5 Things I Wish I Knew When I Started My Businesses
I escaped the 9-5 and have been running my own businesses for over 5 years now. Anyone who has walked the entrepreneurial route will no doubt agree it is emotional and thrilling and high and low and everything in-between. It has been a game changer for me and I would never go back.
However if I indulge in a little hindsight there are 5 things to know before starting a business and lessons I can draw from running my businesses, read on to discover my top tips.
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Business Success Tip 1: Start An Email List Now
Start an email list as soon as you can, I mean literally do it right now if you don’t have one yet.
I used to cringe when people would say the power is in the list but actually they are right. Emails are an incredibly efficient way of building relationships with your target audience and generating leads for your business.
You’re also fully in charge so won’t fall victim to algorithm changes as you can on social media.
Remember content is key, you should be adding value at least 3 times more often than you are selling in your emails.
Business Success Tip 2: Cash Is King
This is an oldie but a goodie. Produce a cashflow forecast at the start of your business to see where your cash crunch points are likely to be.
Record an actual cashflow as your business is trading to see how you are doing against target. Ensure you spend wisely at the start, targeting key expenses rather than nice to haves. The new Mac and fancy offices can wait.
Business Success Tip 3: Focus On Value Not Money
Focus on helping your clients and adding value, the money will follow. This can be difficult when you have bills to pay, but by adding value before chasing cash you will increase the trust your customers have in you.
Your business should be about serving others and when you take your eye off this your business loses focus and integrity
Business Success Tip 4: Never Stop Learning
Never stop learning about your customers, about what it takes to be a successful entrepreneur, about how to run your business.
You should always be looking to improve your skills in your key functional areas (for example customers, marketing, finance). This aids your confidence and keeps you and your business up to date and relevant in a fast paced economy
Business Success Tip 5: Have Faith
Have confidence in your idea and your ability to deliver it.
This is absolutely crucial, if you don’t believe in what you are doing then how are you going to get your customers to?
Much of this is around mindset and developing the mindset of a successful entrepreneur through daily practices, visualisation and (buzz word alert!!) self-care.
If you are already running a business then I’m sure you recognise these success tips and have a few of your own.
If you’re thinking of becoming an entrepreneur, then these are things to know before starting a business and will help you navigate some of the start-up challenges you are going to face.
It can be overwhelming to start your own business, but don’t let this put you off, the thrill of running your own business and escaping the 9-5 is nothing short of immense.
What are things do you wish you have know before starting your entrepreneurial journey?
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