

Tough times call for some tough decision making. The key to stay afloat when business is slow is by turning your business challenges into opportunities. You can rest assured that there will be many lessons to be learnt, experiences to be savoured, many interesting people to meet, and insights to be gained. On a positive note, think of it this way – if you can surf along this tide, then success will come easily to you once the tough times wane.

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What’d I Wish I Known Before Starting My Own Business

 

When you first began your business, you probably hoped for a fun time full of growth and money being made. But once you were in the trenches of business ownership, you realized that you had a lot to learn in order to successfully run your business.

Maybe nobody in your family was an entrepreneur. You most likely worked a traditional job the majority of your life. Whatever your background, the concept of entrepreneurship was foreign to you. You had to adjust quickly if you wanted your business to succeed.

There are some things many of us wish we knew before starting our businesses. We could have saved ourselves money, time, and frustration. We were so eager to start our businesses, that we rushed the process, and paid the price for it.

The journey of entrepreneurship is not a smooth process. Sometimes it is best to learn painful lessons early in our journey, so that we are quickly taught that entrepreneurship requires patience, a strong strategy, and the ability to pivot when our plans go awry.

If you are just starting out on your entrepreneurial journey, don’t think that you have made the wrong decision if you are experiencing stumbling blocks. Many of the entrepreneur success stories you hear today came into fruition despite experiencing setbacks. Experiencing difficulties will only help to make you a more knowledgeable and resourceful entrepreneur.

Related: A Beginner’s Guide for Incorporating Tech Start-ups in Singapore

Nurturing professional relationships and building your own support system

As an entrepreneur, you will tend to feel like you are operating in a word completely different from your family and friends. While they are worried about work, bills and the latest reality tv show, you are solely focused on making your business successful. When you have no one else who shares your experiences, it can get quite lonely.

It is important for you to know other entrepreneurs so that you have a source to share experiences, gain feedback from, and learn valuable information regarding entrepreneurship. You will feel better and actually become more productive and effective when you surround yourself with those who understand your journey.

How do you find other entrepreneurs?

• Go to networking events dedicated to entrepreneurs and small businesses
• Join business/ entrepreneur associations and organizations
• Join a mastermind group
• Start your own networking group on Meetup

Whatever path you decide to take, just make sure that you are placing yourself in the company of other entrepreneurs. You will benefit tremendously from doing so.

Related: Singapore Company Registration + Entrepreneur Pass

Why “doing it all yourself” can be a dangerous choice for entrepreneurs

Just because you are your own boss, it doesn’t mean that you must do everything by yourself. When you first start off as an entrepreneur, you will be required to wear many hats. You are the CEO, the marketer, the salesman, the administrator, the accountant – you are in charge of every process within your business.

As you expand, it becomes time to relinquish many of those roles. If you continue to wear all hats, not only will your business suffer, your own personal health will suffer. You won’t have time to focus on growth related task for your business because you are completely tied up with handling so many tasks. Your health will start to deteriorate because you never give yourself any time to rest and recover – you are constantly working straining yourself.

As a business owner, your role is to oversee your business’s growth and delegate tasks to others to complete. Don’t stunt your business’s ability to grow because you want to manage every aspect of it. Do you want a high six figure, seven figure business or do you want to remain barely scratching the surface of your potential?

Related: Why Your Startup Should Consider Coworking

The difference between your gifts and your passions, and how it affects your business

What are the skills that you have that allow you to accomplish a task with little effort being expended?

Whatever those skill set are, that is what you should focus on building a business around. Having a business that revolves around your skills enables you to get more done and flourish – quickly growing from a startup phase to a fully functioning business.

While it is ok to follow your passions, how long will it take your passions to payoff in regards to a successful business? Just because you are passionate about something, it doesn’t mean that the marketplace holds the same regards. Also, when it comes to passion, people tend to not think of theirs in a business manner, and they completely disregard forming a solid business strategy around their passion.

Your business should be built around your specific skills. Once that business is built, and able to stand on its own, then you can move towards your business of passion. Think in terms of creating a great stream of income first. When you produce the financial ability to experiment with different opportunities, your passion can then be explored.

Related: Common Mistakes to Avoid while Incorporating a Start-up in Singapore

Advice on overcoming your anxieties around selling, money, and the value of your business

Selling is a big issue for many entrepreneurs. They get into business to make money, but they are afraid to ask people for money.  It is a strange rationale to have considering people start a business to produce more money than they currently make, but it is a real fear that is common amongst new entrepreneurs.

You must understand that we live in a supply and demand world. If people want something they will purchase it. Your business is no different from any of the other big businesses you purchase from yourself. Therefore, you must realize that selling is your main objective as a business.

You don’t have to look at it as selling though. Instead you can view the exchange of money for your products or services as an exchange of value. People are paying you for the value you provide in their lives.

Therefore, you must understand the value your business provides. Once you understand your value, you will have no problem with charging people for the your time or for the products you invested time and money into.

Related: 5 Ways to Stay Afloat When Business is Slow

How peer pressure can be a powerful tool for growth

Peer pressure is the ability to assert influence over someone else, dictating their thoughts and resulting actions. Peer pressure can either be a good thing or a bad thing, that is why it is important to wisely choose the group of people that you surround yourself with.

I am sure that you have heard the saying, You are the  average of the 5 people you spend the most time with. This statement is very true. Average people only hang around with average people. They are hardly in the same vicinities of successful people. This is because successful people are always on the go and reaching for higher levels to ascend. They don’t really have the time to just sit around and waste time, there are goals that must be accomplished.

When it comes to being an entrepreneur, you should only find yourself in the company of those who motivate and inspire you. Seek out people who are more successful than you and those who are working just as hard to grow their businesses as you are. Anything less than ambitious and successful will only drag you down.

Related: How to Create the Right Culture in Your Startup

Tips for maximizing your time spent working

Great time management is required in order to build a successful business. You have so many things to accomplish in what seems like so little time, so you must know how to get a great deal of things done in an allocated amount of time.

Don’t operate with that mindset of, I can just get to it later. No you can’t! This is the behavior of average people. The more you put things off, the more you have to get done, which means it is less likely to get done.

You must practice discipline and operate with accountability if you want to make the most out of your time. Without both, you will waste a lot of time, while others are getting further ahead because they are more focused on getting things done.

Tips on how to be more productive:

• Plan out your day of work and activities
• Do your most important tasks for the day first
• Give yourself specific time constraints to work within
• Eliminate all distractions while working
• Schedule time to rest in between working

What I wish I had known before starting my business, and more

Traveling along this journey called entrepreneurship has taught me many things. While there has been ups and downs, can say that the lessons learned has made me a better entrepreneur. Without experiencing challenges, I know I would not be the entrepreneur I am today.  The challenges that I have experienced have taught me how to be more resourceful, more strategic, and also have made more ambitious.

What I wish had known before starting my business is that success is produced by a process of consistent actions. You can’t work hard one and take off for the rest of the week and expect to produce successful results. It just doesn’t work like that. Success is built upon momentum, and momentum is only built and grown by consistency.

If I had been consistent early on, I would have been successful much earlier, rather than later in my entrepreneurial journey. But I had to realize that others around me were producing success because they were completely focused on their short-term goals and long-term vision, I wasn’t. I wanted success but I wasn’t willing to dedicate all my time and energy into producing the success I desired.

Once I understood what would be required of me to be successful, I started to see better results that built upon one another. As I began producing more results it led to me climbing the entrepreneurial ladder of success. I stopped talking about success and wishing for success, and instead went to work building my business. I learned that actions speak louder than words, so I shut up and started producing.

Related: Why Do Some Startups Fail Within 2 Years?

What do you wish you had known before starting your business?

None of us are perfect so I know you. have made some mistakes that you later learned could have been avoided as you gained experience as an entrepreneur.

As you have learned from your mistakes, become a mentor for new entrepreneurs. Even if you can’t dedicate one on one time, you can provide advice via a blog, social media, a podcast, YouTube videos, or writing articles on business websites. Do your part in helping new entrepreneurs avoid the same mistakes you made.

For new entrepreneurs, soak up as much free knowledge that you can. Successful entrepreneurs are always willing to give out advice, it I’d just up to you to comprehend their advice and apply it to your process. Don’t be so headstrong that you operate with the mindset to prove everybody wrong by doing it your way. You are only sabotaging yourself and your business.

You will most certainly make mistakes when building a business, it is a part of the process, but you want to avoid common mistakes that are always warned about. Cut your learning curve in half so that you can reach the destination of success much quicker, rather than being slowed down my mistake after mistake.

Related Reading » Company Registration in Singapore

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