Jumping into a new business venture is intimidating, to say the least. Factor in the financial risk, the personal stress, and the knowledge that you’re leaving a comfortable, steady paycheck to pursue the unknown, and it’s no wonder new entrepreneurs lose sleep.
But following these tips will help you to avoid the pitfalls so common in start-ups and increase your chances for success in your new venture.
1. Choose a business you love.
Old advice, for sure. But still the best advice out there. Trying to make a business a success requires you to believe in what you’re selling, whether it’s quality education, a product that truly meets a need, or a service you’ve identified as desired in your market. When you see the value of your business to the overall community, you project that belief to others. There’s nothing more convincing than honesty and passion, so if you truly love your business, selling its products will be the easiest task before you.
2. Surround yourself with people you trust.
Successful CEOs everywhere credit their success to the people they identified as leaders within their organization. You can’t know everything and you can’t be everywhere. But you can hire people who are experts in their field and who you can trust to handle key aspects of your business. You will be busy enough – and stressed enough – as is. Don’t cut corners, try to save money on less qualified staff, or settle for what you can get. Take the time to hire the best and the rewards will be well worth the initial effort.
3. Concentrate on what’s important.
Many entrepreneurs make the mistake of focusing on increasing the bottom line, rather than providing a quality product. Reverse your thinking and be confident that if you do good work, it will pay off. It’s better to be excellent at one or two things than it is to try to be everything to all people. Start small and focused, build your customers’ trust, then look into whether expanding is a good idea.
4. Keep your life balanced.
No business is worth losing important relationships, making yourself sick, or giving up interests that are important to you. If you are starting your own business to escape the daily grind of working for someone else, don’t replace it with creating a daily grind for yourself and your employees. Yes, you must work hard to become a success. But yes, you can work smarter, not harder. Always make time for what’s most important in life. Balance is necessary to avoid burnout, and breaks are crucial to keeping you sharp and efficient.
Once you have established a reputation, your customers will flock to you. Take your time getting your business off the ground, be intentional in your decision-making, and enjoy the process.