Top Tips for an Aspiring Entrepreneur
Top Tips for Aspiring Entrepreneurs
As an entrepreneur, you have your own ideas, abilities, and passions that drive you to start your own business. And while it can be a risky venture, entrepreneurship also has the potential for great rewards.
If you’re thinking about starting your own company or perhaps already have one underway, you’ll find advice from experienced entrepreneurs helpful in navigating this challenging but rewarding landscape. On launching a new venture there are many uncertainties, pitfalls and traps waiting for you. The road to success is not always easy but with the right preparation and mindset you will get there no matter what challenges come your way.
Here's eight top tips from experienced entrepreneurs that will help launch your business and make it successful long-term.
Buid relationships to build your business
Building a business based on great relationships is a great strategy to build a sustainable business. People recommend, buy from and use the services of people they 'know, like and trust' so investing time in building strong strategic relationships is key.
Who you hang around with in business matters - alot. So choose your networks carefully and mix and mingle with like-minded business people who are driven and positive too. It can be a lonely old place building a business so creating great relationships with others who can help, support and share in your journey is key.
Build a business that runs on relationships — one-on-one relationships with customers and potential customers, word-of-mouth marketing, partnerships, joint ventures. This will yield exponential results over time, as customers and contacts will continue to bring in new customers.
Be patient and pay attention to your numbers
Marketing and advertising are long-term strategies, so don’t expect immediate results. It can take months, or even years, to build a really robust customer base. Keeping a close eye on your numbers is critical - monitoring cash flow, profit margins, gross and net profit and expenses are vital to success and longevity so start as you mean to go on. At the very least, keep a spreadsheet for all your income and expenditure or better still invest in business management software like Xero, Sage or QuickBooks so you can easily manage your numbers and be sure you’re staying on track.
If you notice expenses creeping up or costs exceeding revenue, it’s time to make some adjustments in your marketing and business strategies.
Find the pain point and build a product around it
One of the most effective ways to build a successful business is to solve a problem for lots of people. When you’re picking a product or service to offer, look for a pain point — perhaps something that’s keeping people up at night. If you can create a product around that pain point, you’ll have a much easier time building a customer base. You’ll also have an easier time getting funding for your business.
Don’t be afraid to pivot or rebrand your company
If you’re building a company, it may not be a one-off product or service. It might be a subscription, or you may have a storefront. You may want to make changes to your product or service, or you may decide that you want to rebrand. You might change your target market when you realise it’s not generating the results you want. If any of these things happen, don’t be afraid to pivot. It’s part of the process.
Make the most of the resources you have
Don’t spend money you don’t have — especially when you’re just starting out and you don’t know whether your new business will succeed. There is a huge difference between taking blind risks and taking managed risks! Keep your operating costs low and your cash flow moving. You don’t want to get yourself into a situation where you can’t pay yourself, your employees or suppliers. Stay within the means that you have available to you at the moment. It’ll help you keep your company afloat in the early days.
Hire people who are better than you
If you’re launching a company, chances are you don’t have a lot of experience managing people. But you will need employees to help your business grow. When you’re hiring your first employees, look for people who are better than you — people who have the skills you don’t have. You’ll be more likely to build a strong business if you have employees you can rely on.
Take care of yourself — and take care of your employees too
As the owner of the company, you’re the first person to take care of. You need to take care of your physical and mental health, as well as your financial health. You want to be around to see your company grow and succeed. It’s also important to take care of your employees. Employees who feel appreciated and taken care of by the business owner have higher morale and productivity.
The bottom line
If you’re an entrepreneur, you’re going to feel the pressure. You might feel like you’re under constant stress or that you’re never doing enough. But if you follow these pieces of advice, you’ll feel the difference in your business quickly. You’ll have a better idea of how to succeed in business, and you’ll have a better idea of how to implement your ideas.
The Entrepreneurs Circle Business Growth & Networking Group in St Albans meets every month to support local business owners. We're part of The Entrepreneurs Circle - the UK's largest Membership Organisation for Entrepreneurs who want to get
and keep more customers.
If you'd like to find out more about how this local group can help support you as a business owner or if you'd like to join us at one of our meetings just contact us and we'll be happy to help.
