Project growth. All successful small businesses need to grow their customer base and production capabilities over the first few years of operating. Make sure you have identified how your business can and will respond to growth potential.
Face it: many of us dream of leaving the 9-to-5 behind and going into business for ourselves. Who wouldn’t like being their own boss? Thing is, if you’re about to go all in on your killer business idea, you’re probably feeling equal parts exhilarated and overwhelmed. How do you get started?
From time to time you will need to hire or fire an employee. Make sure you are aware of all state and federal laws that deal with employment equality and anti-discrimination laws in your area as they pertain to the hiring, firing, disciplining and treatment of employees.
Tell me if this has ever happened to you: You hear about some super successful friend or famous person and you immediately tell yourself that they had some special advantage that let them be successful.
3. Write down the exact language they use. Did they really say, “I want a solution that’s easy, fast, and secure?” No, they did not. WRITE DOWN WHAT THEY ACTUALLY SAY. “I hate how these jeans look on me” is a terrific response. “Every day I wake up, I just dread going to work” is another.
The second is a balance sheet, which provides a snapshot of your business’s financial position at any point in time. This report also has three sections: assets, liabilities, and equity. The value of assets should equal the combined value of liabilities and equity.
Recognize that getting your business off the ground will take time. Most businesses don’t become profitable right away, so plan for that in your personal life too. You will be making sacrifices to be your own boss.
Know your business. Stay on top of what’s new or trendy in your business so your small business can stay competitive within the industry. Subscribe to periodicals or online newsletters to stay informed about current events in your small business’ industry. Staying at the cutting edge of your industry will help you draw customers away from competing businesses.
It’s totally normal. Each day my inbox is filled with people telling me why they haven’t started a business yet. And each day I offer solutions so they can adopt the mindsets and systems needed to reach their goals. That’s why we’re going to smash the common roadblocks and show you how to get past it all so you can get right to living a Rich Life.
But that’s simplistic, and it’s an excuse to stay in your current state and do nothing differently. Instead of thinking of the reason they succeeded, ask what you can do TODAY to get closer to your goal. The fact that a famous entrepreneur went to Harvard has NOTHING to do with you finding your first customer or testing your first idea.
Manage your time. Real time is hard to come by and it’s easy to get interrupted and lose focus on the task at hand. Set aside blocks of time during the week to catch up and consider which tasks can be delegated to be most effective. For example, administrative tasks with no immediate deadlines can be delegated or scheduled at times outside of peak hours. It can be difficult to find the time, but it’s important to schedule time to make sure you are working on your business in addition to in your business.
Make sure your business looks professional and is attractive to the eye. Have a professional logo, branding that is consistent and a professional website to support it. There are several groups that will help you with all this, for example. Startyourownbusiness.net.au and vistaprint.com.au.
Promote a positive work environment and communicate. Surround yourself with good people, and take the time to engage and build a rapport with your team. Have established standards and clearly communicate your company’s vision through goals and objectives that help empower your staff. A simple tip – set up a standing meeting for coffee or lunch with individual employees. It seems simple, however, it’s often times the simple things that presents opportunities to engage with your team –to find out where things are at, what’s on their mind and keep aware of any issues. This also provides an informal surrounding that makes it comfortable for them to open up and share. When you and your employees are all committed and focused on the target, you have a higher probability of achieving it.
Use your resources effectively. It’s important to be confident in those things you do well, and realize there are resources to help with those parts of running a business that are not as comfortable. Invest in the equipment you need to help get your business off to a good start. If you don’t have the equipment in-house, look for business resource centers that can help with services needed to run your business such as packing, shipping, printing, and other business service needs. We often hear about the importance of time management, and learning more about available resources can help us better manage our time.
Report. No matter which source you raise funds from, be sure to provide key operating, strategic and accounting information to your financiers periodically, usually twice a year. It’s a good idea to hold a board meeting if everyone can physically attend. If not, do it via teleconference.
Before you do any estimating, it’s important to understand how start-up costs are categorized. All start-up costs (meaning costs in the period before you start generating income) include two kinds of spending: expenses and capital expenditures.
But most importantly, it helps you start to contextualize your ideas by how they will play in the real world. Not how you HOPE they will work out or not by what you’re the most excited about — but by what has the best chance of working.
If your services are seasonal you will want to consider what the best time of year would be to advertise. Also, television advertisements will need to be timed so that the right demographics will be watching when they air.
Is your business idea really unique? What value will it generate? Is it something your target audience really wants? Or is it something you think they’d want? Getting answers to these questions is important to determine whether or not your idea works.
You will want to be sure that you are using marketing which is appropriate to the type of people you expect to be interested in your product or services. There is little point in using social media to, for example, advertise a 55+ only cruise line. Meanwhile, if you’re advertising for your new dance club, a printed newspaper is probably not going to be your best bet. There is also no point in advertising a business only available in Chicago to people in Seattle, so consider physical location as well.
First, you must locate the root of the problem. Is it an issue with your employees or the quality of the products? Identify it. Then you must ask yourself how the problem started and how it could be solved. Make a plan and execute.
With over 85,000 Twitter followers and a book that hit the bestseller list as it came off the presses, you will want to hear what Scott Stratten has to say about how small businesses can use social media and unmarketing.
Seek venture capitalists or angel investors. Angels are high net worth individuals and venture capitalists are companies. Both fund a promising high risk venture for a stake (partnership) and often bring experience, management expertise and contacts to the table. They usually work through a network or association.
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.
Be involved. Once you have decided who should be responsible for the duties in your business, you need to remain involved to make sure all of your employees are following through with the tasks that have been assigned to them. Also, you need to be responsive to the needs of your customers. Make sure you are aware of customer needs and feedback and don’t back away from engaging with your customer base, even if that duty has been assigned to an employee.
If you find that you’re unable to keep up with day-to-day operations, it’s time to bring on employees. You can find good candidates through referrals, job posting sites, or local institutions like colleges and universities. When you bring someone on board, make sure you comply with relevant employment and labour laws.
Offer free samples of what you do to the right people, in order to get people saying good things about what you have to offer. Word of mouth (i.e. good PR) is the best way to attract new customers. If you get bad reviews or negative feedback, respond positively and fix the problem. People will be much less judgmental about mistakes if you’re willing to fix them.
For small business owners, there are two different categories of time – clock time and real time. Sometimes it feels like there is not enough real time to get things done and effectively manage a business. The truth is for small business owners, time is irrelevant. It’s all about doing what you need to and when you need to in order to meet the needs of the current project, product or customer.
Don’t think you need bankers and investors at the outset. The vast majority of small-business start-ups are bootstrapped (self-financed). Consider your own savings, investments, and salable assets and then talk to your friends and family before you look to outside sources.
Use banking options against one another to secure the largest upfront capital and lowest interest rates. For example, if one bank offers you a $10,000 loan at an interest rate of 4%, you may be able to take that offer to a competing bank to see if they can provide more upfront capital or a lower interest rate.
The most successful people I know have the most failures. Because they take the most chances. To get in the right mindset, let me tell you about the time we shelved a course we spent hundreds of thousands of dollars on.
There are countless apps and plug-ins that allow you to connect multiple platforms to enable your different systems to talk to one another. Cloud-based customer relationship management tools like Salesforce.com and Oracle, project management platforms like SmartSheet or 5pm and accounting programs like QuickBooks or FreshBooks make it easy for you to utilize available technology no matter where your office is located or what type of computer your employees are using. (Well, assuming your computer was developed and purchased within the last 5 years.)
Pay attention to all small-business-related regulatory issues. Federal, state, and local government agencies require an array of licenses, registrations, and permits. Obey them or face stiff penalties, including possible closure of your business.
Blanket statement: You need to keep your finances in order. For starters, that means you’ve done the legwork (or worked with a reputable accountant) to understand all your tax obligations, operating costs, and how much money you need to bring in each month and quarter to break even—and become profitable.
Require payment. Don’t let people take advantage of you. Require payment within a specific window of time (whatever is appropriate for what you do). Invoice people as soon as you possibly can. If someone is late in a payment, talk to them. If you ignore these problems hoping that they go away, you will find yourself working for free and your business in the tank.
1. Find 1 person — JUST ONE! — who might be interested in your idea. You can do this via email or in person. If you’re not sure, ask ANYONE that’s close to you, even your parents. We’re not aiming for perfection right now, just people.
Keep in mind that quality takes only moments to lose and years to regain. Quality isn’t a destination but rather a never-ending journey. After you’ve strayed from quality’s path, your journey may be sidetracked forever.
Very informative post. Even having a huge capital upfront to start a business does not guarantee the success of that business. So these are great tips to start with nothing and step by step make things happen. Thanks for sharing.
If it does not exist, create it. If you have an idea-ideas or skills, think of how to use your ideas or skills to create a business and to put it out there to see what it can attract and what you can create. Many successful businesses started with an idea and that idea has become a success “from one person business to global corporations”. Failure is an attempt at success, if you don’t give up and modify each attempt, then each attempt can become a success.
There is no formal education required to start your own business. Many successful business owners created their companies when they had little or no formal education. There is still value in formal education and, in addition to business classes, many schools now offer courses on innovation and entrepreneurship.