Starting a small business comes with both its ups and downs and it certainly isn’t the greatest career path for the faint hearted.
Truth be told, sometimes it’s somewhat like driving in heavy fog where the visibility is so bad that you struggle to see your own hand in front of you. There can be unexpected obstacles that blindside entrepreneurs, which is why anyone wanting to make a proper go of it needs to be fully prepared for such events.
Nonetheless, the longer you’re in business, the better you’ll be able to steer through the fog.
At Northants Accounting, we’ve been helping business owners steer through that fog for quite some time now and so we thought we’d share some of the basic fundamentals that soon-to-be entrepreneurs should be aware of.
Here are 4 of the biggest tips that every entrepreneur must-know to succeed when starting their very first small business.
Avoid The Statistics
In the business world, people love throwing figures and statistics around that say approximately half of businesses fail within five years. These are mere numbers which you should take with a pinch of salt. What you should do is focus on how to make your business part of the 50% that succeeds.
Bear in mind, many entrepreneurs decide to go into business because they were born to think, act and live in a different way to the masses. Most business owners are great problem solvers and they thrive when they are presented with a good challenge.
It’s not exactly the greatest thing to be thinking about, and of course, when starting your business, the last thing you want to be doing is spending time worrying about your business failing. Check out this article on reasons why businesses fail and how you can avoid doing the same.
You Will Have Rivalry
Do not dive head first into the deep pool of entrepreneurship thinking you’re the only fish basking in its waters. One thing that is certain is that you will have competition. You will stumble across both budding and established businesses within your niche – you just have to do everything you can to fight for your place in the market.
What you need to be aware of is this – you’re certainly going to face competition that is a step or two ahead. They may have deeper pockets, superior talent, snazzier branding and greater knowledge of your chosen market. But you need to find your unique selling point (USP) and capitalise on that so that you can ensure you get a place at the front amongst your rivals.
You have to be geared up for the fight, but do not let it discourage you. Without rivalry, your business would likely become complacent and lose its edge. So, embrace it and do everything in your power to come out on top.
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You Won’t Know Everything
Many business owners build their own empire as they’re experts in that field and decide that they no longer want to answer to someone else. However, what many business owners might possess in proficiency, they lack in business acumen.
Being the head of the table has its many perks, but it also comes with its responsibilities, too.
Things are constantly changing, especially in the business world, which means that you need to make sure you are constantly doing market research to stay ahead of the game.
Expertise and talent alone isn’t going to always be enough to reach the heights of success you have in mind. You need to learn and master all the aspects involved with running a business, but you also need to accept that you can’t do it alone.
There are so many factors involved with running your own business, including scalability, marketing, accounting, software, law and sales, to name just a few. You must learn to reach out to others and ask for help. Failing to delegate will result in you dropping many of your spinning plates.
Do Not Quit Your Job Just Yet
We’re not suggesting that you continue working for someone else for the rest of your life if your business really starts to thrive. But you don’t want to jump ship before you’ve built your own, either.
This is why the majority of business owners are so driven and have such good work ethic – they know what it’s like to work every hour under the sun whilst establishing their own business to bring in the bacon.
Similar to driving through a dark, foggy highway, starting your own small business can be pretty terrifying. But by following the above guidance, we hope to have helped you steer through the fog with more confidence.
If you’ve just taken over the driver’s seat, you may be panicking right now and wondering whether you’ve made the right choice. All you need is a little guidance and you should be off to a flying start.
If you’d like to get some more information on how to start your own small business, then get in touch with us today.