If anyone says that
starting your own business is easy or relaxing, they are lying. It can be a
long and difficult process but the payoff can be more than you ever imagined.
Having your name on the company and being responsible for it’s future is a big
risk but if you do your research, have a great team around you and perform a
few of these tips below, you might just make it.
1) Believe in Yourself
Beginning in the business world is a scary
endeavor. There will always be a bigger company with more experience and more
funds to possibly run you out of town. But you started your business for a
reason, remember? Maybe your product is healthier or safer. Maybe your service
is easier or better for the environment. Whatever the reason, you wanted to
make a difference with your business model and you thought it was successful.
And if you found lenders or investors, than that means that others thought your
idea would be successful as well. Remember these facts when you have bad days
or slow weeks at your business, because there will be those, but if you don’t
continuously believe in yourself or your business, how do you expect others to
do the same? If you keep your passion, others will recognize it and want to
work with you.
2) Never Stop Promoting
When you open your own company, your first order
of business should be to let people know that you are there and you are open.
If that means finding a marketing agency to work through, using social media
profiles or print and television ads, you have to begin promoting yourself.
Depending on the type of business you are, you should have a focused, marketing
strategy for your company. For example, if you are opening a new neighborhood New
Orleans wine bar, you should let the local
residents know, then use other forms of marketing to let others know about
daily specials, bands and entertainment nights or any other pertinent
information. But once you begin promoting, never stop. Always have cards and
information to relay to new customers. You have to keep your name out there for
people to stay interested and informed.
3) Don’t be Afraid of Debt
Everyone knows that opening your own business requires money and a
whole lot of it. Opening your own business can cost anywhere from
$20,000-$100,000 respectively and unless you have that kind of capital from
other ventures or a trust, then you are likely going to incur that amount in
the form of debt. The strain and stress from debt and collection is often what
causes the most anxiety in business owners. Just know that you may be seeing
those high credit bills for at least 2 years after your business opens as it
usually takes new businesses that long to turn a major profit, but if you are
at least breaking even during the first year or two, you are doing pretty well.
4) Have Outlets for Stress
If you are feeling particularly stressed by the
responsibilities of having your own business, you cannot let that stress
overtake your life. It can be detrimental to your personal relationships, your
family and your free time. Finding beneficial outlets for stress will be one of
the best things that you do for yourself. Some use exercise, some find new
hobbies, new activities to try, whatever the outlet is, be sure to recognize
that time as a stress reliever. You need to have outlets, or else otherwise
that feeling of being overwhelmed with stress can overtake your life and bleed
into your business life as well.
This post was written by M.G. Bachemin in
association with Pearl Wine Co. She’s
a supporter of small businesses and entrepreneurs.
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