So, you decided to take the leap and start your own business. It’s a big life decision that’ll not only make you money but also make you a stronger person.
You’ll hear a lot of tips from others about running a business, but you should carefully choose who to listen to.
Most new business owners start with no help and do everyday operations on their own. But when times are hard, you need a support system to help guide you through it.
Here are 10 tips on starting a small business you haven’t heard before. Get ready to take your business to the next level!
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Have a Solid Plan
The first step to starting a business is making a solid plan and using a strategy execution framework. Aside from the mandatory business plan, you also need a plan for your work responsibilities, employee schedules, finances, and plans for unexpected situations.
For example, if you’re getting a business loan, do you have a plan on what to do with the money and how to pay it back? If you’re not hiring in the beginning, do you have a plan on handling all business operations by yourself?
A good plan can help your business succeed, but you have to stick to it, follow it, and keep improving it to move forward.
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Do Thorough Market Research
Before starting a business, make sure there’s a market for what you’re selling. Whether it’s a product or a service, you should know everything about your target customers and their purchasing power.
At the same time, research your competitors and their business model. How do they make money? What is their most popular/best-selling item? What is their customer service like? Once you are able to identify your target market, you can conduct a survey to have a deeper knowledge about their needs and preferences. Through these you can have a better idea of the potential trending products that your target customers will love.
These questions will help you understand the market better and be better than your competitors.
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Don’t Do It Alone
Entrepreneurship isn’t easy, and it’s even more difficult to go through it alone. Even if you start a business online, you’ll need all the help and support you can get. It can be a close friend or a family member, or even a professional coach who will listen and offer objective advice.
You can also join online forums and support groups, and meet people from all over who are facing the same issues. When the business is in crisis or things are going slow, there’s nothing more uplifting than the support of the people who love you.
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Have Some Savings Aside
Before you quit your full-time job and devote your time to your business, make sure you have some savings aside. Even if you start a business from home and your expenses are smaller, you never know how things will turn out.
Consider setting aside at least 4-6 months of living expenses so you always have something to fall back on. In the beginning stages of your business, you may not turn any profit and may need to cover the expenses out of your own pocket.
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Keep Learning
Running a business is a big learning curve and you can never know everything. You’ll learn as you go, but you can also learn by enrolling in courses, classes, seminars, and workshops. The same goes for your employees and their skills.
You’ll need to have at least a basic working knowledge of the many aspects of your business. You don’t need to be an expert – but be savvy enough to get by. Especially when it comes to technology, such as using web technology, social media and AI for customer services, chatbots and automation. AI specialists can help you learn these skills and employ the technology. Botbuilders are experts in this space that focus on enabling AI chatbots in small businesses and startups.
By leaning on experts, you’ll receive high quality services whilst at the same time learning about them can help to keep you in the loop and be more adaptive to change in your industry.
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Consider All Sides of Running a Business
Running a business is no easy task and is not for the faint of heart. There’s a lot of trial and error, and things won’t always go as planned. This is why you need to consider every aspect of it before you launch.
Even if you decide to start a business at home, think about your office space, equipment, tools, and software you’ll need. Typical types of software required are stock control, financial packages such as this free online accounting software canada if you opt for the starter plan, and customer relationship management (CRM). Will you need additional help? Can you afford to hire people? Can you handle all business operations by yourself? Ask yourself as many questions as possible before you decide.
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Tell People About Your Business
As you build your business from the ground up, you should think of ways to promote it. This can be through paid ads or social media, but nothing beats the power of word of mouth.
Tell everyone in your circle of friends, family, and even co-workers about your new venture. You can give them business cards to share with their own friends, or ask them to promote your website on their social media profiles.
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Have a Plan B in Case of Failure
Most businesses fail in their first year due to various reasons. This is not to say yours will too, but you need to be prepared in case it happens. You need a plan B for the worst-case scenario, especially in case of a bankruptcy.
What would you do if you can’t break even? What happens if the business doesn’t pick up after a while? Imagine all possible outcomes and make a plan B. While you should focus on succeeding, knowing you have something to fall back on will give you peace of mind.
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Don’t Procrastinate
Being your own boss has its perks, but this is where most new business owners fall into the trap of flexibility. Having so much time on your hands can lead to procrastination and postponing things until you’re ready.
The truth is, you’ll never be 100% ready and you’ll learn everything on the job. To avoid procrastination, set goals with deadlines and stick to them. No matter how small the goal is, completing it will get you one step closer to success.
If there’s one piece of small business advice to follow is to take action every day and not let procrastination take over.
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Keep Going When It’s Hard
Starting a business is a huge life event and it’s an exciting, challenging, and rewarding journey. But no matter how much you plan, there are going to be days when it’s hard. The goal is to keep going, not give up, and always have a clear vision about your goals.
This is especially true in the beginning when you’re still building the business and trying to get customers. This is also where you show determination, strength, and knowledge to push through.
Giving up is easy, which is why many businesses fail at the first obstacle. Moving forward no matter what might just be the breakthrough you need.
Starting a Small Business Is Easy with These Tips!
Starting a small business is one of the boldest, most exhilarating things you’ll ever do, but it’s well worth it. Be prepared for a major change, give it your best, and believe in what you’re doing.
Need more small business tips? Read some of the articles I’ve written on the topic and start growing your brand today.
