Accountability Mindset Productivity

Advice (from experience) for New Business Owners

Today, I wish to share advice (from experience) for new business owners. New business owners often face a lot of pressures when they start out in business.  At the time of working on this blog, I have been in business for over four and a half years.  It is only in the last year or so that I am starting to make the necessary breakthroughs that I have been working towards during my time in business.

Make a name for yourself

Nobody, going into business for the first time, can appreciate how difficult it can be to become established and make a name for yourself.  When I went into business, I now realise that I could have been better prepared. I should have realised how long it may take for things to start happening in a good way.  I have come up with some tips to help you succeed, based on my own experience, that I have listed below.

Tips to help you succeed

  • Expect to put a lot of time and effort into setting up and developing your business.
  • Research your market and competitors and determine your niche market. Consider who you are going to have to compete with when marketing your services or products.
  • Ensure that you have a Unique Selling Point (USP) to stand out from the rest.
  • Have a Business Plan and clearly show what you intend to do and when.  Review and update it regularly.
  • Establish a good list of contacts.  Think about other people that you may be able to work with to make your business succeed.  You may be a sole trader, but you still have to keep the on the right side of HMRC and the law. You may need to use accountants, suppliers, distributors etc.  Find people that you trust to work with – perhaps other local business owners that you may meet at networking events, for example.
  • Put the hours in.  At the same time, be productive – no, it is not the same!  It is all too easy (as I know from experience) to work long but unproductive hours.
  • Step outside your comfort zone.  Try new things and don’t be afraid of changing your plan if it is not taking you to where you wish to be.
  • Don’t be afraid to ask.  Ask for help if you need it. Successful business owners will often be only too pleased to help you by sharing their knowledge.
  • Continually re-assess what you are doing and why certain things are working whilst others are not.  Learn from your successes as well as your failures.
  • Have fun!  If it is not fun anymore, why do it?

Need more advice (from experience) for new business owners?

Check out my previous blog post on this: Propel yourself to success

I regularly write posts on LinkedIn, aimed at other business owners, so you may wish to check my profile and posts out there.

I hope that you have benefited from me sharing my advice (from experience) for new business owners. Please get in touch if you need further help.

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