Advice for New Business Owners

23/3/2017

Being your own boss and owning your own business is a dream shared by many.

Any great entrepreneur will agree that starting up a business is no easy ride, whether you have the funding, the advertising, the marketing or the employees down to perfection, expect a lot of turbulence along the way.

Here are some simple tips to ensure that your initial days, weeks, months and years as a new business owner are set for a smoother journey:

Hire Smart

Your employees make your business, regardless of how long your business has been running, this factor will never change. During the initial hiring process, you may be keen to welcome your first employee through the door, but remember that the hiring process takes time and the person has to be right. Making a quick hire may seem like a good idea, but there is a risk of hiring incompetent employees who do not share your goal of making the business a success.

Location, Location, Location

When you’re first starting out, it’s important to work within your means. For some industries and some cities, location can be everything, it can scream confidence and success to potential clients, customers and investors. Although this may be the case, it’s equally as important to make sure that your business and vision comes before location. Your wallet is your company’s life blood, so don’t make the mistake of picking an office space in prime location and end up bankrupting yourself. It’s important to seek advice from property management experts to ensure that you’re getting the best space, in the best location for the resources that are at your fingertips. Once you have established yourself as a successful business, then seek to have the best office space, flashiest car and fast expense accounts.

Do What You Know, Know What You Do

Don’t start your business because you believe that it will make you lots of money, start a business because you feel confident that you can do the industry justice. There is nothing worse than a business owner who doesn’t know their business. Make sure that you are an expert in your field and that you are doing something you love, success and money will be sure to follow. It’s not only important to make a profitable business, but to make a business that you can grow upon day by day. If you’re heart isn’t in it, then you will not be successful – it’s that simple.

Work Smart, Be Healthy

If you take care of yourself, both mentally and physically, then your productivity levels are going to be so much better. That means you have to work smart and play smart, everybody knows that entrepreneurship isn’t a simple 9-5 job, but working to the point of exhaustion is going to burn you out and make you fall out of love with your craft. Set aside some time for yourself, try not to put yourself under mass quantities of pressure and make sure that you have a slow daily build to success.

Know When to Call It Quits

Don’t keep with a failing company for the sake of your own ego. If the company isn’t working out, then it’s time to take a step back to explore new avenues. If your idea doesn’t go to plan, reflect on what has gone wrong for you and the mistakes that were made; you can build and grow from this. Self-assessment and reflection of your business plan can only make you stronger, make your next venture successful or turn your current venture into a success.

Remember, no business venture is the same, but there are smart ways to go about starting a new business. Make sure that your priorities are straight, that you have a level head and that you surround yourself with people who want to assist in the success of your endeavours.