Opening a new business is a huge opportunity to shift from working for someone to working for yourself. It’s a giant step in changing your life, especially when when your new business becomes a successful endeavor. However, it requires more than just a dream to make a business take off.
- Business Plan
Developing a business plan will allow to pin down the concrete details regarding how your business will work. Make sure to set measurable goals, along with a course of action regarding how to achieve them. This will help you stay on track, even when the waters get rough. “Plan” isn’t in the word success, it should be!
- Be Frugal for a While
Even if you’re starting your business with a large sum of money, don’t act like it. Start off frugal until the growing business begins earning a profit. From there, you’ll have more room to experiment and take risks.
- Task Management
Task management will not only help you keep track of what needs to be done, but it will also help you accomplish it. Don’t be embarrassed to write everything down. It’s better not to forget anything than to try to remember more than you’re capable of. A time management app is one of the simplest, most convenient ways to achieve this.
- Take Care of Yourself
This may sound like a no-brainer, but it needs to be done. Take time for you: sleep right, eat right and exercise regularly. If not, you’ll become your own worst enemy when it comes to working productively.
- Learn to Pitch Quickly
Create a 30-second, or less, dialog that explains your business, services, goals and how it will benefit clients.
- Determining the Legal Details
A company starts out as a non-legal entity, which doesn’t give you much legal protection. Essentially, this means you are the individual responsible if something happens. However, bringing on investors besides yourself means you can convert your business into a corporation. It will protect you and your investors.
- Be Flexible
Running a business entails planning and adhering to a certain level of structure. However, a business owners need to understand that obstacles will arise, and he or she can’t always stick to the original plan. Be flexible enough to know when to steer away from the course you originally plotted when necessary.
- Technology
You can’t do it all on your own, this is where technology comes in. Many apps can help you automate tasks, create a schedule, budget and so much more. Do deep search of apps that will integrate well with your workflow. For example, IE technology may assist with automated process that will save you time and ultimately money.
- Analytics
Use analytics to monitor your company website from the day it’s created. Use it to monitor traffic, sales figures, keyword searches and even which pages visitors are most interested in. Later, you can use this information to optimize your company’s web performance and build a blog to drive more traffic to your site.
- Protect Yourself
Insurance only covers so much. It won’t protect you against a lawsuit. For this reason, you may want to form a corporation or a limited liability company (LLC).
- Contracts
Don’t do anything regarding your business with a detailed contract that’s signed by both parties.
- Admit You Don’t Know It All
Take advice from others. People who own businesses have a wealth of knowledge to share with you. Find a mentor and meet with them regularl.
- Branding
Make sure your brand is the same online as it is offline. This will allow to recognize and know your brand whether they’re searching on their phones or stopping at your office. It makes it much easier for them to spread the word about your business.
14. Just Do It
Lay out a solid plan, find your funding, and go for it! We’re rooting for you.