Running your own business can be one of the most rewarding things you鈥檒l ever do 鈥� but it will be one of the most challenging, too. You鈥檒l need to be prepared to wear lots of different hats, to take the rough with the smooth and be prepared to work as hard as you鈥檝e ever worked if you want to succeed.
So what will help you to hack it as an entrepreneur? Check out our ten top tips for success.
1. Make a Plan
You probably already have a vision of what you want to achieve. A business plan will help you to break your vision down into achievable goals and ensure you have a strategy to follow right from the get-go.
2. Keep an Open Mind
Sometimes you have to change tack when you encounter an unexpected obstacle 鈥� being forced to find new premises, for instance. If you can stay flexible and think creatively, you鈥檙e more likely to weather the storms.
3. Know Your Strengths
If you can build a business that makes the most of the things you鈥檙e good at, you鈥檒l enjoy the work and have a better chance at success. It also helps if you recognise those things that don鈥檛 fall within your area of expertise so you can delegate them to someone else.
4. Never Stop Learning
There won鈥檛 be a time when you know enough. By continually acquiring knowledge and expertise, you鈥檒l open up fresh opportunities for growth and development 鈥� and you鈥檒l be able to spot a winner when you see it.
5. Ask for Help
Don鈥檛 expect to go it alone. Seek advice, accept help and look for mutually beneficial collaborations wherever you can. Bounce your ideas off people you trust to give you honest feedback and listen to what they have to say.
6. Watch Your Cash Flow
It鈥檚 the most valuable asset you have, so don鈥檛 fritter it away. If your cash flow dwindles, check your gross margins aren鈥檛 too low or your overheads too high, that your payment terms aren鈥檛 overly generous or your billing procedures lax. Make it a priority.
7. Know Your Market
There鈥檚 no substitute for real-life research, so make it work for you. You鈥檒l need to know who your audience is before you can sell to them (clue: it鈥檚 never anyone and everyone) so try to be as precise as you can.
8. Learn How to Negotiate
Being a tough negotiator means you鈥檒l have a better chance of protecting your cash flow and will help you turn a profit even in a tough economic climate, so always aim to get the best deal you can.
9. Be Resilient
You will inevitably be faced with setbacks and disappointments along the way 鈥� it鈥檚 the nature of being in business. It鈥檚 important to keep your focus on working steadily towards your goals and to keep problems in perspective.
10.Add Value
If you focus your efforts on how you can help your customers to be more successful, you鈥檒l find yourself automatically shaping your business to deliver the kinds of products and services your customers really need, which will make you their supplier of choice.
