Tips for Success for Small Business OwnersAll Articles
Building and growing a small business may seem like an insurmountable task initially and often seems to get even more confusing and stressful as time goes on. That’s why it’s wise to seek the advice from those who have been there before. These are some of the most universal tips:
1. Have a support network – often business owners like to think of themselves as lone wolf entrepreneurs who can do it all by themselves; this is a very bad idea. It’s important to avoid isolating yourself. Learn from other business owners through networking events and the Internet, stay in touch with family and friends for motivation, and remind yourself that while you’re setting an unforged path, you don’t have to do it alone.
2. Delegate when possible – speaking of not doing it alone, it’s important to have others work for you. Many business owners are either control freaks who spin themselves silly by trying to do everything, or try to save money by not paying for services like accounting and bookkeeping. Why you shouldn’t do this is actually pretty simple; if you can generate $100 of revenue doing what you’re really good at, but have to spend an entire day doing all of your bookkeeping when it could cost just $20 for an accountant to do it in an hour, wouldn’t you actually be saving/making more money by hiring the accountant? The facts speak for themselves.
3. Keep your day job…for now – we get it; your idea is awesome, you’re excited, and you want to spend all of your time working on it. And you will need to eventually do this; just not yet. It is very easy to run out of money during the early stages of a business venture, which will usually lead to entrepreneurs giving up. You’d be doing yourself a huge disservice not to start your company off on the best foot for a lucrative future.
This is only some of our advice to keep in mind when building your business. We understand that the beginning is the hardest part, so don’t hesitate to reach out to us with your questions!