Launching your own business can be scary, especially if you are new to the world of entrepreneurship. But know that taking that first step and actually starting your business is the most important step. The rest is just a recipe of trial and error, resilience, and perseverance. It also helps to get some good advice from seasoned veterans who have been where you are.
Here a list of “must-dos” by small business owners.
Give the Customers What They Want
A lot of times, business owners tend to think in the sense of “what can I offer the market?” but the actual question you should be asking is “what does the market need from me?”. Keven Gindi, the cofounder of Cheeky, says that you should test the market for demand before launching a product.
Choose the Right Credit Card
Most of us check things like low-interest rates, added benefits, discounts, etc. when choosing a credit card for personal use and that should be no different when choosing one for business purposes. If you plan on traveling for work, it’s also not a bad idea to get a credit card that offers travel points.
Have a Clear Business Plan
You should be very concise on what your business’s purpose is. According to Alison Cayne, founder, and CEO of Haven’s Kitchen, your business pitch should be able to be communicated clearly in one simple sentence.
Set Yourself Deadlines
Deadlines drive us to achieve things. That’s why a college student who spends his time idling the first 5 days of an assignment is able to deliver a decent one by pulling an all-nighter the day before its due. Self-imposed deadlines can help you stay committed and focused. You could set deadlines for anything from starting the actual business and drawing up a business model to achieving x number of customers in a period of time.
Know Your 3-Year Plan Before Launch
Alison Cayne says that having a 3-year plan before launching your business is mandatory. Yes, that might seem drastic, but that only means you’ll have at least that long to ensure that your business becomes profitable before you’re in hot water. You can be sure that you have the money to cover expenses, future costs, repairs, and purchasing for the next three years.
Build a Network
The owner of Ten Littles, Fatima Collins, says that starting a business isn’t easy and that a lot of entrepreneurs end up feeling lonely during their journey. She advises staying connected to other local small businesses to keep up-to-date on market trends and even to get valuable advice like this from others who may have had different experiences.
Keep the Feelings Out of It
I know it’s a hard ask to tell yourself to remove emotions from starting your own business, but not stressing about what it means will help you keep focused, logical, and sharp. Margaret Wishingrad of Three Wishes says that new entrepreneurs need to not overstress and be emotionally relaxed to ensure they bring their A-game.
Under-Promise, but Over-Deliver
Dan Gordon of Dan Gordon Printing has this famous saying “always under-promise but over-deliver”, which means that you should always give a little extra than what you promise your customer. If you’re not sure you can do everything the customer demands, don’t commit to it! Always aim to exceed the customer’s expectations, even if that means you have to set those expectations a bit low yourself.
