Practical Business Startup Tips

on July 24, 2014 Business Life, Startups with 1 comment
Practical Business Startup Tips

Nothing can be as exciting as the first day of business. You have spend weeks to months preparing and planning, covering every bit of nuances that you can think of. So what now? Where do you go from here? Like a great sports brand says “Just Do It”!

Here’s some practical business startup tips to take you through your first year of business.

 

Plan well but being well planned doesn’t mean there will be no problems.

By all means start the first day as well planned as you can, but business is not a science. It is science plus art. You are dealing with humans with free will interacting in an unpredictable environment. So be prepared for some problems and don’t be discouraged if they do pop up.

 

The early boost to your business is invaluable.

An early boost to your business will come from your own network. Get the word out, ask friends to help spread the word, some friends might become customers. It gets quite difficult if you start a business where no friend can be a potential customer or knows someone else who can. In such circumstances, make sure you have an adequate advertising and promotion budget to punch through into customer acceptance.

 

Don’t listen to useless advice.

Useless advice like thinking big deals (before you are ready), or planning for expansion in your first few months don’t do anything to get you focused on the single most important objective. Trust me, if the (sales) numbers agree, you will plan for expansion without having to tell yourself. Instead, focus on getting your first customer, making them happy, then finding MORE customers. Sales is the lifeblood of your business.

 

Don’t listen to naysayers.

There will be many naysayers in your life. Most of them come from selfish intent. It may sound so genuine, but that friend may just not want to you succeed. They may appear to “troubleshoot” problems about your business model with you, but they are really trying to discourage you. It is also important to discern between good negativity and bad. If those close to you who benefit from your success are all sounding the alarm bells, then perhaps it is wise to take heed and look into the issue.

 

Be objective about your emotions, if possible.

Starting and running your own business can be nerve wreaking. You stop having a safety net of monthly pay to aim for a much bigger goal of financial freedom. However, in the early years when the business is still being nurtured, you may get bouts of anxiety or even waking in the night with stress. Don’t worry about tomorrow or the week after, you can only solve the problems during working hours. If you are regularly getting anxious, then perhaps you have risked too much. I talk about this in this article “Should I Go All in”. It’s sort of too late for you, but perhaps you can take in a business partner to share the load.

 

Pace yourself.

I know pumped up Entrepreneurs are hardworking and all ready to burn the midnight oil but you need to pace yourself. Lawyers and  investment bankers can work 16 hours a day because if they burn out, they can go on medical leave and the law firm or investment bank will still continue to run without them. Your business can’t run without you. So work hard, but pace yourself. Work overtime if you have to, but do it at a pace you can sustain.

 

Remember to network.

Be sure to keep meeting people. If you work from home, make sure you go out, meet friends and acquaintances, refresh old work relationships. You never know when you need their help or they need yours.

 

by
Dan Tan

1 Comment

  • Steve smith
    on June 12, 2015 Reply

    I agree with you, Dan. From my experience never chase money because it won’t lead to long-term success. Great tips keep rocking.

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