If you’re starting a business for the money, you may be in it for the wrong reasons. Make sure you are doing what you truly enjoy.
Start your business soberly, with intention. Take it seriously.
It doesn’t have to be a formal business plan; a lean plan or an internal plan can work fine. What kind of plan you choose depends on your business and the needs of your company—but you need a plan regardless of what your goals and intentions are.
Good businesses have failed based on lack of cash (which isn’t the same as being profitable). To be successful, you need to learn how to manage your money.
You can’t wait for everything to come to you. You need to be assertive and actually ask people to buy what you are selling.
To be a successful entrepreneur, it’s important to sell something that your customers actually want. Knowing your customers well is key here.
More often than not, you are not going to be discovered out of the blue. You need to promote your business and make people find out about it yourself.
You may only have a single opportunity to convince your customers to try your product or service. Developing a solid brand for your business is key to being successful.
If you can personalize your business, you set yourself apart from the competition. Don’t make the mistake of thinking you can just put out a great product and leave it at that.
Successful entrepreneurs utilize the technology available to them. What technology is out there that can make running your business easier? Leveraging available technology to your advantage can make the difference between a run-of-the-mill small business, and one that can stand up to bigger competitors.
Face it: You don’t have all the skills necessary to run your business successfully. Find others who compliment your skills, and you’ll be more successful.
See Also: 3 Reasons Why Micromanagement is a Macro Hindrance
Being able to position yourself as an expert in your industry will help people view your business with more confidence. Whether this looks like starting a blog or getting involved in local events in their respective fields, successful entrepreneurs are also industry thought leaders.
If you think you don’t have any competition, you’re wrong. All businesses have competition. The question is, what do you do better than your competition?
To become an expert, you need to invest time and energy into learning as much as you can about your industry, and become as skilled as possible.
Make it easy for people to buy and use (and also ideally afford) your product. Don’t make it challenging for people to do business with you.
To be a successful entrepreneur, your customers, investors, and those in your industry need to be able to trust you. Don’t ever give them a reason not to.
You aren’t just selling a product or service. You are selling what your product or service does better than anyone else.
Become a fixture in your community, whether online or in your local community (or both). Make yourself a voice in your industry.
You may only have one chance to convince someone that your business is worth a second glance.
No question about it: You will have to negotiate at some point in your business career. It’s a good skill to get down early.
Does this mean you need to spring for a huge, impressive office space in your first month of business? No—and that’s probably a terrible idea. But, your workspace should be suitable for your own productivity, and give the right impression to clients or customers.
Analyze your market. Conduct a SWOT analysis. Use whatever tools work for you to keep your business organized, and don’t let your lack of planning and organization be your downfall.
Successful entrepreneurs aren’t all work. Take time off every once in a while.
You can’t do everything and be successful. It’s important to determine what you do well, and what you would be better served to outsource to someone else.
It will keep your product or service top of mind for customers, and help you understand your market better.