The right formula is everything. Taking the right steps will make your business profitable…
If you are starting a new business from the ground up you need proper advice + action. Starting a business can be one of the most rewarding and challenging things someone can do. The satisfaction of starting something from nothing that brings in cash is absolutely cool! So where does one look and what does a person do when just starting out?
In this informative post on Small Business Advocate they list out some awesome tips and we chose our 10 favorites:
-Build a core team of people unlike yourself.
When the going gets tough, you want people at your side who are responsible, accountable and reliable. Look for people who complement you, compensate for your weakness or offer a fresh perspective. Impose on them to challenge you constantly by taking a critical or contrasting position. How else will you and the organization grow?
-Delegate when you can.
Control freaks, perfectionists and compulsive people are “out.” Delegators are “in.” Who’s going to get more done, the gal who delegates the work to 100 people or the guy who does it all himself? By delegating responsibilities early on, you will have time to consider the needs of the business as a whole.
-Exude enthusiasm and positiveness.
What turns you on — an enthusiastic and positive person or one who never smiles and never jumps up and down at your new idea? Start jumping up and down and look for people who will happily join you.
-Figure out how to get around or through an obstacle.
If you can’t get around it, then prepare yourself to go through it. Each of us has experienced problems that won’t go away. The best solution is one that allows you to break an “issue” down into manageable parts until nothing is left unsolved. Another method is to talk it over with friends, colleagues or family. You’ll be surprised at how many people have faced a similar situation and are more than happy to share what they have learned.
-Get a grip on cash.
To run a lean, alert and ready-for-challenge business, you have to tidy up your balance sheet and have enough money at your disposal. Know where your money is coming from and where it’s going. Most new businesses fail, and many do so because they are undercapitalized. Small businesses by definition tend to be thrifty even in good times, and bad times are all the more the reason to keep belts tight.
-Have a mentor.
Nothing beats turning to someone who’s been there and can provide you with perspectives that you are unable or unwilling to see. Mentors spare you from making costly mistakes or learning lessons the hard way.
-Keep your business plan simple and clutter-free.
Don’t over-complicate your business plan. It should be easy to follow, easy to execute and easy to modify. Clarity is more important than bulk. Use the plan as a compass to guide your business. Keep it clutter-free.
-Overhaul your business to survive.
Given the choice between staying with a sinking ship or finding a new boat to float, overhauling your existing business may be your only chance for survival. For example, if you already have a website, start a monthly online newsletter. If you already have one that has become popular, offer its content to customers or vendors in your industry. You want to increase the odds that your customers will find your business offerings valuable.
-Prepare yourself to work hard.
Remember the days when you took long walks in the park, picked up seashells by the seashore or watched television for a couple of hours in the evening? Those days are gone forever. Starting a business takes lots of hard work. Don’t be in it to make fast money. Be in it because you love what you do and it doesn’t feel like work.
-Stay focused, do something sensational and keep going.
Blah, blah, blah and more blahs. That’s what people are sick and tired of — the same old thing and too much of it. People are tuning things out like never before. Focus on your business, do something sensational and keep doing it until people buy into it. Sooner or later the blahs will turn into WOWs, you’ll get noticed and your business will turn into a yellow godzilla. Hard to ignore that, right?
We appreciate when experienced business people share their knowledge. Remember planning + action and reevaluate where things are often. Good luck out there.
You can read the full list of 25 tips from Laurel Delaney here.