Things I Wish Someone Had Told Me My First Year In Business
To some extent, everyone has stars in their eyes when first starting a business. Our brilliant idea is fueling our passion and drive to get started, and with little thought to strategic planning, we rush forward to make our dreams a reality--we will surely become the next Fortune 500 on Forbes success list, and it’ll be easy peasy, right?
All too soon, we find ourselves smack dab in the throes of the first year of business, at times disillusioned by disappointment and the struggle that we face in bringing our idea into physical form. Who knew it would be so doggone hard to make our mark on the business world?
The following information is a manifesto of sorts; a little treasury of business advice from me to you; learn and grow from my first-year mistakes and experience in hopes that you can jump over some of the hurdles to success that I nearly tripped over in trying to rise to the top. Here are some things I wish someone had told me to prepare for during my first year in business:
● Adopt a “win-win” mentality. From the minute you go live, every decision you make must positively impact those you interact with--clients, vendors, employees, investors; they all must benefit from the choices you are making, or there will be little motivation to continue a relationship with you and your company. Thinking only of yourself and your prosperity is a road to sure destruction, as others will quickly see right through selfish motivations for doing business. Focusing on relationship building and trust with all types of people will ensure that when you need support, it will be there.
● Foster more than one passion. You might have one passion that fuels your initial business idea, but you must be open to learning, growing, and developing other ideas that are marketable in order to stay competitive. Invest some of your capital in continued education and personal growth, and you’ll be surprised at how your growth as a person will positively impact the growth of your business.
● Be financially responsible. Although it might be very tempting to take your family on that well-deserved vacation with your first big commission check, you need to make sure that your financial obligations to creditors, customers, and vendors are all satisfied before you even think about spending money. Balance those books, keep impeccable record of revenue vs. expenditures, and soon you’ll be able to enjoy some of the perks of being your own boss.
● Learn the value of the word “no.” When it comes to business building, sometimes you have to say no--no with regard to time demands, money spent, and even the types of clients you desire to create relationships with. Your time, talents, and efforts are all valuable; learn to stand up for what is truly important when building your business, and let lesser matters fall to the wayside.
● Don’t be afraid to go deeper. Once your business is off and running, many people seek out ways to offer products and services that could bring in additional revenue. Often, their initial idea could be further developed and perfected in a way that dominates the market, and they miss the opportunity to shine because of a driving need to do more, make more. Spend some time investing in your original idea and see how far you can take it in development to make it truly valuable to others. You’ll be a market master in no time.
● Hire out if you don’t have the time or talent. Quite often, a business owner will attempt to do too much during the initial startup phase of a business in an effort to save a few dollars. Know your talents, and don’t be afraid to invest a little marketing money in talented people that can do the work for you. If you are not internet savvy, consider hiring marketing professionals who will boost your Google ratings through the roof. If the thought of writing regular blog posts scares the daylights out of you, then hire a fantastic writer whose persuasive talents can market a ketchup Popsicle to a woman wearing white gloves. Your investment will pay for itself in dividends when your time is freed up to focus on more important matters that you excel at.
MaxGroup: Your Solution For Business Success
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