Nine helpful tips for anyone starting a business…

With every day that passes, more entrepreneurs are springing up with new businesses that are solving different problems across different capacities.

This is a very profitable trend that is quite refreshing to experience in this age and time. More eyes have opened to the vast opportunities that entrepreneurship can bring and this has been a game-changer for a lot of people who didn’t necessarily enjoy their 9–5 careers.

There is also a report that a majority of entrepreneurs start their businesses using mostly just their savings. This means that there needs to be a lot of micro-managing at the beginning stage, just so things can get running.

If you’re planning to launch your business anytime soon or you just recently launched one, we’ve put together nine helpful tips that will help you not just start your business right, but also ensure that you are well-positioned for fast scale-up.

1. See yourself as an entrepreneur before anything else:

When starting your business, you will get a lot of unsolicited opinions from people who might be either clueless or just bad vibes. Don’t let anyone’s bad vibes or discouragement get to you.

Stay focused and get ready to address every obstacle that comes your way as an entrepreneur and goal-getter. There are certain things you might not consider ideal to concern yourself with on a normal day, but as an entrepreneur, the exact opposite is the case. Every and anything relating to your business is your concern, as it should rightfully be, so take charge of your business, both physically and mentally.

2. Be prepared to work even harder:

Many people quit their corporate jobs because they believe it’s too stressful and entrepreneurship might be an easier way out. If you’re one of such people, it is important that you completely do away with any of such thoughts, because the reality is the exact opposite.

Being an entrepreneur and a new one means that you need to make up for the extra hands that you do not have at the beginning. Be mentally prepared to make things work, even if it requires you to work overtime.

3. Set concrete goals and objectives:

Setting goals for your business helps you create a clear path for growth and will guide whatever decisions you make at every point in time. While setting these goals, ensure that they are SMART, i.e.

Specific

Measurable

Attainable

Relevant and

Time-bound.

4. Prepare your marketing mix:

A marketing mix is very key when planning your business marketing strategies. This comprises of the 4Ps which are;

Product — Make sure your product has been developed into something that your market needs or wants.

Price — Conduct your market research and ensure that the price is right for both the business and the customers.

Place — This is where you concern yourself with where you intend to make your products available to the customers. Ensure that wherever you choose to market your product is a place that is quite convenient for your customers to access.

Promotion — How do you intend to market your product or spread the word about your product? This is where you figure that out.

Using this 4P method, you’re certain of a well-detailed marketing strategy.

5. Avoid bad hires:

Every business and most importantly, every small business needs to have capable hands who do not need micromanaging because in most cases, you’re already understaffed. When hiring, make sure that they are not only good at what they do but that they also possess positive attitudes and soft skills that will always come in handy for the scaling of your company. You also need to make sure that they can easily adapt to change because as a small business, change is inevitable and you need people who can easily join in and get the train moving.

6. Learn the art of social media:

Social media has become a very important part of marketing, considering the number of hours people spend there and it would be only wise for anyone who wants to start a business to understand the proper workings of social media and how businesses are making use of it to not only sell but to get insights about their customers and build quality relationships with the users of their products and prospective customers.

7. Always be ready to show and tell:

Not everyone is good at talking about what they do, and this is quite understandable. However, as a business owner, you must be ready to talk about your product or offering and how it works at every point in time because you never can tell where you will meet those ready to buy or invest in your business. A quick hack for anyone who isn’t great at initiating conversations will be to have a page either online and offline that contains all the important information that you will need in this scenario.

Make sure that this page, wherever it is will always be handy and easy to access whenever you need it.

8. Surround yourself with a board of trustees:

Having people whose expertise, principles and judgements you trust are important in not just starting a business, but helping you scale-up the business. Sometimes being the one on whom the survival of the business solely rests on can be a very emotional and demanding task. You need to have other people who can also bear this responsibility with you and give you rational suggestions when needed.

9. Keep track of your figures:

This isn’t just about money management and being in complete control of your finances at all times, it’s ensuring that every kobo that comes in or leaves your business is taken into account and properly recorded for future purposes. One key thing that attracts investors to a business is a business with well-organised numbers.

You need to track your figures and know your numbers at the back of your hand.

Starting or running a business is not a walk in the park, but don’t let that put your spirits down. With the right ideas and attitude to work, you will pull through.

For what it’s worth, you must develop deep convictions and believe in your strengths and capabilities, and never be afraid to learn something new.

When you learn new things, you can identify things to improve on in your business daily.

You’ve got this!