10 Things To Know When Starting A Small Business-Must Read!
There are a couple of things to know when starting a small business and today I’ll be sharing with you the 10 things to know when starting a small business which I believe every entrepreneur ought to know about if they are to start on the right track of success.
You see, times have changed and more people are now looking for ways to break free from their white collar jobs by becoming their own boss and although this is a good thing, a majority of them are venturing into business with the wrong tactics and that’s why many of them loose hope in the “become your own boss” department.
I however do hope that the 10 things to know when starting a small business, that we’ll be looking at shortly will 1) Guide you on how to run your business efficiently and 2) Prevent you from falling into the pit that many first time entrepreneurs often find themselves in e.g. debt, unnecessary stress etc.
Things To Know When Starting A Small Business #1: Business Is Like A Baby
This is one of the important things to know when starting a small business despite it sounding absurd.
You need to take care of your business as you would a new born baby hence if you don’t invest in your business from the word go, then don’t expect it to mature properly.
You need to be 100% committed to your business.
Things To Know When Starting A Small Business #2: How To Attract And Retain Customers
If you ever want to succeed in business, then you need to know how to 1) Attract new customers and 2) Retain as many of your existing customers as you possibly can.
The best way to retain your current customers is to form a good relationship with them as this will make them trust you and whenever there’s trust in business, success is always around the corner.
NB: Without customers, your business is as good as dead.
Things To Know When Starting A Small Business #3: How To Interact With Others
If you want your business to run smoothly whether or not you’re present, then you need to know how to relate well with everyone who’s around you e.g. your staff, customers, shareholders if any and anyone else.
Remember that nobody wants to interact with an ever grumpy person.
Things To Know When Starting A Small Business #4: How To Solve Problems Fast
As one of the things to know when starting a small business, it’s important to learn how to solve problems immediately they appear or as fast as you can lest they force you out of business.
Remember that should your business ever go under (God forbid), then you’re the only one who will go down with it-Your staff always has the option of seeking employment elsewhere.
You can think of yourself as the captain of the ship.
Things To Know When Starting A Small Business #5: You Must Be Persistent
This is one of the most important things to know when starting a small business. It’s no secret that the first few months of starting a new business can be a bit “rocky” but if you let some of these challenges pull you down, then all your efforts and investments will all have been in vain.
You need to train yourself to take every challenge as a stepping stone to success rather than a threat to your business or you might not be in business for much longer.
Keep in mind that there’s always a way out so long as there’s a will to seek it.
Things To Know When Starting A Small Business #6: You Must Be A Leader
When you’ve made up your mind that you want to be your own boss, then you need to train yourself on how to be a leader and the best way to do this is by always leading the way, not sitting down with your legs up giving out orders.
You need to provide leadership if your business is to ever make a name for itself in the marketplace.
Care should however be taken not to be a dictator. Remember that a boss says go while a leader says let’s go (John. M)
Things To Know When Starting A Small Business #7: You Must Be willing To Learn
This is one of the priceless things to know when starting a small business. Many entrepreneurs often think that they’ve learnt all the tricks one can possible learn and this is where they go wrong.
As an entrepreneur, you should always be willing to learn even from your own staff or risk offering what I would call obsolete services and leadership.
There’s never a time when one can ever say that they’ve learnt everything, there’s always something more to learn which can help you steer your business in the right direction.
Always keep in mind that success is not a destination but a journey.
Things To Know When Starting A Small Business #8: Sharing Ideas With Others Is Crucial
Apart from being willing to learn, one of the other major things to know when starting a small business is that sharing ideas with other like-minded entrepreneurs is crucial as it might result in a better idea being formed or an older one being improved upon.
You should therefore never hoard your ideas or you might miss out on great ones.
Things To Know When Starting A Small Business #9: Networking With Like-Minded Entrepreneurs Is What Makes Things Happen
As one of the things to know when starting a small business, I’m tempted to say that this is the most important. You see, when you get into the habit of attending seminars and other events where you can meet with like-minded entrepreneurs, their business knowledge somehow rubs off on you. This in the end helps you become better and smarter at what you do.
Let’s also not forget that networking with like-minded entrepreneurs helps you get the contacts of entrepreneurs whose services or expertise might come in handy in the near future (this is a big plus).
Things To Know When Starting A Small Business #10: Make Sure You Have Fun
As one of the things to know when starting a small business, it’s VERY important to have fun while running your business and this is because there’s no point in doing something that you don’t enjoy or derive satisfaction from.
Always remember that you’re not getting any younger so enjoy yourself even as you run and expand your business-Life is too short to miss out on.
I could go on and on with the things to know when starting a small business but I think the above have driven the point home as to which mentality you ought to have in place when venturing into business
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