Congratulations! You are officially an entrepreneur, now what? The hardest step in this journey has been done; you took the steps to start your new business, and now that everything is up and running, you want to ensure that you are successful. The most successful entrepreneurs did not build their business overnight, and it did take some trial and error. As a new entrepreneur, you can learn from others and see what works and what does not, that’s a great advantage to have. If you want to make sure that your business continues to flourish, then keep on reading!
Develop a Five Year and Ten Year Plan
This is by far one of the most important tips. When starting out your business, it is important that you properly set out your goals, not only for yourself personally, but also for your business. A business without short term and long term goals will not function as properly as a business that has its goals set. By having your goals written out on paper and having a detailed plan, you will be able to set milestones for yourself and have a new goal each month to work towards the bigger goals.
Take time out to really plan out your goals, make your short term goals as realistic as possible, and your long term goals more extravagant. For example, maybe you are a new coffee shop owner who has a monthly goal of $50,000 in revenue; your long term goal can be to open up a second location. These goals are reasonable, but also leave room to want to strive for more.
Get to Know Your Competitors
This is typically done when you are in the process of beginning your business; however it shouldn’t end there. By researching your competitors periodically, you will be able to not only see how you can improve your business, but also stay current on the latest trends. You should evaluate your competitor’s progress and your business quarterly to ensure that your business is properly performing. Also make yourself aware of newer competitors.
When conducting this research, you should ask yourself what does your competitor offer that you don’t? How can you do better? What do you have that they don’t? Asking yourself these questions will bring you one step closer to feeling less threatened by your competitor.
Network like a Pro
This is often overseen, and many new entrepreneurs fail to understand the power of networking. This is the moment to really put yourself out there and make your presence known to the industry you are working in. There are several things you can do to network like a pro: you can go to tradeshows, conventions, you can organize networking lunches, and you can even book yourself for a speaking engagement. These are all great opportunities to really put yourself out there.
When planning your marketing strategy, just remember that networking brings in the money, and if you make referrals for other colleagues, then they are likely to refer business to you. Therefore, make sure that you keep your colleagues happy, a happy colleague increases your chances of getting more business.
Take Time for Yourself
You may think that you need to dedicate your time to your new business 24/7, but that actually is not necessary. At the beginning, you may need to crunch in more hours so that you can properly set up your business, but once it’s up and running, it’s time for you to relax. Working long hours will eventually lead to burn out, and you will not be able to use proper judgment if you are sleep deprived.
Make sure you take at least one full day a week to spend time with your family, or participate in one of your favorite hobbies. A balance of work and play will allow you to really enjoy the fruits of your labor, so do not be afraid to take a day off every once in a while!
Get a Full Understanding of the Legalities
Starting your business can be exciting, and we often oversee things. The thought of being your own boss can be quite fulfilling,, and we often get caught up in our own excitement that we forget the technicalities. Before starting your business, and even after your business, you should conduct research on the legal aspects of starting the business, and what kind of liabilities your business is susceptible to. Here are a few things to take into account when doing your research.
- Liability Insurance
These are just a few things that you should take into account when you are first starting your business. Taxes seem to be a touchy subject, and although it’s not fun to brush up on tax laws it is extremely important that you have a full understanding. The last thing you need is to have a business in full swing, and then have the IRS sending you a notice. Coming in contact with the IRS for not paying your taxes can ultimately leave you paying a lot of money and cost you thousands in fines and legal fees.
If this is still too much for you to consume, don’t worry about it, you can hire a lawyer to walk you through everything. You can also consider hiring an accountant and task them with handling the taxes and the finances for your business; this will leave you with more time to tend to your business.
Starting a new business can be very time consuming, and you often find yourself wondering where you can improve, and if you’re doing things right. This is something that every new entrepreneur asks themselves, and you are not alone. By following the tips provided in this article, you will be one step closer to running a successful business. As an entrepreneur you made that promise to yourself that you’ll do everything possible to have a successful business, and that will all be achievable if you follow the tips provided.