15 Pieces of Advice for New Business Owners

beggers November 24, 2018 0
15 Pieces of Advice for New Business Owners

Launching a new business is a very exciting time in your life and a milestone you shouldn’t take lightly. As a new business owner, you’re going to have a lot on your plate and that you’re newly responsible for going forward.

It’s worth you taking the time to review and think about a few pieces of important advice that is going to help you succeed as a new business owner. The more you know and experience you gather, the easier your job will get as the years pass. Be willing to open your mind and listen to help ensure a smooth ride for yourself and your business in the future.

  1. Follow Your Passion

The first piece of advice you’ll want to know is that you should always follow your passion first and foremost. There are going to be days when you aren’t going to feel like working but if you’re doing what you love it won’t feel like work to you. You want to solve a problem with your product or service and feel very enthusiastic about what you’re selling so your energy levels remain high and you’re committed to succeeding over the long-term.

  1. Keep Clear & Consistent Financial Records

Your financial situation is one area that you don’t want to fall behind tracking or get sloppy with and have all out of order. It’s in your best interest to learn more about bookkeeping versus accounting and the benefits of hiring someone to take care of these tasks for you. You want your financial records to be clear, consistent and correct if you’re going to build a thriving business. You need to be able to report your financial standings to important partners and any investors and don’t want to miss a beat when it comes to your numbers.

  1. Gather Feedback from Customers

Always put your customers first and take the time to gather and listen to their feedback and suggestions. They’ll likely have a lot of useful advice you can use so you can work on fixing what’s broken and help grow your company. Get in the habit of sending out surveys, picking up the phone and meeting with them one-on-one, so this topic stays top of mind for you. You’ll likely find these insights extremely useful because you’ll be getting answers instead of playing a guessing game.

  1. Collect Online Reviews

As a new business and business owner, consumers may not be familiar with or know a whole lot about you. One piece of advice you’ll want to think about is to proactively collect online reviews from satisfied customers. This way the rest of interested shoppers can read more about you and see why it might be a good idea to do business with your company. This is a great way to draw in new business and show others that you know how to deliver on your promise.

  1. Create a Marketing Strategy

The reality is that you’re likely not going to get lucky and have consumers all of a sudden stumble upon your business. What will help is if you invest in properly promoting your company by creating a marketing strategy. Come up with both offline and online solutions that put your products or services in front of the right people at the right time.

  1. Take Care of Yourself

Your business will be much better off and run a lot smoother if you’re healthy and well. It’s important that as a new business owner you focus on taking care of yourself first and foremost. Manage your time wisely so that you still have the availability to practice self-care activities such as exercising, eating healthy meals and getting plenty of rest and sleep. Your business and employees will be a lot better off when you’re in a good mood and have a lot of natural energy most days.

  1. Eliminate Distractions

Too many distractions are what will hurt your progress the most in the long run. Give the following ideas a try to help you avoid becoming easily sidetracked:

  • Put away your phone
  • Close your office door
  • Set an away message in your email while you’re busy
  • Turn off email notifications
  • Limit side conversations with colleagues

These are just a few ways for how you can be more productive and not let external factors slow you down.

  1. Be a Good Leader

You’re going to want to focus on improving your leadership skills as a new business owner. Many people are going to be watching you and looking to you for answers and direction; therefore, you have to be prepared to answer their call. Practice your communication and decision-making skills and learn to say no to others without feeling remorseful.

  1. Accept Failure as Part of the Process

You can’t be afraid to make mistakes as a new business owner, and the truth is that it’s inevitable that you’ll fail once in a while. Embrace failure and get used to it so you’re not caught off guard or get down on yourself when it occurs. Learn from your mistakes and don’t take yourself too seriously so you can overcome these obstacles and move on with your life.

  1. Be Honest & Ethical

An additional piece of advice for new business owners is to always be honest and ethical at all times. You truly don’t want to slack in this area, or you risk getting yourself and your business into trouble and not being able to dig yourself out of a hole. Set a good example in this area so that others in your company follow in your footsteps and don’t cause you unwanted issues or complications.

  1. Set Boundaries

Do yourself a favor as a new business owner and learn to set boundaries both at work and in your home. You’re going to have to run a tight ship and schedule when you’re in charge and won’t have the time or energy to have people taking advantage of you. Stick to your word and agenda and challenge those who try to push your limits with your boundaries. You’ll thank yourself later on when you’re getting more done and not letting others stall your forward movement.

  1. Find a Mentor

Your job as a new business owner will be a lot less stressful if you’re following in someone else’s footsteps and learning from their past mistakes. Work on finding a mentor who you trust and can turn to when you’re feeling lost or confused about how you should proceed. Sit down with this person often and share ideas and talk over strategies so you can work through any kinks or potential roadblocks. In addition, build a professional network of support and people who you can contact and bounce ideas off of as you go.

  1. Get Organized

As a new business owner, you’re going to want to spend some time getting organized. Make sure all of your files and important matters have a home and you know where to find them quickly. You don’t want to waste a whole lot of time looking for what it is you need or misplacing an item that your client is looking or waiting for. Sort through your belongings in the office and create a clean and tidy space where you can work. Also, go online and delete and get rid of any old files that you no longer need or use.

  1. Put Contracts & Agreements in Writing

As a new business owner, verbal agreements are no longer appropriate and you’ll only be setting yourself up for trouble in the long run. Get in the habit of putting all you’re doing in writing, especially contracts and agreements with others. Document specifics and read them over before you go ahead and sign any papers. It’s your job to catch any errors ahead of time and make sure you’re comfortable with the language prior to making written commitments to people or projects.

  1. Never Give up

What will be most important that you keep in mind as a new business owner is that you never give up on yourself. There are going to be trying times and some days will be better than others, but you can’t let a few setbacks upset you. Know your worth and remember why you entered the business and took on your role in the first place when you become frustrated or discouraged. Be your own cheerleader and find ways to pick yourself back up and start again when you’re feeling defeated.

 

Be proud of yourself for how far you’ve come but also realize that your work is just beginning. Use this advice to help you get off to a solid start and overcome any hesitations you’re feeling initially. Remember to have some fun while you’re at it and to relax and enjoy the ride when you can. Keep these suggestions handy as you go so you can turn to them whenever you’re feeling a bit apprehensive or confused about how to proceed.

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