Did you just start a new business and have no idea how business is done? No one in your family was ever into the business profession and now you’re totally clueless on what you want to do. Worry no more! Here are some tips for first time business owners from our business experts.
If you have always followed the advice of “ grab every opportunity that knocks on your door”, you need to change who you take your advice from. This advice is definitely going to lose in the long run.
When you’re running a business, you’re not supposed to focus on every thing that you can lay your hands on. Figure out which business deals and projects are important, which opportunity would be beneficial in the long run and focus on them.
Consider why are you even starting a business? Did you start it because everyone is getting rich with this business? Or did you start is because you are truly passionate about doing that thing? The answer should be the latter one. If it is the first one, you’re bound to fail.
Saying that you don’t have any mentor or experienced person to back you up is just an excuse. There are thousands of online and offline resources that can help you in your business research. Make sure you do thorough research on what you plan to do.
Also, give a serious thought to whether you would like to spend continuous efforts and hours of your future life in this thing. If you can’t, don’t start a business.
Even before you start your business, you must be prepared with the question – “what does your business do or what is it about”. This is a question that is going to haunt you like a mad ghost. From investors to relatives, from partners to customers – everyone is going to ask you this question and you should make sure that you present your business in an impressive manner.
Remember that first impression is the last impression. A good elevator pitch can turn a random inquiry into a business deal.
You must analyse carefully about what you know and what you don’t know. While the first one can help you build your confidence, the second one – weaknesses are important to make sure that you stay sane and avoid petty mistakes.
Also, try to work on your weaknesses. You don’t need to learn everything or do everything by yourself. Business is about getting a particular set of people together and working together. If you’re not good at one thing, hire a person who is good at that. This way you would be able to cover all your weaknesses in an efficient and easy manner.
One of the least popular advice given to new business owners is about difficulties. While trying to motivate you, people forget to show you the real picture and tell you that it is going to be difficult. You won’t have fancy offices etc in a day. You won’t have big bank accounts and a line of customers. No one would pay you money that easily.
Understand each of this and be ready to face all the problems. When you’re ready to face a problem, you greatly reduce its intensity. Do that.
These are 5 tips for new business owners which we think can help them achieve better results in an easier manner. Remember it is all about how much prepared you’re. If you know the real picture, things won’t be difficult. Never ever.