Tips to Launching a Successful Small Business
The Run Down
Even though the Covid-19 pandemic has led us to one of the toughest economies to work in, business startups have been on the rise. Last summer was a record-breaking number of Americans who applied for Employer Identification Number (tax IDs for businesses). We are talking about businesses that intended to hire employees here, not your typical independent short-termed gig.
Whether driven to establish a start-up because it’s still challenging to find a job in this competitive business environment or because with today’s affordable advanced technologies, and most people working from home, it’s easier and less costly to start a small business.
Before you leap into becoming and entrepreneur, there are some things you should know. Here are 5 tips to creating a successful foundation for your business.
Protect your time. We all know entrepreneurs wear many hats. It’s easy to get pulled in multiple directions and spend your time and energy in the wrong ways. Exercise asking for help when you need it, take time for yourself, and delegate by putting the right team in place to ensure you can focus on your job of running the business.
Enjoy the process of uncovering your unique talents. We all have concepts of what success looks like based on examples of other successful leaders. It’s important to be yourself and to not be anything you’re not. Yes, there are times when you must tailor your communication style to appeal to specific audiences, but don’t lose yourself in the process. Your unique qualities is what will attract people to join you on your path to greatness.
Mistakes are going to happen. At the end of the day nobody is perfect. Mistakes are part of the startup process and if you’re not making them, you’re not innovating. The key to overcoming mistakes is to address them head-on as soon as they arrive, communicate with whoever needs to be in the loop, develop a strategy to solve the challenge, and most importantly, learn from it.
You must evolve with your business. With growth comes change, that won’t always be comfortable. Sometimes the most amazing people you’ve worked with in the past won’t be as amazing working for your business. You’ll have to learn to make tough personal decisions that will allow you to focus your time on what matters most. Keep the people who support your mission close and together you’ll be able to grow your powerful empire.
Be a student of your craft. You don’t know what you don’t know. It’s essential to understand both the science and the art of entrepreneurship. Knowledge is power, it never hurts to learn new things that could potentially help your business grow. Always be a student, continue to read, learn, and understand your options.