Most successful entrepreneurs will tell you that there are numerous secrets to start-up success, let alone six. They’re also likely to tell you that even if you follow all the advice in the world when it comes to starting your own business, there’s no guarantee that it will succeed at the end of the day.
Most successful entrepreneurs will tell you that there are numerous secrets to start-up success, let alone six. They’re also likely to tell you that even if you follow all the advice in the world when it comes to starting your own business, there’s no guarantee that it will succeed at the end of the day. As with most things in life, it can be a gamble, but one that ultimately pays off if everything lines up in your favour. There’s no way of knowing the outcome at the beginning, but you can definitely put your best foot forward right from the start with these few tips.
Have a plan
Foundations are everything when it comes to starting a small business. If you don’t have a solid base from which to launch your idea, chances are things will crumble quickly. Know who you are, what you’re capable of and most importantly, what you want to achieve. Once you have a strong grasp of these elements, you can then start thinking about how you’re going to go about achieving them. This includes running your business idea by people you trust, conducting necessary research and then finally, coming up with a business plan. In order to give yourself the best chance at success, you need to have a clear idea of where you’re headed and how you intend to get there.
Many people have excellent business ideas but then never end up acting on them simply because they’re waiting for the perfect moment. The truth is: there’s never a “right” time. Once you’ve got everything lined up, it’s best just to take the plunge then and there – there’s no way your business will ever succeed if it never leaves the ground to begin with. So stop talking about it, and just DO it.
Build a strong team
In order for a business to move forward, flourish and succeed, it needs to have the right people behind it. For this reason, it’s your responsibility as the business owner to build a strong team of people during the fledgling stages. You’ll need employees who are committed, driven and experts in their fields, but most importantly, they need to share your vision. They are ultimately the ones executing your idea and bringing it to life, so you want to invest in people who have the skills required to do so, as well as the right attitude. Because your team also helps to shape the identity, culture and core values of your business, you need to ensure it consists of diverse and innovative individuals who will have a positive impact both now and in the future.
Don’t be afraid to fail early
Every business has its ups and downs, and if it’s going to encounter any major hiccups, it’s best that it happens early on. In most cases, small businesses take a few years to get up and running, let alone becoming successful. The key is to identify problem areas early on and make the necessary changes to improve the situation, and that’s only possible if things don’t work out as planned sooner, rather than later. Use the early years to learn from your mistakes so as to avoid them in the future and rather take your business to where you’d like it to be.
Equal parts passion and patience
As the saying goes: “Rome wasn’t built in a day.” This is something all entrepreneurs should remind themselves of on a regular basis, especially in the early stages. It’s easy to let frustration take over, but it’s important to remain as patient and as positive as possible. It helps to surround yourself with people who inspire you and keep you motivated, and the best thing you can do for yourself, your team and your business, is to stay passionate. It’s your passion that got you here in the first place and it’s that same passion that will give you the courage to take risks, to stay motivated and to never give up – so hold onto it and keep fuelling it.
Share the load
It’s impossible to take on everything yourself, so be sure to delegate and share the load with others. The last thing you want is to burn-out and so the only way to build a sustainable business is to entrust others with certain responsibilities. This will allow the business to be managed more effectively and for you to achieve your goals faster. Plus, you can’t be an expert in everything – rather let the people who are most suited to certain tasks handle them. That way you’ll get the best job possible done in the end and you’ll also be able to build the trust levels between you and your co-workers.
Succeeding in business takes time, money, resources and plenty of hard work, but if you’re lucky enough to turn your small business idea into something great, then you’ll know it was all worth it.
Another secret to start-up success is undoubtedly the reliable accounting and payroll software available from Sage One. Get in touch and find out more today.
Featured image: http://thestrategygroup.com.au