While businesses open and close their doors every year around the country, there are many things that entrepreneurs look back upon and wish they knew. Hindsight can truly be 20/20 when it comes to running a successful business that sticks around. Those who find success are often great springboards for helping others learn from their experiences.
Here are 11 things to know before starting a business:
1. Delegate Online
It is tempting to try to do everything yourself, including branding, web design, marketing, product design, and so on. This is a fast track that will leave you overwhelmed and headed for failure. It is not necessary to hire a staff and deal with all of the difficulties of employees when you can hire the talent you need by the hour and only when you need them.
2. Don’t Have a One-Track Mind
You may lose interest in anything that does not have to do with your business—and you may wonder why others are not as enthralled with your business as you are. Don’t forget to maintain balance in your life and keep alive other areas of interest. Make time for things that are not directly related to your business, and you might find that by entertaining new ideas, you actually have more inspiration to bring back into your business.
3. Keep Your Goals in Mind
You probably decided to start a business because you wanted more time for yourself and less time at the office working for someone else. That is a great reason to go out on your own. But be aware that when you have your own business, you can’t leave your job at the office. You live your business. Your goal should be to automate as much as possible.
4. Have a Beginner’s Mind
Because you don’t know, you often come up with faster, simpler, better solutions. Just because others have done it one way, does not mean you need to do it the way it has always been done. Trust yourself and make a mistake or two, but you will probably emerge with the better idea.
5. Focus on Scalability
Ask yourself if your business model would be different if you made 100 widgets or 100,000 widgets. Ideally, the answer is no. A massage therapist can only work on one client at time, which you appreciate when you are getting a massage, but earning capacity is therefore limited. Computer apps are the ultimate scalability in that you design them, then launch them, and the number of downloads makes no additional demands on the creator. Creating and selling physical products is not as hands-off as digital apps, but if your manufacturing and distribution channels are in place, it can approach that degree of scalability.
6. Connect With Mentors
People who have more experience and are far more successful than you want to help and build ongoing relationships with you. Take advantage of others’ experience and kindness.
7. Know One Product is Not Enough
You have worked to create a product; you have brought it to market, established sales and distribution channels, and created brand recognition. If you only have one product, you are essentially wasting a majority of the time and effort you have expended. It is much easier to bring the second product to market because most of the work is already done.
8 . Plan Your Exit Strategy
This kind of strategy requires planning from the beginning. There is an art to structuring your business to look attractive to a potential buyer, and it is important to think about early.
9. Create Your Vision
Focus on creating your vision and allow the cooperating components to appear. We seem to think that our world is solid and that we have to struggle to move solid things around to succeed. But our world is more fundamentally vibrations and thought forms. How do you want your life to be? Create a mental picture of that, and live as if it is already done. The thought and the feeling always precede the reality.
“Just being more prepared and knowing these things can go a long way toward helping your business be more successful,” “The more prepared you are, the better off you will be.”