5 things people wish the knew when they started their business
You’re setting out on your own, business plan honed, brimming with ideas, and ready to conquer the market. Starting a new business is one the greatest adventures you’ll have, but excitement can quickly turn to disappointment. Here’s some advice to keep in mind as you contemplate a new venture.
1. Things never become easy in business
There’s no finish line in business. Completing one task gives way to the next immediately. If you’re growing your business, you’re also changing it all the time. There will always be challenges. Making sure your business succeeds means maintaining a standard of work across time. But work smart; focus trumps freneticism – doing one thing at a time well will keep you from spreading yourself too thin.
2. Don’t get too attached to your business
The idea might be perfect, but the timing might be wrong – a business is not a friend or family, so don’t be afraid to let it go if it doesn’t manage to work out. Rather, be aware of serious problems early on – awareness will let you change direction if the mission of the company no longer resonates. Set your mind what would cause you to give up on this particular business right at the very beginning – so that if the worst does transpire, you won’t go down with a sinking ship. Most entrepreneurs fail – those who get up afterwards are those who succeed.
3. Higher hiring
Be very rigorous when hiring new people. Do your due diligence – call references, check qualifications. But go beyond the pieces of paper – you want people who are passionate about what they do, who will help you bring your business goals to fruition. Hiring the right people will give you the confidence to let go of the tasks that aren’t to your strengths, and let you focus on what you do best. Hiring right is the key to solid business growth.
4. Look beyond the day-to-day
When starting out, the temptation is to focus on daily operations – securing new clients and increasing revenue. The risk is that you might not notice when your employees aren’t happy with their work, and aren’t getting the motivation that they need. Too narrow a focus, and you might fial to recognise new opportunities – avert these risks by investing processes directed at creating sustainable long-term growth.
5. Ask for help
While this might be your first experience in starting and running a business, it isn’t the first time that a business has been started. If you’re feeling lost, don’t be too proud to turn to those who might have gone through the similar issues. Find a great mentor, and pick their brains for advice, or join a local business network, and take advantage of the accumulated knowledge that might be on offer.