10 Tips on Starting a New Business
Starting a new business can be overwhelming. You have to consider what products or services to provide, which type of customer you want to work with, and how to earn enough money. These 10 tips help the small-to mid-sized business owners make the right choice.
#1: Create your list of services. Don’t try to do everything. If you’re doing consulting, be specific about the type of consulting you want to do.
#2: Find your jam. In other words, what niche do you want to work in, and how will it differentiate you? Your jam can be anything from your ideal industry, to the services you provide, to the software or apps you use.
#3: Determine your business structure. Depending on what type of business you have, you may need to set up a sole proprietorship, partnership or company. Check with your accountant, or lawyer, to determine the best structure for the type of business you run.
#4: Design processes. Think about what processes would help you – lead tracking (essential), onboarding new clients, finances and weekly/monthly/quarterly processes.
#5: Establish revenue streams. Plan for your revenue stream. To develop these, look at your core services and determine what other things you may provide.
|#6: Get out there. “Remember Field of Dreams,” where Kevin Costner kept hearing a voice saying, “If you build it, they will come?” That’s the mistake many small business owners make. They decide to open up shop, so they set up a website and expect to immediately have clients. To get clients, you have to work hard. Social media, in-person networking, online forums, asking for referrals … there are many ways to get new clients. Make a plan. If you don’t know how, read #7.
#7: Hire professionals. To run your own business, you need to know a lot, but not everything. It pays to invest in your business by identifying the gaps in your knowledge and getting help. Maybe, it’s a coach, a bookkeeper or a marketing person. Even if you have the skills, as you get busier, outsource administrative tasks so that you can focus on your core business.
#8: Be accountable. Get an accountability partner – join a roundtable, or find another small business owner. Meet regularly and share your plans. Get feedback.
#9: Review and Analyse. Are things working the way you expected? While you have to give things a while to take root, there comes a point and time when you need to make changes. Which brings me to #10.
#10: Adjust. Are your processes working? Do you have enough time to serve your clients? You’ll want to make periodic adjustments, based on your activities and your goals for the business