9 Tips for the New Business Owner It is so easy for the first time entrepreneurs to feel the need to follow every shiny penny. As some say “Squirrel” because some areas easily distracted as watching squirrels run across the road. Stay focused and productive. Better to do one thing well than several poorly.
Know what your business is and do it well. Opening a business sounds great and brings visions of working less and making more. All business owners know that is definitely a myth. Do want your love but realize there is a lot more than just doing the parts you love when you own a business. You need a BIG WHY or you won’t stay in business long.
Know your 60 Second Commercial
You have to be prepared to share what you can do for a potential client in 60 seconds or less. Best if you include clients hire me because______________.
Be careful with your expenses. It doesn’t take impressing clients with a great office or fabulous furniture or perks. More importantly, is your customer service. Learn to be frugal to save for a rainy day in business. Remember you don’t know your
Stay on Top
You have not ARRIVED… No one can stay at the top. It takes work to stay there. Make sure you stay up on your industry. Be focused and only keep up on what affects your potential clients. Many times you will have to learn while under fire.
Don’t get caught up on mistakes. Every business owner is going to make mistakes. The difference is if you learn from them. Seek help for other professionals who have already proven they’re business savvy.
No Money Available
Keep in mind as a new business, no bank or Investment Company is going to be willing to invest in you. Have a great new idea, wait until you have the money to invest personally. This is why you don’t want to spend every dime you make without putting money back to invest in the growth of your company.
Take Care of Yourself
Find a way to STAY healthy. Remember it’s more than just you counting on your success now. Make sure you take care of yourself and ensure yourself as you are the business at this point.
Know when to Close Shop
Consider as a part of your business plan an exit plan. That exit plan can be to sell or close your business. Just know when to say enough is enough either way.
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