These tips are not secrets, but new business owners lose sight of them because they may not know they exist and they’re so excited about running a business that they jump in without making a plan.
- Create a plan! Being profitable means knowing what to charge, what you need to earn, what your income and expenses are, and how you will get there. A business plan needs to have your goals and your WHY. You should also plan for growth.
- Have contracts that you give to vendors and new hires. Talk with a lawyer — yes you may need to have a lawyer on your team — even if you’re a start up. Know what kind of insurance you need to have in place to protect yourself and your goods and services.
- Research the competitors. Know how you are different from them. What makes you and your goods and services unique? Why should people choose you over the competition? Make sure it’s not because you’re the lowest price in town.
- What are the trends in your industry? Know them and know whether you want to follow them or break them.
- Take breaks. Yes, you’re building a business and that takes time and effort, but know that you need to step back and recharge your batteries. If you are a solo operation and you get ill from stress who will take over? The answer is — you should make your health a priority.
Working with a business coach is also a way many business owners thrive. Give us a call today and let’s talk about your business.