Starting a small business is an exciting but daunting task. Entrepreneurship comes with many challenges, but with the right advice you should be able to circumnavigate any obstacle that comes your way.
From the right mindset to self-promotion, if you follow these guidelines, the process of starting your own small business will be smoother and more structured.
1. Adopt a Learner’s Mindset
Be curious, share your ideas and accept feedback from everybody. You must love your business idea, but not too much. Learn to take criticism in a mature manner, and not only outwardly. Give sincere consideration to the objections of others, since they may be helpful to avoid problems in the future. Don’t be afraid to put your ideas out there, and try to learn from everybody.
2. Keep it Simple
We know it: you are getting started and not scared of dreaming big, but that’s precisely why you should strive to keep things simple. An overly enthusiastic approach can lead to overspending, which may be fatal for a fledgling company. Be mindful of the costs, and try to invest only in what’s truly indispensable at this stage of your business plan.
3. Don’t Be Afraid to Self-promote
This is the time to tell the world about your business ideas. Give away your products, if it helps. Talk about your brand to anyone who would listen; that’s the right way to channel your entrepreneurial enthusiasm. Your love for your business and your ideas can be contagious, and you never know who you can come across in an elevator or a waiting room. Who knows? The person sitting next to you might be a potential partner or the client that allows your company to get its big brake.
4. Build Your Team
It’s important that you surround yourself with a team you can trust. Hiring friends isn’t out of the question, as long as they share your vision and are able to respect professional boundaries. However, any hire should be willing to work really hard, since that’s what it takes to get a company off the ground. When it comes to your first team, commitment, honesty and a sense of shared values are the qualities you should look for.
5. Get Clients Lined Up
Don’t wait to look for clients until your small business is officially open. If you have been an effective self-promoter (see point 3) you should have at least a couple of potential clients willing to make business with you. Keep in mind that no company can survive without customers. Furthermore, getting off to a good start can make all the difference for your business.