82% (or roughly four out of five) young people express a desire to start their own business and become their own boss. As we well know, sadly, most of them will not succeed in that endeavor – but some of them will. Some of them may simply start a side hustle that brings them greater financial freedom. Some will eventually ditch the 9 to 5 and create a successful small business. And some of them will go on to truly great things, empowering their communities and creating hundreds or even thousands of jobs. Whatever stage you’re in now, we take a look at ten top tips that will set you up for success.
1. Plan, research, evaluate – and adapt if need be
Having a solid business plan, thoroughly researching the market and your potential customers, and validating your ideas before you throw all your capital at them might not be the most glamorous part of being an entrepreneur, but doing your homework and having as much information at your disposal as possible is the best insurance there is.
2. Don’t expect an easy ride
One of the things that draws many people to the idea of being their own boss is the chance to escape the 9 to 5. Ironically, most entrepreneurs end up having to work much longer hours to get their idea off the ground! Be prepared for this mentally and make yourself more resilient physically by not neglecting your health and making time for stress relief. Eat fresh fruit and veggies rather than trying to live off fast food, drink water -not just coffee and energy drinks- and make time for some light exercise. You simply won’t have the energy and vitality necessary in the long haul otherwise.
3. Find a mentor and/or online communities to act as a sounding board
Much has been written on the power of having a good mentor in business – or indeed several of them! Try and connect with the business leaders who inspire you, follow them on social media, join a local entrepreneur support group, small business incubator, government-run business development entity, or online support and advice platforms. You really don’t have to (or should) go it alone.
4. Keep a tight hold on your finances
If there’s one problem virtually every small business faces, it’s cash flow. Never squander any profits you make but reinvest them back into your company. One of your very first goals should be saving up a financial reserve or safety cushion of at least one month’s worth of expenses to see you through the tough times – because they almost certainly will come.
5. Set incremental goals
While your ultimate goal might be to create a multinational corporate giant, it’s going to take baby steps to get there – at least in the beginning. Rather focus on setting and achieving small milestones and consistently building on your success. If you don’t manage to reach a milestone, use it as an opportunity to learn and create a better strategy.
6. Use your frustration as inspiration
To quote famous entrepreneur Sir Richard Branson: “The best businesses come from people’s bad personal experiences… You think, ‘well I could maybe do it better than it’s being done,’ and there you have a business.” Always remember that the most successful entrepreneurs and businesses are the ones that best solve their customers’ problems.
7. Do what you do best, and outsource the rest
After cashflow, a lack of time is probably your average entrepreneur’s biggest complaint. Luckily, with so many platforms nowadays where you can find freelancers or outsource projects, and the ease of finding and comparing companies that offer the services you need affordably, you really can create more time if you need it. From finding someone to write your blog posts or manage your social media via platforms like Upwork, or outsourcing your IT requirements to companies like Tech Brain, keep your focus on the tasks only you can do.
8. Don’t let the desire for perfection prevent you from getting started
When you’re emotionally invested in your business idea, launching before you feel your product or website is 100% perfect can be difficult. Letting this stop you, however, is a big mistake, as perfection – or as near as you can get to it – can only be achieved through making mistakes and learning how to improve.
9. Encourage honest feedback from your customers and employees
While support and encouragement are nice, your biggest critics can be your most valuable source of feedback! Ask your customers and those around you to be completely honest with you, especially when their critiques are less than flattering.
10. Always be on the lookout for opportunity
It’s a rapidly changing world out there and becoming a lifelong learner – always on the lookout for new ways to gain knowledge, network, or tap into new resources – will stand you in good stead to take advantage of opportunities when they present themselves. Keep your eyes and your mind open!
