If you’ve thought about starting your own business, you probably have already googled for advice. You probably already know about where to look for funding, perhaps the best places to network. However there are some pitfalls that even people who have started their 2nd or 3rd small business still need to remind themselves of. A lot of struggling entrepreneurs perhaps seek advice in the wrong location, or even over-complicate the simple necessities of starting a new business.
Here are 4 small business tips you may not have read about.
1. Learn, then learn again.
Seeking out advice from business veterans is great, but the most invaluable lessons are the ones you learn yourself. You have to fail and fail early. This way you can learn the bigger lessons early on before committing to massive undertakings.
2. Stop making excuses.
This one probably seems like a no brainer, but you need to check yourself. Yes, financial burdens, fear of failing, time, money and responsibilities all add up and they may seem overwhelming. However, they’re not impossible. Worrying about business ownership is NORMAL. What you can’t allow yourself, is to slow yourself down from reaching your goals. Write down your obstacles, and start finding solutions. Write it all down, so it’s out of your head.
3. Keep it simple.
The ol’ tried & true. Just keep it simple. Write down your business plan, and keep your unnecessary features to a minimum. Know your scope. Don’t snowball your concept into something overcomplicated, or else you may just end up with a product or service that no one will look at.
4. What if you make zero money?
We all know over half of small businesses fail within the first 5 years, but the percentile that does struggle through, even coming close to bankruptcy, are the ones that remain agile. Perhaps you have to live without certain comforts. What if you didn’t take a paycheck for the first 2 years? Could you live with that? How about living with your parents or getting a small part-time job on the side? Have a backup plan just in case, this way the anxiety of your business failing could be lessened, knowing you will be okay if it goes south.