Key Things to Keep in Mind When Starting a Business
Launching a startup is exciting! Here are some important things to consider when you're starting a business.
Whether it's an unfavorable job situation, a desire for more freedom, passion for an idea, or the possibility of financial freedom, there are many reasons why people start their own business. It doesn’t matter the reason why, just that, especially here in America, owning a business is a source of pride. Entrepreneurs and small business owners truly are the backbone of this country and the drivers of our future.
So why doesn't everyone start their own business? Well, simply put, it's not for everyone. The startup life is tough and owning your own business is often a grind. Here are some key things to keep in mind when starting a business that will help set you up for success.
What products or services one wishes to sell is often the easiest part. The most difficult part is knowing all the steps to take to make a small business work.
One of the first things people talk about today is having a brand. Branding is important because in developing a logo, collateral, a website, content, and all the other things that go into a brand we have to build a clear picture in our minds of what it is we have to offer the buyer.
What does our company stand for? What is it about our product or service that makes us unique? If it’s a competitive industry, what makes our product stand out among the crowd. Once we know that, it’s easier to build from there. Making a business plan is generally a good place to start honing your branding.
A craftsman is only as good as his tools. Entrepreneurs need the right tools which will allow them to run their business successfully. Software for accepting payments, tracking sales, sending out invoices, and logging expenses are all crucial. Don't forget tools to manage customer relationships, network, market, and schedule your day. You may even need good old fashioned tools like a hammer or saw!
A business is only as good as the tools it has to keep the whole company organized, productive, and on track.
Take it from others who have experience, it’s important to get the word out. Advertising, press releases, working with local charities, a good website and marketing on the various social media platforms are all things to consider. Meet your target audience where they are.
Make networking a priority for getting the word out. You don't have to corner everyone you meet and give them a sales pitch. That won’t work and it will get people running the other way every time they see you. It’s more like showing up to relevant events, introducing yourself to a few people, chatting and listening. Listen for cues that will help you make connections, not just for yourself and your business, but for connecting other business people. Even just being a good connector can be very beneficial for your company.
Outsource tasks that don’t play to your strengths or are a drain on your time. Bookkeepers to keep your finances sorted, a virtual receptionist to handle phone calls, and marketing companies to help you get more exposure, are all great examples of the things you can delegate. The other nice thing about outsourcing roles like these is that you aren't actually hiring any employees to cover these tasks, which saves you huge amounts of money.
Finally, know when to step back. Often, people who are good at starting new businesses are terrible at running a business once it gets up and going. Surround yourself with good people who either complement your skill set, or who are smarter than you, then let them do their job and you get out of the way. It's natural to want to control every aspect of your business, but that's a surefire way to burn out.
Keep these key things in mind when you're starting a businesses and you'll be off to a great start!
5 Critical Things Many Entrepreneurs Forget to Do When They Launch a Startup
Why Learning to Delegate is an Essential Part of Entrepreneurial Success