Are you thinking of joining the legions of people who have made the life-changing decision to start their own business? Have you started to question your decision? Do the “what if I have made the wrong decision” or “how can I guarantee success” questions started to pop into your head? To allay your fears and to boost your confidence, here are seven success tips for starting your new business.
What’s Driving You to Start Your New Business?
As I said, more and more people are starting their own business in order to live the lives they want. The decision is rarely taken lightly or in haste, and those taking the plunge cite freedom, flexibility and control as their top reasons, with creativity, fulfilment and passion running a close second.
Interestingly, making money comes quite low in the pecking order.
Why? Because money is rarely the driver in the quest for success.
When I talk to business owners – newbies and those who have been doing it for some time – the things that are driving them include autonomy, creativity, a search for meaning, wanting to leave a legacy, status, influence, peace of mind and that often illusive sense of freedom …
The list goes on.
As a Business Mentor I work alongside start-up – and growth – businesses. A big part of my role is to show my clients how to convert their success aspirations and drivers into more customers and greater profits.
So, I thought I would share with you seven success tips for starting your new business (or boosting the business you already have).
Tip 1: Have Confidence in Yourself
You have to believe you can succeed in your business because, once your business is up and running, you’ll have to deal with people on a daily basis, make decisions that are best for the business and make plans and strategies for growing the business.
To do all this well, you will have to have the confidence to be the face of your business and lead the way.
Some people are naturally confident, while others will have to work on developing that confidence.
You may ask: “How do I walk into a room and start talking?”
Or: “How do I overcome shyness in large groups?”
A simple Google search will provide lots of sites dedicated to this subject. Even better, you could seek the support of a Business Mentor who, apart form making sure that the business is running smoothly, will be your Cheerleader. They will be in your corner providing the support you want to develop the confidence you need.
Tip 2: Small Steps Lead to Big Things
A journey of 1,000 miles begins with a single step
Chinese Proverb
There is a temptation to go at business all-guns-blazing (often with burn-out blazing in really quickly too). Or maybe to make comparisons to others who seem to be moving forward faster or more successfully than you.
Neither of those things are helpful, or will make your business bigger, better or stronger.
In fact, they can have the complete opposite effect.
Going at things too fast can mean you miss out on important steps so you have to back-track at a later date. This is often massively time consuming and expensive.
Lots of comparison can lead to the creation of a watered-down version of another person’s vision. This takes the most important USP out of your business. YOU!
So, one small step is a step on the way to something much bigger. To run a marathon, you have to take the first step across the start line!
Some people start their businesses as a side hustle alongside their main job. This means that the business starts organically and involves less risk than launching full-time into a business, from scratch.
Whether it’s a hobby that grows or taking existing skills into business, there are lots of advantages to starting small and growing gently.
Tip 3: Embrace New Tools
Technology changes and evolves very quickly. Staying up to date with new technology can seem low priority out of all the things you need to do for your business, because it’s not necessarily addressing immediate issue like customers or cashflow.
However, ignoring technology, putting it on the back-burner or shying away from learning how to use it is a false time economy because, in the long run, it’s technological tools that will help you to manage and run your business more efficiently.
If you need help managing finances, there is lots of fantastic money management software to help you keep an eye on your cashflow
If you have time management issues there is relevant software to help you with that too.
And of course, social media which will help you connect and communicate with your target audience
Ultimately, these tools will help you manage your precious time effectively.
Tip 4: Learn to Outsource
You can’t do it all!
No matter how much you’d like to and how much you want to, you just can’t.
Outsourcing will allow you to spend as much time as possible doing the thing you love and free you up from the smaller, but still very important, day-to-day stuff. It will enable you to think about the bigger picture, while making sure your business stays on track.
Tip 5: Money Matters: Know Your Numbers
Having sound financial knowledge of your business is crucial.
This doesn’t mean you need to develop the skills of a bookkeeper or an accountant.
It does mean that, as the business owner, you need to know what’s happening with all aspects of the business finances – at all times.
Your understanding of cash flow, profit and loss, income and expenditure will lead to growth and success for your business.
However, you don’t have to know how to do it all yourself.
You should work with accountants, bookkeepers, financial advisors, or business mentors as needed to guide you through.
Tip 6: Connections Count: Keep Connecting
Spending time with other business owners, socially or at networking events, is valuable in so many ways.
Other entrepreneurs can share experiences and knowledge; they can introduce and refer you to potential customers; they can assist you with the development of your business skills.
Importantly, they can be a sounding board for new ideas, a source of encouragement if things go wrong and a group to help celebrate your successes.
Tip 7: LOVE What You Do
You spend far too much time working on your business to not enjoy what you do!
Your business has probably grown out of a specific interest, your previous career, or a hobby. You feel connected to it and driven to make it succeed because you want to do it.
When you love what you do, it’s much easier to feel confident about yourself and your business.
You will be able to talk knowledgeably and passionately about your business, boosting your own confidence as well as those around you, including clients and customers because enthusiasm and confidence are infectious.
WARNING: Those are the positives of starting a business based on what you love. However, love (like passion) without developing business skills and knowledge could lead to lots of hard work and very little return.
So, don’t rely on love alone. Get yourself some business know-how and get yourself some business support.
OUTCOME: Your business will start to show you some love in return.
Next Steps?
Do this…
Book yourself a half-hour, complimentary mentoring session.