Starting your own business can be an overwhelming experience, there are many ups and downs. I wholeheartedly encourage everyone to try entrepreneurship, it can teach you skills that will help you in life as well as business. There will be nights that you’re up all night working, there will be days where you’re wondering if it’s all worth it. It’s all part of the journey.
After speaking to many entrepreneurs and through my own experiences, I have collated my 7 business tips for new entrepreneurs.
Create A Business Plan
A business plan allows you to put your thoughts into writing and make sense of them. Sometimes, what sounds good in your head doesn’t on paper. Include information like proposed services, 12 month/3year plan, budget, target audience. Having all of the information ready at your disposal will save time in the long run, plus it is required for business loans or grants.
Focus On Sales
Your business won’t get anywhere until you make sales. Many new entrepreneurs start working on the easy tasks like creating business cards, getting a website, writing a couple of blog posts. This is NOT what your focus should be on. You should be focusing on getting clients or customers so you can bring money to your business, not spending it before you’ve made it. Focus on selling your product or service to someone and consider doing some sales courses on Hubspot, Udemy or Alison.
Practice Your Pitch
Your elevator pitch is one of your most valuable tools as a business owner and will be used in the most unlikely of places. You will need a pitch so you can quickly and effectively get your business message across. Practice your pitch with a group of friends or other business owners to get feedback. Keep your elevator pitch under 60 seconds and make sure it conveys how your business can benefit your customer. You should consider having 2 or 3 different pitches ready for different buyer personas. For instance, you may be looking to get investment in your business – you will require a different pitch compared to someone buying your product.
Act Small, Think Big
You’ve just started out, you don’t need to be buying a company car or renting a big fancy office, the future is unpredictable. Be wise with your expenditure and make sure you always have cash in the bank (where possible), don’t splurge just because you can. Make sure that every cost put through the business is a necessity and not an impulse buy.
Listen To Your Customers
Your customers are the ones paying your bills, so you should be doing everything to make them happy. Conduct regular surveys and ask for feedback after each purchase so you can ensure your sales process is performing well. A dissatisfied customer will not always tell you if you don’t ask – if you do not know you can’t fix the issue.
Consider using a tool like SurveyMonkey to create your surveys, keep them short and to-the-point. If you aren’t receiving feedback, consider offering an incentive like a £10 Amazon gift-voucher.
Look After Yourself
At the beginning, you are your business. You cannot be out-of-service when you are the only one in your business, this is your livelihood. Make sure to eat well and exercise regularly and maintain your health. You are much more productive when you’ve had your five-a-day compared to when you’ve been living off take-out. Find time to take a break and recharge your batteries, you will thank me when you do!
Don’t Forget Personal Development
As you grow your business, there will be new skills that you require. If you have no experience in managing, consider taking a leadership/management course before you employ someone. Find one that is tailored to small businesses and not large corporations so it is suited to you. Websites like Alison and Udemy have great courses available, or you could search Youtube and see what free content is on there. You can learn a lot from Youtube!
If you’re starting a new business, congratulations! It’s going to be difficult, but you’ll strangely love every second. There will be ups and there will be downs, but in the end, it’s all worth it. Have a chat with us on Twitter @Squadhelp, we’d love to hear what you’re up to!