You’ve either made a conscious decision to leave your current employment or you were downsized; either way, you are on the path toward entrepreneurship. What do you do now? We have some tips that can help your first year be as enjoyable and profitable as possible:
- Write down your long and short term goals and work toward the short term ones immediately. Your vision will be quickly realized through your short term goals and that can give you the momentum to propel you forward.
- Get a mentor or someone to be your “cheerleader.” This person may hold you to task as well as help you celebrate your successes. A mentor or coach can also help you get back on track if you veer off. It’s best to have someone who is not your spouse or significant other as your “cheerleader.”
- Lack of organization can kill a dream. Operating in chaos is a sure-fire way to not realize your business dream. Implement an organizational system from day one. Find a system that works for you and stick with it. Don’t get overwhelmed by the choices. There is no right or wrong answer, other than the “right” answer is a system that works for you and that you will stick with.
- Don’t wait until you’re operating in the red for months before you ask for help. If you see your profit margins closing and your bank balance depleting you need to ask for assistance before you have to shutter the doors. This “asking for help” could also mean bringing in team members to help you with tasks at which you’re not well-versed. For example if social media or accounting is not in your wheelhouse, hire a pro. Concentrate on your core strengths.
- Have a plan in place to take a different path if you need to. Don’t get so married to a particular path on your business road map that you refuse to switch or change with the tides. Being an entrepreneur means you need to learn to make adjustments mid-stream.
What first year or start up tips can you offer?