10 Tips for the First-Time Business Owner

business owner

Becoming a business owner for the first time can seem like a daunting prospect. And it should, as running your own business is no easy feat. However, don’t let the scary stuff stop you from pursuing your dreams! Instead, take these 10 tips for first-time business owner, study them and use them to win in business.

Tip #1: Do something you’re passionate about

Never ever get in business without having the passion for it. You simply can’t run a successful business if you don’t like the industry or you don’t know anything about the product or service. Passion is the key to success because passion gives you the thirst to seek knowledge.

Tip #2: Develop a proper elevator pitch

You’re going to have to pitch your business to everyone you see – customers, retailers, partners, investors and so on. If you can’t sell your idea and get people excited in 30 seconds, you might as well give up. Perfect that elevator pitch and you can succeed.

Tip #3: Be clear about your customer base

You need to know your customers inside out. If you don’t know who your business is targeting, you won’t make it very far. You have to define your customer base and learn everything about them. The American Express has made a great list of tools and techniques that could help you research your target market.

Tip #4: Set your goals

Don’t start a big project such as owning a business without a set of objectives. You need to sit down at the start and carefully define your goals. What do you want to achieve? What is the purpose of your business venture? If you have clear goals, you are much more likely to reach them and have more focus on everything you do.

Tip #5: Admit you can’t do or know it all

OK, so you want to be an independent businessperson. But you can be a powerful and strong business owner without thinking you don’t need anybody else – in fact, you do and you will always find things you can’t do. Don’t be afraid to ask help and to check with professional, especially when it comes to your finances. Professional tax help at the start can be especially crucial.

Tip #6: Learn to save money on everything

The quicker you learn to be frugal the better. You can’t splash out on things in the hope that ‘one day I’ll have more money’. Yes, you might but you might also be creating a debt pile you can’t get rid of. You need to spend money, but you always need to find a way to spend a bit less. Looking for business cards? Then don’t just order them, but find discounts at Printed.com who currently has offers and a reward program that could help you save. In need of a web host? Compare different prices at WhoIsHostingThis and pick the best deal. It can take a bit more time but you need to learn to find the ways to get quality without spending your entire budget.

Tip #7: Branding is crucial

You should spend enough time honing your brand – it truly matters. You want everything from your business cards to your website to represent your business’ mission and values. Create an image for your business and use it to your advantage. Remember that branding is not just about the visual; it’s also about connecting your visual images with the business mission and its behaviour. Don’t create an image of a sustainable business if you can’t walk the walk.

Tip #8: Get on social media

Today’s companies can’t succeed without social media presence. Whether you are running an online business or rocking a local shop, you need social media to generate interest, reach out to customers and keep people informed and engaged. If you’re not social media savvy, then spend some time learning the ins and outs of social media.

Tip #9: Remember to look after yourself

Starting a business for the first time will lead to sleepless nights and 12+ days in front the desk. However, all that hard work should never come at the expense of your health – body or mind. Look after yourself by focusing on the right nutrition, getting enough exercise and taking enough time recharge your batteries.

Tip #10: Quitting when it’s the best is not failure

Not every business venture is successful. Just because your first business didn’t succeed doesn’t mean your second try can’t be the one that succeeds. Quitting when things are clearly not working out is not a failure; it’s a smart decision. Don’t be afraid of saying ‘enough is enough’ and starting it over. It might be that running a business is not for you or it might be that you needed to refine your approach and ideas – just keep moving forward and you’ll find success.

When you are thinking about starting a business or you’ve just taken those first few steps to being a first-time business owner, keep these 10 tips in mind. They’ll help you focus on the essentials!

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