Ten Tips To Success for Entrepreneurs

Just like the flight attendant who got fed up and slid down the emergency chute of a plane, many people who work for others would love to be able to tell their boss to stuff it. Have you had inklings of striking out on your own? Do you have an idea that could be profitable?

Working for yourself can be profitable, rewarding, and extremely flexible, but getting through the first two or three years can be a daunting task. These tips will help you navigate the minefield.

Do not spend a dime until you have investigated fully all of your options, and know the vital factors involved in the particular business you are starting. What is your target market for your product or service?

Sell what people are buying. What this means is to research and found out what there is a market for, and then target that market. Many entrepreneurs try to build a business around a service or a product they like instead of something that has a proven market.

Don’t settle. As a new business, people will try and lowball you on pricing. The idea here is not to work for less than you can afford to, but always offer a discount to your repeat clients or those who sign a contract.

Network.  Use your existing network as a starting point, but also build it based on your new business. In networking situations, rather than pitch your product directly, ask people if they’d be willing to refer clients to you.

Support yourself. Be sure you have some people around you that you can bounce your ideas off, that will lend a hand when you’re in a pinch, or just let you vent when necessary. The point is to have a support system in place even when you have a solo operation.  

Be flexible. If you find out three months into this new endeavor that you’re doing things all wrong, change them. Meeting the demands of your customers is paramount, so anything you need do to satisfy them, just do it.

Get more training. Time to buckle down and hit the bucks—as a business owner, you are the accountant, marketing professional, IT guru, and janitor. Lots of tasks you’ll be doing might be new to you, so learn all you can about them.

Admit mistakes. Do not dwell on mistakes, however, simply fix the problem and move forward. If you buy a software package that does not work with your business, send it back or sell it.

Have a life. This can be one of the hardest things to remember as you diligently work to get your business off the ground. However, you must set working hours for yourself and stick to them, making time for your family and friends to keep your life balanced.

Get cash flowing. Cash is the lifeblood of your business, and you need it to feed profit, especially if the business was started on a shoestring. Professional services businesses can ask for upfront deposits, with the balances due on delivery. The same will work on high ticket or high demand items in the retail world.

These are just a few core ideas for succeeding in your business, and you will develop hundreds more. One important point to remember is to always pencil in some brainstorming time throughout the day, rather than packing your day with activities, to give your business the chance to grow. 

This guest post was written by Denise Gabbard who is a writer and online marketing professional. She encourages everyone to look at stainless steel cookware, a blog and site set up by her entrepreneurial friends Colm and Elaine.

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