If you’re on the hunt for small business tips then you need to check out this informative blog post. If you’re a budding entrepreneur then you’ll be glad you read this advice. Click here for more info!
Small business tips are easy to come by. All you have to do is mention that you’re starting a business and EVERYONE will give you advice.
Mind you, most of these people haven’t had the courage to start a business on their own. They will have plenty of advice, unsolicited or not.
They’ll tell you the bleak statistics about starting a business, ask you what you’re going to do for health insurance, and give you the advice you’ve heard a million times.
Would you like to hear real business tips from people who have actually started a business?
Keep reading to find out the top 7 business tips for budding entrepreneurs.
1. Have a Plan….for Everything
You’ve already been told multiple times to have a business plan.
It is important to have a business plan not just so you can get investments and bank loans. A business plan will enable you to see the entire business from a 30,000-foot view.
With this viewpoint, you’re able to see everything in your business — potential risks, your target market, and your competition.
Your business plan also serves as the blueprint of the business. It’s the foundation of your marketing, sales, and operations.
You’ll also be clear on your marketing messaging, which can then be used on websites like this page. It’s clear who they serve and how.
Planning ahead of time will help you navigate times that can be rough on businesses, like when the economy takes a dive.
You’ll be prepared to make necessary adjustments, as opposed to making rash decisions.
2. Pay Yourself First
You probably have heard all of the financial gurus tell you to pay yourself first.
The problem with that wisdom is that if you pay yourself first, how will you pay for everything else? The reason why 82% of businesses fail is cash flow or lack of.
It wasn’t because they couldn’t get customers, it was because they couldn’t manage their money.
That’s why you need to put a certain percentage of revenue aside for taxes, and another percentage aside for profit, and you should still be able to pay yourself.
Only with the money left over should you pay for operational expenses. If you don’t have enough to meet the operational expenses, then figure out what expenses you should cut.
3. Meditate
The fact is that you’re going to be stressed out if you’re not already. You’re going to need to deal with that stress in a healthy way.
Otherwise, it will consume you.
As an entrepreneur, you’re usually worried about the future.
Where is your next client going to come from? How are you going to meet payroll? These are common issues entrepreneurs are faced with every day.
Instead of worrying about the future, meditation helps you focus on the present. With that focus, you can block out your fears and make sound decisions instead of reacting to chaos.
That only creates more chaos.
4. Get a Mentor
If you could relate to the situation at the beginning of the article, you’re surrounded by people who don’t understand the life of a small business owner.
That’s why you want to get a business mentor. You want to be able to bounce ideas off of someone who knows the business, not someone who thinks they do.
A good mentor will also help you expand your network and they truly just want to help you be successful.
To find a good mentor, look at people you admire in your industry or in your area. It’s as simple as picking up the phone or sending an email to someone.
As you’ll learn in business, you don’t get yes as an answer unless you ask the question.
5. Surround Yourself with a Good Team
As much as you hate to admit it, you really don’t know everything there is to know about business.
You don’t know HR law, or Tax law, or Contract law.
That’s why you want to surround yourself with good people who do. You’ll need to get an accountant, a business lawyer, and banker to start with.
The people you choose to have in your inner circle have to be great at what they do, and you have to be able to develop a long-term relationship with them.
6. Take a Break
Out of all of the small business tips on this list, this is the most important. You have to be able to set good boundaries in your business.
You might start out with a mentality that if you don’t work, you don’t get paid. Don’t do it.
That thinking will suck you in and burn you out. You’ll be working all of the time, and you will feel like you can’t take a break.
The reality is you can take a break, you can step away, and you can enjoy your life.
The work is always going to be there. The key is to set client expectations right at the beginning. They won’t be shy about emailing or calling you at all hours.
You have to be clear with them from the start when they can expect a reply.
7. Don’t be Shy About Your Business
It can be really uncomfortable to be at a networking meeting and talk about your business. That’s the case especially if you’re a brand new unproven business.
You have to have the confidence to be able to talk about your business, even in front of a group of strangers.
It’s an opportunity for you to step outside of your comfort zone and promote yourself.
Small Business Tips to Rock Your Business
If starting a business was easy, everyone would do it. Most people would rather sit on the sidelines and give you bad small business tips along the way.
Being an entrepreneur takes courage, gumption, and a positive outlook. It also takes good money management and a good team to be successful.
The bottom line is that if you do just a few things well, you’ll be on your way to success.
Looking for more great tips from entrepreneurs? Check out our business forum, where you can get more great tips and answers to your questions about your business.
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