Are there “secrets” to success? Not really. We believe that hard work, skill, a bit of luck and relationships are the key to success for business owners. There are some steps you can take to help enhance your ability to succeed and we have 5 tips for small business success that we want to pass along.
There are many other tips we can give, and will, in future articles, but for now, here are a few to get you started. These tips are ideal for new entrepreneurs or solopreneurs and are ideal as a refresher for long-time business owners.
5 Tips For Small Business Success
- Know what you’re getting into. Owning and operating a business is hard work. There is no way around that and there is no easy way out of it. Unless you are flush with cash and can hire a crew to do everything for you, you will put in long hours and sweat equity. Be prepared. Did you know: 50% of all start ups will fail with in five years because the owner didn’t know how much work and how many hours it would take? Shocking, but true.
- Have customers before you jump ship into business ownership. Don’t start behind the eight ball where you have to scramble to make money. Start small. You may need to work your business as a side hustle until it’s ready to launch and can potentially support you.
- Have money in the bank. Operating a new business on a shoestring is advice we offer, but you do need to pay the rent, put food on the table and handle your other expenses. Until your business makes money you need to have that back up plan to pay your bills. Work to build a cushion of cash before you make the leap.
- Work on a shoestring. As mentioned above, you don’t need to rent fancy office space when you’re starting out. Utilize the corner coffee shop or rent a co-working space for meetings. Be frugal and save your money.
- Be flexible. In your business plan you need to build in flexibility and be able adapt when necessary. Business ownership is not a straight line trajectory. There are offshoots and misdirections and u-turns; be prepared for these.
What do you wish you’d known when you started your business? We’d love to know.