Owning and running a business is extremely hard work and it is not for the faint of heart. When I look around at the friends and colleagues I have known and worked with, the happiest and most satisfied people are those that own their own business. They have the freedom, the most control over their lives, and for many, business ownership is a source of pride and personal satisfaction. Here are some tips, that can help set you apart from the competition and succeed in business.
- Establish a Support Structure – To be successful in business, you need to put a support structure in place. This team of advisors should be comprised of, an accountant, a marketing strategist, a banker, legal council and any other professional that would be key to running a healthy business. Regular meetings should be scheduled with your support team.
- Be Dedicated – There will be times when things get difficult. Passion for your company and dedication to what you do will help you get through those moments of angst and frustration. Leading by example and showing your dedication and passion for your business will help get other people on board with supporting your company and referring you business.
- Forecast Revenue – To be able to run your business successfully, you must become proficient in forecasting revenue. Research your market, look at what the competition is doing and use that information to project revenues at least three years in advance. As your business evolves, you will want to update your revenue projections, create budgets and keep track of your company’s profitability.
- Be Smartly Courageous – When it comes to your company, think outside the box to come up with ways to expand. Be courageous but also be smart with your decision-making. Understand your industry and your customers and make decisions that will keep your company ahead of the competition. Business success is found by entrepreneurs who are willing to take chances and who can back up risk-taking with smart decisions.
- No Capital, No Business – Remember that old saying, “it takes money to make money,” so often businesses fail because they either lack the resources to adequately fund the dream or there is resistance to spending capital on the basic fundamentals; branding, website, marketing and advertising.