Do you dream of building a successful business?
You can build a successful business. Many people live the dream of entrepreneurship and so can you.
Don’t confuse business ownership with complete freedom. Business ownership requires discipline, courage, planning and persistence. You have to hustle, but you can do it.
The following 10 tips will help you build your business.
Simplify your life.
Get out of debt.
Stop taking loans. Pay off the ones you have. If you are in a bad relationship, end it. Reduce your expenses. Move into a smaller place. Stop eating out. Brew your own coffee, or give it up. It’s bad for you anyway. Sell your car. Move somewhere you don’t need one. Ride a bike or walk.
Imagine you had to pack everything that is important to you in one suitcase. What would you take? Sell, donate, or junk all the stuff you have collected over the years. Stop buying things you don’t need.
Learn to say no to people. Meditate every day. Minimize your time on social networks.
You will find that simplifying is incredibly liberating.
Invest in your business.
You can start your business inexpensively, but you can’t do it for free.
How you invest in your business will have a major impact on your success.
Extra business tip: If you want to start a location independent business. Learn from those who have done it. Read books by successful location independent entrepreneurs. Find out about the challenges with location independent businesses. It is important to have a clear understanding of what you are getting yourself into.
Invest in technology. You will need a laptop with long battery life. You also need a website and if you don’t know how to set one up pay someone to help you.
Be frugal, but understand that business requires a financial investment.
There are several reasons you must network if you want to succeed as an entrepreneur. One of the reasons is support.
Reach out to others who have similar goals. You can support and learn from each other. Your network can help you sell more. It will help you reach farther.
A key part of networking is that you have to give before you get.
As you reach out to people, think of ways to be helpful. Offer to help before you ask for help.
Keep your network professional. You might develop friendships down the road, but that’s not the goal. You are not looking for buddies to hang with. Keep it professional.
Find a mentor.
Many famous entrepreneurs you know of had mentors. If you want to succeed as a business owner reach out to one that has made it a success.
First rule in finding a mentor. Don’t use the work “mentor”. It scares people. It sounds like a big commitment.
Expect to be turned down. People are busy. If a potential mentor turns you down, keep searching.
When you reach out, don’t ask the person to become your mentor. It will most likely end in a “No.” Instead, ask a question. Make it short and to the point. If you get an answer to your question, be happy.
Avoid being too needy. Only ask answers you couldn’t find answers to on your own.
Start in a familiar niche.
Start brainstorming about business ideas familiar to you.
Ask questions like:
- What is my passion?
- What is my professional background?
- What experience do I have?
- What jobs have I enjoyed the most?
I understand that you want to succeed in business. I want to help you increase your chances of business success.
Focus on your personal and professional life. Can you improve something that is already out there? Can you think of a better way?
Most entrepreneurs start businesses in areas familiar to them.
Learn to sell.
If you want to succeed as an entrepreneur, you have to learn to sell.
Not a born salesperson? No problem. No one is. It is a skill anyone can learn.
There are countless books, seminars, conferences, and websites dying to teach you to sell.
Take selling seriously. It is a must-have skill.
The ability to sell separates wantrepreneurs from entrepreneurs. Even if you are an introvert, you can become an excellent salesperson.
Starting a new business is a challenge even for experienced entrepreneurs. One of the most significant challenges is to determine what you spend your time on for maximum results. I once heard someone say “busy is just another form of laziness.”
It’s easy to stay busy, but it’s difficult to be productive.
You are the boss. If you aren’t pushing yourself to succeed no one will do it for you. In the beginning, it will be mostly a one-person operation. You’ll have to juggle a million things you could be doing.
Ultimately, you will succeed if you can focus on the few things that make a real positive impact on your business.
If you can figure that part out, you will go from solopreneur to entrepreneur.
I wish I could tell you that “get rich quick” is a reality, but I don’t want to fool you. Whether you create an online store or start a brick-and-mortar business, you are going to have to make a real commitment. It takes years to build a successful business. It’s more about your journey as an entrepreneur than a destination.
Focus on making progress instead of comparing yourself to those who have been entrepreneurs for years.
Join a mastermind.
If you have read the iconic book called “Think and Grow Rich” by Napoleon Hill, you know the power of mastermind groups.
Your mastermind group will help you to learn, share your ideas, and make better decisions. Mastermind groups interact several ways. Some are in person; others are real-time online or asynchronous, similar to an online forum.
Mastermind groups give you peer-to-peer support. You can join existing groups or start your own. You might reach out to some entrepreneurs and invite them to your group or ask to join an existing group.
Adjust as needed.
Entrepreneurs that succeed can pivot when necessary.
Mike Tyson once said “everybody has a plan until they get hit.”
Be ready to adjust as your needs change, or your customers’ needs change. For example, if you offer marketing services for small business, you have to be ready for new technologies and changing marketing tactics.
As you pivot, you are moving your business toward new opportunities. You might try selling your services to new markets or offer new services to your existing customers.
Embrace change and you will stay relevant.
Always be ready to try new things.
It is scary to try new things, but it is the only way to grow as an entrepreneur. Making adjustments can also reinvigorate your business. All businesses must evolve if they want to stay current with their market and stay competitive.
Embracing the status quo is a sure way to become irrelevant.