Making your mark as a new small start-up can be tricky. You have to figure out what works for you as a business; what makes you profitable and desirable to customers. The trick is figuring out that formula and then making sure it’s a different formula than the one your competitors are using. Beating out the competition is a big part of finding success as a small business owner. Even if there is one company that has a monopoly over an entire industry, lots of little guys will try to imitate it in order to leave behind their mark. Keep yourself standing out, and coming out on top, from the competition every time by using these tips.
1) Make sure you’re in the right frame of mind.When you start a business, you need to make sure to start with a winning attitude – one that’s focused and motivated.
2) Be sure you are choosing the right business for you.Pick the business of your dreams over the business that’s profitable right now every time. Your passion and established expertise for what you’re doing will take you further.
3) Plan to succeed. As you create your five-year business plan, plan for success, but also plan to never give up. You will, of course, hit some speed bumps along the way, but the plan will be prepped to provide some insight into what to do next when, and if, they occur.
4) Put yourself out there.Even after the initial new business phase wears off, continue to introduce yourself and your business to other entrepreneurs. People enjoy doing business with people known around town.
5) Never stop learning and trying new things. As an entrepreneur, there’s always more to learn. Read articles and books, listen to podcasts, and have quality conversations with other entrepreneurs.
6) Keep organized.Have a plan ready, organize your thoughts, and move through business tasks strategically.
7) Work hard. Running a business, and running a successful business, are two different things. In the early years especially, you’ll find that small business owners never take a day off so be ready to get your hands dirty and dig in to the work for a long haul.
8) Hire the right people. It’s important to get the right people on your team; focused and moving in the right direction. Find the people that are truly passionate about what your business does.
9) Create lasting partnerships. Develop great relationships and trust with vendors and partners. You never know when a partner can give your business the lift it needs.
10) Take care of your business’s practical needs early on. Incorporate or form an LLC to protect your business’s legal property and personal assets, and to save on taxes. Get business insurance, set up a formalized payroll structure, trademark your business name, logo, and/or slogan, and always, always make sure you have back-up financial reserves for a rainy day.