Starting a business is equal parts terrifying and exhilarating. One of the most important aspects of building a sustainable business is creating a strong foundation—sustainable growth supported by rock-solid systems!
Here are 7 business tips every early entrepreneur should follow to ensure they’re building on rock instead of sand
Define your vision and mission
You don’t always start with clarity but there are too many shiny objects out there to make any measure of progress without having laser focus on where you’re going. You’ve got to know want to achieve and why. Ask yourself questions like
- What problem does my product or service solve?
- Who is my target client/audience?
- What values do I want to uphold?
Your answers will guide the overall direction of your company and attract likeminded customers to you.
Develop a comprehensive business plan
It doesn’t need to be fancy, complex, or even formal. But you should have a plan. In general, a business plan outlines your goals, strategies, projections, etc. This becomes your roadmap, guiding your business decisions and providing a growth strategy.
Developing a business plan will cause you to research your competitors, your market, and potential challenges. It will help you identify your unique selling proposition (USP) and what you want to be known for.
Practice responsible financial management
Yes, I think you need a budget. And yes, I think you need to stick to it as much as possible. It’s so easy to get caught up in the excitement of setting up a business and signing up for ALLTHETHINGS. But staying on top of your finances and understanding profits and losses is key to surviving as a business!
Having a streamlined way to pay and get paid is also important to being a professional. Utilizing this easy to use payment processing app or others like it allows you to keep things simple and streamlined.
Build a strong online presence
There are few businesses who can thrive without setting up digital real estate and avoiding online platforms will only keep your company in obscurity. Even if you don’t need to be online to conduct business, being discoverable will only help new clients find you. Your website, social media profiles, and online reviews all contribute to your visibility and reputation.
Focus on your client experience
Seasoned freelancers know the value of returning clients and referrals! Satisfied clients are more likely to return and recommend you to others.
Listen to your clients, respond to feedback, and keep looking for ways to improve (with both internal and external systems). Offering personalized experiences will set you apart from competitors and help you create long-term relationships.
Surround yourself with the right team
Even if you’re a sole proprietor, you can’t make it alone. Surrounding yourself with a team who shares your values and complements your skill set will help your business grow! Seek out mentors, advisors, or industry experts who can provide guidance and support. Learning from others’ experiences can help you avoid common mistakes and accelerate your business’s growth.
Stay adaptable and open to change
The business landscape is constantly evolving and it’s essential to stay adaptable. Pivoting, flexing, and making changes allows you to stay relevant and nimble so you can recognize good opportunities as they come.