Thinking of starting a new business? As someone who began their own company over a decade ago, I have a few pieces of advice based on lessons I learned the hard way. Follow these tips or watch my video below to give your new venture the best shot at success.
Secure Customers From Day One
The most critical thing any business needs is customers. Without them you just have an expensive hobby. Try to already have a few signed up as you launch, even if just friends and family at first. Grow from there through referrals and marketing. Having early customers provides crucial cash flow.
Know Your Personal Runway
Calculate how much living expenses you need monthly as personal runway. This helps you understand how long savings can sustain you until the business is profitable. Don’t assume you’ll immediately earn what you did working for someone else. Make realistic projections.
Reinvest
In the early days, consider reinvesting revenue into growth instead of taking much personal income. Make marketing, equipment, systems and professional services top priorities. Your sacrifices lay the foundation for long-term gains.
Start Hiring
Bringing on employees is daunting but doing too much yourself risks burnout. Leverage others’ skills so you can focus on selling and high-level strategy. Hire slowly but steadily. Use psychometric testing to assess candidates’ fit.
Play To Your Strengths
Ask yourself what you uniquely bring to the table. For most owners, it’s selling. Spend time on activities only you can do best rather than admin or operations. Systematise and delegate the rest. Outsourcing gives you leverage.
Know Your Key Numbers
Grasp quantitatively what sales you need monthly to cover overheads, pay yourself, and profit. Establish targets for key performance indicators to track. Financial acumen is a fundamental entrepreneurial skill.
Bring On Advisors
Coaches and consultants accelerate success by providing expertise you lack. Most entrepreneurs can’t and shouldn’t go it completely alone. Build your support squad. Smart spending on help provides massive returns.
Keep Learning And Innovating
Never stop investing in yourself through courses, masterminds and professional development. Stay on top of industry changes. Complacency and stagnation are silent killers. Find ways to keep growing yourself and your business.
Starting a business is thrilling but also challenging. If you’re just getting started and need guidance from someone who’s been there, I’m happy to help. I offer a free 30 minute discovery call for any new entrepreneur to ask questions and discuss potential pitfalls. There’s no obligation whatsoever – just friendly advice to set you up for success. Simply click below to schedule a consultation.
