According to a post on Forbes.com, around 90% of new businesses fail to survive. If you are starting your business, you might not want to be part of that number.
You can get the best advice from other entrepreneurs who have committed many mistakes before succeeding. Another vital thing you need to know, a business should have a website no matter how small or big it is.
Managing a small business is not easy. You need a lot of patience, understanding, and hard work to succeed. There is no easy way up, no shortcuts. There is no such thing as instant success. It is more satisfying and fulfilling to achieve the success that you worked hard for than gaining it at others’ expense.
Below are helpful tips that you can apply to your new small business to succeed. There are things that you need to learn to keep you on the right path.
Ten things to keep your small business thriving
#1. Keep your day job
Quitting the day job is the common mistake many new entrepreneurs commit. Most of them want to focus on the business that prompted them to quit their jobs.
You have to think twice and balance the situation before you decide. Yes, it would help if you concentrate on your business, but what if something goes wrong.
A study shows that 33% of those who continue to work are less likely to fail after launching their small business. The reason, although their time is divided between work and business, they can get help from various sources like from their co-employees.
If you depend a lot on this business financially, your creativity and drive might be restricted. Your salary can help you finance your business.
#2. Do not delay
Most of the successful entrepreneurs would advise if you want to start a business, do it now. If the reason for delaying your business is you are afraid to commit mistakes, you should change this mindset now and start planning your business. Remember the saying, you learn from your mistake. Everybody commits errors, and they learn from it. There is no such thing as a perfect business.
For some, the reason for delaying their business is they don’t have enough funds. Don’t just wait for the funding and hope that someone will help you. There are lots of ways to get the funds you need. You can sell some of your furniture you are not using, a garage sale of your old clothes, accessories, and others.
Do not make excuses like you are too busy to do it. So, when will you have time for it? If you keep on delaying your plans of starting up a business, you might not be able to do it all.
#3. Dedicate enough time
If you decide not to quit your day job, you should learn how to manage your time efficiently. Starting a business requires lots of works. It would be best if you prepare yourself physically, mentally, and emotionally.
Some people thought having your own business means working at your own pace and time. But, most of the successful entrepreneurs work twice as much as a regular employee. They usually work 60 hours a week or more.
Starting a business is not an easy thing to do. You need to shed out gallons of tears and sweat if you want to succeed. Remember, since you will be working alone, you will work as the HR, finance, marketing, sales, and even the janitor for your business.
#4. Spend your money wisely
Most of the businesses that fail spend a lot on less essential things. You should avoid it at all costs. Find a solution that you don’t have to spend money to save it for other necessary items. Poor financial management will lead you nowhere. Make sure that you keep control of your finances.
Just because you are just starting, it doesn’t mean you need to spend a lot. You can find other ways to raise the funds you need without borrowing a significant amount of money. Starting a business with tons of debt is not a good start.
#5. Study your target clients
If you think you know your target clients too well, maybe you need to reassess again. Some customers say that only a few brands study their clients well. What does this mean? Only a few companies were able to provide for the needs of their clients. And these brands are the ones who usually succeed with their business.
It would help you if you thoroughly study your target client’s needs. Ask for feedback from them to understand their sentiments. Please don’t ignore what they say. The majority of successful business owners keep communication open with their customers.
If you have an online business, the possibility of having a foreign client is high. Don’t scare them away. Who knows, they might be the key to your success. If you need to learn their language, do it.
#6. Focus on achievable goals first
Some starting entrepreneurs are too eager to achieve their goals. They focus on the bigger picture right away, which is not a good idea. If you want to achieve long-term success, you have to set realistic goals and milestones. Setting goals that are hard to achieve will bring you nowhere.
Be specific on your goals—concentrate on everything that has something to do with your plan and nothing else. If your first target is to attract clients, focus on what needs to be done concerning that goal.
#7. Never stop networking
Most of the top entrepreneurs said networking is vital if you want your business to succeed. You can’t do everything by yourself. One of the best ways to exchange ideas with others is through networking. It will help you improve your sales pitch or eliminate a product that is not helping your business.
It is impossible to predict when your next sale will come. By having your network, you will have peace of mind that help is just around whenever the opportunity to build your business knocks.
No one is good at everything. A good entrepreneur knows what he is capable of doing and what needs to be outsourced. You may be good at tax planning but lacking in the digital marketing campaign. Listing down what you can do and what you can’t help you determine which work to outsource.
#8. Keep an eye on your passions
Owning a business is not easy. It should be something that you love to do, to succeed. So, focus on your passions to make sure you achieve what you want in your chosen industry. Your business should be in line with what you are passionate about.
If you love nature, then promote or have a company with something to do with the environment. Sell products that are eco-friendly so you can sell them effectively. Do not attempt to get into a business that is opposite to what you believe.
Some business owners are focusing on what the world needs. It may be a good idea, but you will not be able to promote them well. Think of something where your interests and passions exist.
#9. Focus on the future
Some small businesses fall into the ground because they forgot to keep an eye on the future. They were too occupied with the present.
You need to make sure that your business is sustainable in the long run. Suppose you want to be in the industry longer. Planning for the coming years without stressing yourself can ensure a better future for your business.
Hire hard-working and talented individuals to help your business continue to grow as you slowly step back. Storing your knowledge in your brain is not a good idea. You should apply it and introduce a new system. Please pass on the knowledge to your team and let them help you improve your business.
#10. Never give up
Be optimistic! If there is one thing that you should be thinking of all time, it will be a successful business. People would always advise thinking positively. What you think is what you attract. If you are always thinking of success and work hard for it, you can’t fail.
There are lots of success stories that used their failures, frustration, and determination to succeed. If you fail today, it does not mean you will fail forever. Use the bad experiences as your motivation to become successful.
Do not let these failures bring you down and stop you from what you want to achieve. You can seek advice from others and listen to what they say. It could be not just about your business but also something to do with how you perceive things.
Seeking help from others does not mean you are weak or unable. It is one way of learning and staying on track.
Now that you have some ideas on how to have a successful small business, it is up to you on how you will adopt them. Learn from other startups if you want to achieve your goals. They will help you from preparing the work and focusing on your future success.
There are lots of essential tips you can get from experienced entrepreneurs to improve your small business. If you have the idea, plan now and start building the business you have been dreaming to have.
Starting and operating a small business does not have to be stressful. All you need is good advice from the right person, determination, hard work, patience, and a positive outlook. If you have all these factors, success is just around the corner.
About the Author!
Lori Wade is a journalist from Louisville. She is a content writer for timenotes.io who has experience in small editions, Lori is now engaged in news and conceptual articles on the topic of business. If you are interested in an entrepreneur or lifestyle, you can find her on Twitter & LinkedIn. She has good experience and knowledge in the field.