1. Know why you’re in business. What is your message?
What solution does your business provide to solve your potential client’s problem?
2. Focus on the customer and fully understand the market
It is not always the best company that succeeds. Many companies don’t have the best product or service, but are very successful because they understand their customer and know how to relay their message. Understanding your market and what your competitors are doing is paramount to a business’ success.
3. Start small and grow
DEROTTO sees this all the time when a young business wants everything at once. It isn’t smart business to expand too quickly when a business is just getting started. Start small with a goal to grow. Small will keep your business nimble and quick and preserve your capital. At the early stages of a business one of the main goals is gain traction and exposure.
4. Understand your own strengths and surround yourself with advisors and mentors
Getting a business starting and more importantly keeping it going is impossible all by yourself. Learn to utilize the services of an accountant, lawyer, insurance agent, marketing specialist and other professionals.
5. Find a mentor
Mentors can be found on sites like Score Mentors or social media liked Linkedin. You can also find mentors by attending local small business meetups or just asking around. You might be surprised at people in your circles who can offer useful advice based on their experiences.
6. Write a business plan
Starting a business is difficult and risky; it’s easy to spend all your time and resources at it. Before you start you need to have a plan. Without a plan the success of the business will be significantly decreased. Having a business plan will keep you on track.
7. Know your numbers
Have a good grasp on the numbers that tell you how your business is doing and what you can expect. These include your start-up costs, sales, projected profits, cash flow, and much more, depending on the nature of your business and how you define success.
8. Understand there are no entitlements
Don’t underestimate this one. You will work hard for all your achievements. Being a small business owner is one of the hardest jobs and most rewarding. You have to be discipline to put the time in to get your business off the ground – It won’t be given to you.
9. Have a passion for what you are doing
Being a business owner can be very lonely and there are not enough hours in the day to accomplish everything. You will experience big successes, but you will also experience large letdowns. If you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.
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