Business Tips

20 Business Tips For Budding Entrepreneurs

So you’ve just started a business, and now you’re stuck, you’re feeling self-doubt and like it isn’t going to work. Perhaps, you’re being stubborn and want to go it alone, yet still need advice from time to time. But you must keep going! That’s why we have compiled the below list of tips for business!
1. Get a mentor
Unless you’ve had terrible experiences with mentors, this is definately one thing you must do. Find a mentor who has experience in your field, someone who can advise you and help you see other perspectives. A true entrepreneur wants to help others succeed, not to hold you back.
2. Listen to your customers
From the beginning, listen to your customers. Find out their opinions on your products or services and see if you can improve. Feedback is a valuable tool in business. Besides, keeping existing customers is much easier than attracting new ones.
3. Make a plan, but be flexible
Make sure you write a business plan before going into anything, but it must be flexible. Not only will potential investors want to see a plan, but it acts as a blueprint for success. Keep the business plan flexible as you never know if your business will need to pivot.
4. Trust your gut instinct
If your gut is telling you that something’s not right, then it probably isn’t. Take time to sit back and listen to your thoughts.
5. Don’t be afraid to take risks
Still trusting your gut here, if you believe that it’s the right thing to do and it’s a risk, take it. The best entrepreneurs take risks and yes, they do sometimes fail but learn from your mistakes and try again!
6. Protect your property
If you have a logo, product idea or anything, make sure you protect it with copyright, trademark or patent. From the outset you should protect your ideas.
7. Act like a startup
Don’t make rash decisions with your money, even if it’s there. Treat your company like a startup and try to keep overheads as low as possible. Do you really need 20 room offices when there are two of you? Expand when absolutely necessary.
8. Healthy heart, healthy mind
You must look after your own health. Make sure you are eating properly and getting enough excercise, and don’t be afraid to socialise for a little while. Many entrepreneurs end up suffering from burn out as they can’t differentiate between work and play, their business is their play too, however it can have detrimental effects on your mental ability.
9. Practice good time management
Practicing good time management is essential for running a business efficiently. When you’re a lone wolf in the business world, there aren’t enough hour in the day to get everything done. Read more about productivity here.
10. Know what you know, outsource what you don’t
Nobody can do everything, and even if you are multi-skilled then focus on what you’re best at. Outsource other skills, whether it’s small design jobs or a jingle usually you can find what you need on fiverr.
11. Treat any employees well
Any employees that are with you from the start (or near enough) deserve to be treated with respect and well. Happy employees are the foundation to any great business. Don’t ever get power hungry.
12. There is no free money
Absolutely nobody is going to invest in your company, or that’s how you should think. Write your plans and strategies as if you are not going to get any investment whatsoever so then in the worst case scenario you will be prepared.
13. Know your finances
You should always know how much money is in the bank, what is coming out and when and how much of a budget you have for each area of business for each month. If you seriously struggle with accounting, find a great accountant who is willing to sit there and explain everything to you, this way you will have more control over your business.
14. Keep it under 30 seconds
When pitching your business to anybody, make sure you have an elevator pitch which gets across your business in 30 seconds. Anything over and people will start to lose attention and will get bored.
15. Use any waiting time to do something
Waiting for a bus/the doctors/your coffee or even your other half to get ready? Use that time to do something for your business. Whether it’s checking Twitter and tweeting a little bit, reading a part of an ebook or even writing the opening paragraph to your blog. Doing things in bursts like this can add up over the course of the week, and before you know it you’ve done two hours extra work.
16. Analyze your competitors, but don’t be afraid to interact
See what your competitors are up to and see how you can adapt their tactics into your own strategy (if they’re working of course). Often, if you share some of their content they will do the same. There’s no need to be worried about interacting with competitors, after all we’re all in this together.
17. Take a proper break
If you’re on lunch break, separate yourself from your work entirely and give yourself some me time. We all need some time to recover from the stresses of the day, so ignore work emails and chill out for half an hour.
18. Consistency is key
As with everything is business, consistency is key. With marketing and customer service, you must be consistent with your day to day activities. Long term this will benefit you as each daily habit will be engrained in your brain.
19. Be creative
You must be looking for ways to make your business stand out from the crowd and for it to grow. Be open to new opportunities and ideas in your business.
20. Keep your focus, never take your eyes off your goals
Rome wasn’t built in a day. Just because things may be taking longer to pick up than you expected, doesn’t mean you should give up. It takes time for people to get to know your name and brand, just keep working hard and things will fall into place.