Starting a business is easy. However, making it a successful one is more like survival of the fittest. As a small business owner, not only are you fighting with your competition for market share, but you battle against yourself. Your thoughts, resources, family interjections and business plan or lack thereof play a huge role in how far your business will go or how much it will grow.
Here are some tips to help you survive and thrive in your business startup.
- Pursue Your Passion – First and foremost make sure you actually have a genuine interest in the business you are entering into. When things get tough, and they most certainly will, you need something to drive you. If you truly enjoy what you are doing, it will help push you through the challenging moments.
- Plan To Succeed – It is not a good idea to enter into any business venture saying I’m going to try this for a certain time period and see how it works out. You are setting yourself up for failure. Be determined that no matter what challenges you face you will come out victorious. Think in advance about obstacles to the success of your business that you may encounter and make a plan for how to deal with them. This will help remove the stress of decision making.
- Get A Support Team – Find 3 – 4 people who are starting a business or own a business and meet with them regularly. We all could use a cheer section when things get tough. This group can also help give you a kick in the rear when you aren’t pushing yourself enough. Draw from each other’s perspectives. Help each other grow your businesses.
- Monitor Your Finances – Know exactly what you are investing into your business and what the outputs of your business are. You are entering into business to make money, therefore it is critical to review your finances regularly. Also, you should log your expenses at least on a weekly basis. This will make things easier come tax time.
- Don’t Undervalue Your Product or Service – Setting your pricing structure can be a daunting task. Often new business owners under-price their products/services or worse yet, give away too much of their service for free. Do research before setting our prices. If you are a service provider that is inexperienced, start with prices slightly lower than similar firms and raise your prices gradually as you gain a stronger track record.
If you incorporate these tips into your business startup, you will have poised yourself for running a successful business.