Becoming a business owner is one of the most rewarding career paths you can take. There’s nothing quite like growing a successful company from scratch. The limitless earning potential is very exciting too. Nonetheless, managing your venture can be very stressful, which is why you must take the right steps to keep stress at bay.
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It is not something that anybody likes to do. But when you are running a business, you've got to learn how to hold the mirror up to yourself. For the first 12 to 18 months of any business' existence, there can be that feeling of flying by the seat of your pants. When you overcome this difficult period, you have to learn to address weaknesses. But more importantly, you need to turn these weaknesses into strengths. And while we can't be good at everything, it can be demoralizing to address where we are going wrong. So how can we do this in a constructive manner?
Get Guidance From An Exterior Source
Trust is pivotal to business progression. When we are looking to address our failings, it's important to find an exterior source that is impartial. When you get the guidance of someone that you trust it could become heated and personal. And when we start to get exterior help through technical processes whether it's something like an Office 365 assessment or putting a key business process out for feedback, guidance from an exterior source can result in more constructive criticism.
It is difficult to bring someone in from the outside but when they are impartial, this can yield significant results. If you decide to bring someone in that you can trust that you've also got a long working relationship with, it's important to be prepared for that person to pick holes in your process.
Learning To Accept Your Weaknesses
Firstly, you have to recognize that there is a weakness. Many entrepreneurs bury their heads in the sand and deny that there is any problem. But when you decide to face up to the fact that you have weaknesses but also determine what they are, this can be an incredibly painful procedure. But admitting that there are weaknesses is the first step to turning it around. It could be to do with business processes but it could also be to do with your leadership skills. Nobody likes to hear that they are bad at something. But being bad at something is where you learn to make it better.
Bringing In People That Have The Right Skills
When you lack something, you can either learn to do it or you can find someone that already has the skills. This is where outsourcing comes in handy. When you outsource a process to a company that can do it, it becomes a lesson for you but it also gives you a unique perspective on the situation. It also gives you the chance to empower people that work for you. There is a correlation between people that ignore their weaknesses and those that refuse to delegate.
As soon as you start to bring people in that can achieve what you want, you're not just getting the job done, but you are putting your trust in these people. This is an important hurdle for anybody to jump over when addressing their weaknesses..
You’ve probably heard the saying ‘fail to prepare, prepare to fail.' Is this something that rings true with you? How often do you think that there isn’t enough time to plan and it’ll be alright on the day? While this might work some of the time and you may have succeeded in the past without planning, but imagine how much better you would have been if you had planned too?
So, why is planning so important?
American clinical psychologist, Fitzhugh J. Dodson once said: “Without goals and plans to reach them, you are like a ship that has set sail with no destination.”
One of the most beneficial parts about planning is that part of it is creating the goals you want to accomplish. While many view planning as boring and an ‘inconvenient’ step, at its core, planning can prove to be of great help to everyone. Planning may not seem like such an integral part of success, but once you yield its benefit, it’ll prove fundamentally crucial in every area of your life. Proper planning is not only needed to encourage you to achieve the goal you set out for yourself but also to break it up into bite-size pieces and small goals that makes achieving much more attainable.
Brian Tracy, motivational public speaker and self-development author, says: “Every minute you spend in planning saves ten minutes in execution; this gives you a 1,000 per cent return on energy.”
When you start by writing down your goals, then planning will give you a clear perspective on what needs to be done and how much time it is going to take for you to do it, how much time your need to spend on working on your goals. Planning is closely associated with having proper time management as it encourages you to set aside a reasonable time for a specific task before moving ahead to the next. Planning and resource scheduling helps you to prepare a guideline, and a timeline for how you can maintain and reach goals that you have set up for yourself and the good thing about this is that everyone can do this, but a timeline can be adapted for each individual.
Even if you don't think you are a planner, when you think about it, you are actually planning all the time. Take your holidays, for example; they wouldn't happen unless you planned. It's a simple way to look at it; you decide your goal which is where you want to go, then you decide when you want to do it and next you work out how you're going to do it. This is planning, and what is the benefit? A fantastic holiday where you not only have everything you need and will have done everything you needed to before the trip but also you'll visit everywhere you want to and won't miss a thing during your trip.
So, when you travel, you plan your trip. When you are getting married, you plan your wedding, and when you throw a party, you plan the event. You would never do some of these things without planning for them; they would never happen if you didn't plan and other things in life are no different. Even if you just want happiness and fulfilment in life, you need to plan for how you're going to get it and then work at it. Many people neglect to plan their lives and then get disappointed and discouraged when they do not get what they want. Just like planning anything though, planning your life is just the same as having a road map that helps you to reach where you want to go.
Unless you have already been somewhere numerous times and know exactly how to get there, then you will need to get a good map or your sat nav out. Otherwise, you would be stupid to get into your car and try to get there. All you will do is drive around aimlessly, make mistakes, probably go back on yourself, get frustrated and then if you do eventually reach where you want to go, you will do it in a lot more time than it would have taken you if you had had a map in the first place. Apply this to life and having a road map to getting to where you want to go, it makes sense, doesn't it? However, so many people in the world today fail to plan their lives and end up lost or stuck where they are.
But taking time to plan your life, means that you are not only taking the right steps to identify and reach what you want from life, but also to do it in the most efficient way possible. Rather than relying on pure chance in life or in business, a life plan will detail the exact route and steps that you need to take. It helps you get there in the shortest time possible without and running out of fuel.
This planning can be applied to both big and small aspects of your life. It could be that you want to wake up earlier than you have been, stop smoking, start going to the gym, move to France, be closer to and spend more time with your partner and children, or be a kinder person, or start your own business, or lose some weight, or get a promotion or better job.
By planning, you can reduce so much stress and frustration which allow for a better experience on holiday with your friends or family. So, if you can translate that planning to every other part of your life, then life could be one big holiday.
Not only does planning reduce stress but it also means that you can then be flexible, once you have a plan, then if there needs to be a small change, then it can be done with little to no effort.
Planning offers direction
Whether it's a holiday or a business, planning helps you to create your goals and then take the first steps towards achieving them. Planning a direction for your business or your holiday or anything involves creating a roadmap and this planning can take many different shapes and sizes, and as you create this roadmap for accomplishing your goals, you will find your planning offers you the direction you need to get there.
Planning uncovers problems
When you create your goals and know the direction you're going in, it means that you are prepared for what is coming next and the more prepared you are, the better you can handle problems as they arise. In fact, it won't just be a case of handling issues as they appear, with clever planning you will uncover the potential problems before they even occur. When you work to plan out a direction carefully, you’ll undoubtedly reveal possible obstacles you may run into along the way, but if you aren't careful when planning, you may never discover these issues until its too late.
When you uncover problems, you also find solutions there and then and can implement them before the problems even become a reality. Being able to resolve and work around issues is invaluable in business and in any area of life.
Finally, planning gives you perspective, and it provides you with a clear view of what matters and what you can accomplish. As you plan your goals and focus on what you want to achieve, working out how to achieve those goals will force you to get organized, prioritize and put them in perspective.
There is no point working on something that isn't important; no one wants to waste time doing that. However, it can be easy to get distracted and for your objectives to get lost in the daily grind. Planning helps you to stay focused and to keep your perspective on your purpose and your future and on what you really want, no matter what it is. Then you will experience success and will see the rewards for your planning.
As much as people love to believe in overnight sensational success stories where people who came from nothing simply fell into selling something online and made millions, the truth is that it while this might have happened to the odd person, success really does take planning and the planning makes it rewarding too. Planning makes perfect, and the benefits of planning far outweigh any disadvantages. Once you start planning, it will just become an essential part of your life and success will follow.
It can be easy to assume that one of the hardest things about running a company is right at the start, when you are starting it, and getting things off the ground. You will be full of hope and excitement to get the whole business going and looking forward to the future. But in reality, there are a lot of people that can start their own businesses and companies.
The thing that separates the wheat from the chaff are the things that happen in the future; can you keep the business running well, and earning enough to keep things going? So with that in mind, here are some tips that can help you to keep your focus, and help to keep your business running efficiently, years down the line.
Invest in your employees
Every business owner needs to remember that a business is only going to be as good and successful as the people who are doing the work each day. Even if your business was dreamt up by you, having a team on-board to help with it and share their expertise in different areas is a must. But as the team is what makes the business, investing in your team is a good idea as it can pay off. Making sure that your employees feel valued is a good start, as well as making sure that you pay them a competitive wage, and help them with areas of development.
Stay organized
It is important that you do all that you can to stay organized as a business owner. This can help to eliminate money issues as you’ll be organized and checking when things have or haven’t been paid. If you are someone who isn’t naturally organized, then don’t imagine that suddenly when you are a business owner that this will come to you. Instead, work with someone, or outsource to someone who is capable and can keep you on track.
Improve technology
In recent years, through business and everyday life, you will have seen plenty of changes in the world of technology; it is getting upgraded constantly and can keep updating itself. So in order to keep up with the times and make sure that you are using technology to help your business, you need to invest in new technology. It could be something simple and straightforward, like getting ergonomic chairs that will be better for your team. You could look to use apps, or even create one, as part of your business. In fact, an article like this one https://www.intellectsoft.net/blog/kubernetes-vs-docker-a-comprehensive-comparison/, could be useful if you were looking into that, as it talks about deploying software efficiently, and helping you to operate at an unprecedented scale. You could also look at using more effective storage methods like the cloud. Make sure that you are happy with it all, as well as your team, and then it can be a big help in business.
Get networking
If you are looking to keep your business running for a long time, then one of the ways to do that is through networking. If you are someone who has tried to do networking before, then it can feel a bit of a strange thing to do. The reason being is that it is all about going to events, talking to plenty of people, and talking about your business and what you do, as well as finding out about them. From there, you can look for ways to collaborate or help one another, if needed.
If you are someone who is naturally talkative, then it can be something easier for you than others. If not, then it is time to step up your small talk, as mentioned in this article https://www.themuse.com/advice/an-introverts-guide-to-networking. Have open body language so that you look approachable, and have things ready to ask people and talk about. It is also a good idea to listen carefully, so that you can hear and respond to people appropriately, and answer with something interesting. Then once you have some common ground and you know a little about each other, then you can move forward with something potentially happening together in business.
Take a breather
The final note to think about is to make sure that you take some time for yourself every now and then. If you don’t, it can quite easily lead to burn out. Even if you work quite long hours, just switching your phone off for some of the day or evening, to be present with family and friends could be enough. You won’t be in a position to lead a business if you are struggling yourself.
Starting up a business from nothing is a daunting process. You go through so many stages from the planning and foundation side of things to the implementation and sales. Many people can find that as entrepreneurs they can be a little “old school” with their methods.
For many that involves keeping physical copies of things and using a good old fashioned notebook, diary, and pen. However, with technology advancing all of the time, you need to digitize many elements of your business. So which areas should you focus on? Here are some of the business methods that you can focus on digitizing to help your company and ideas thrive now and in the future.
Your website and online shop
A website is likely to be a standardized element of your business, and with people using the internet hourly for information, social aspects or for business, it is one of your biggest assets. Giving your website the option of a shop can also enhance your capability for business as this makes transactions within your business far easier for the consumer. In terms of how it benefits your business in other ways, a website and online shop will allow you to keep digitized records of sales strategies and stock levels. Allowing you to plan and be forward thinking for new campaigns.
Using the cloud
The cloud, in its basic terms, is a centralized location on the internet that stores data. For a business there is huge value in using it. Gone are the days where you have filing systems from floor to ceiling filled with paperwork. You can now easily transfer the data to a digital copy, and then store it in the cloud. There are many different cloud services options you can use.
However, the main benefit is a reduction in costs, it's easy to use and accessible for those that need it, while giving your business and employees flexibility. Last of all it helps to encourage automation within your business practices.
Customer management and service
It is important to recognise that the way you handle and manage your customers can also be digitized. With the introduction of customer relationship management systems, allowing you to keep records of purchase history and notes to help add value to customer conversations, can help your business to thrive when it comes to the customer service side of things.
Email communication where G Suite for business productivity could help enhance this area might be the answer. Instead of letters, using email or even text messaging services for simple and up to date information regarding updates can help to improve the level of service you provide.
Being present online and humanizing your social media
Finally, social media is such a big part of business these days and can be arguably one of the biggest contenders when it comes to your marketing campaigns. However, with every other business focusing on it, you need to ensure that your social media strategy and content plan stands out from the crowd.
This is when humanizing your business and social media can be a huge asset. You can offer up insights using other tools within the platform, play around with video and imagery. The old practice of people buying from people does still exist today, so it is important to add an element of that in an online world.
Let’s hope this has helped you to consider what methods to change within your business.
Starting a business is easy, but making it succeed isn’t. If you want to help yourself get the best result out of your new venture, then here are a few tips that will ensure your success.
Do your Research
There’s a high chance that you’ll have already developed a business idea. Now’s the time for you to refine it to the point where it can become a reality. Think about it, how much potential does your idea have to succeed? Does your idea solve a problem or need? There are a lot of ways that you can find out this information, such as by doing your research or even hosting focus groups. A lot of this stage will be trial and error, but the more time you can devote, the more likely you’ll be to come out on top.
Make a Plan
You need to make a plan if you want your idea to materialise. A business plan is essentially a blueprint that will help you to guide your business through the start-up phase. It will also help you to grow your idea too, so it’s worth taking your time over. If you know that you are going to need some financial support from an investor or even from a financial institution, you may want to opt for a traditional business plan. If you don’t intend on seeking any kind of support, a one-page plan might be enough. All you need to do here is clarify what you want to achieve, and how you plan on doing it.
Plan out your Finances
Starting a business doesn’t require a lot of money. You will however have to cover the expense before you start to turn a profit. One way for you to do this would be for you to put together a spreadsheet. This will estimate the amount of costs that you need to pay, such as trademarking, market research, inventory, and even legal fees. When you have this information, you can then begin to make better decisions and you can also forecast how many sales you need to make each month. If you are going to need some financial support then it may be possible for you to take out a small business grant, or even a crowdfunding campaign. Most banks would also be willing to help you if you are able to present them with a basic business plan.
Structure
Your small business can be anything from a partnership to a sole proprietorship or even an LLC. The entity that you choose will have a large impact on your business and it will also affect how liable you are if something should happen. If you want to get the best result out of your decision, then you have to make sure that you do your research and that you also look into how your taxes are going to be paid. It’s possible for you to change your structure at a later date as your business grows, but ideally you want to choose the right one from the get-go.
Pick your Business Name
Your business name is going to play a huge role in nearly every aspect of your business. For this reason, you need it to be solid. You have to make sure that you go through all the implications of choosing that name and you also need to check to see if it is trademarked. If it isn’t then you’ll need to have it registered. If you don’t, then someone else might be able to steal your name and there’s not much that you can do about it. This is the last thing that you need when you have spent so long trying to get your idea off the ground, so make sure that you navigate the process properly and also register your domain name too. This will secure your site and it will also give you the foundation for your online presence.
Licenses and Permits
Paperwork is a huge part of starting your own business. There are a huge range of online tools out there that you can use to try and help you with this, but either way, it helps to find out what you need in advance so that you can help yourself with the whole start-up process.
Accounting System
Small businesses often succeed because they have effective systems in place. If you want to help yourself here, then consider investing in an accounting software. This will help you to set your budget, your rates and even your taxes. You can set all this up yourself, or you can hire an accountant to do it for you. This will take away some of the guesswork, but it will also make it much more expensive.
Business Location
It doesn’t matter whether you’re working out of a home office or whether you have a fully-fledged retail location because you have to make sure that you think about the equipment you’re going to need and your overall setup. If you want to get some ideas that will help you to work in the most productive way possible then consider looking into https://www.bondcollective.com/.
https://www.pexels.com/photo/woman-standing-in-front-of-sitting-people-1157859/
Get your Employees Ready
If you do think you’ll be hiring employees, then now is the best time for you to start the hiring process. You have to make sure that you outline the positions that you need to fill and you also need to talk to them about the job responsibilities that they are going to have too. There are plenty of guides out there on the internet that are designed to help you with this, so it’s well worth looking into them. If you are certain that you’re not going to be hiring any employees, then you may need to look into outsourcing to independent contractors.
You’ll need to get a contract lined up if you want to do this, and you also need to make sure that it’s completely airtight from a legal point of view. The last thing that you need is to start your business off on the wrong foot because of a clause that could have been avoided. If you are a solopreneur who is hitting the road alone, then you may still need your own support team. It may be that you hire a mentor or that you sign up to a forum. This will help you to get the guidance you need to make the best decisions and it will also help you to have that go-to resource.
https://www.pexels.com/photo/group-of-people-in-a-meeting-1080865/
Promote your Business
When you have your small business up and running, you then need to think about attracting as many customers as you can. One way for you to do this would be for you to start with the basics. You can do this by creating your own USP and marketing plan. From there, you can then create multiple marketing avenues. It may be that you focus on social media first, or that you delve right into SEO. Either way, the one that you choose will largely depend on the business that you operate and the target audience that you are trying to reach. If you need to get some ideas, look to your competition and find out if they are using other channels more predominantly than others.
Of course, if you want to make the most out of your new business, then the above tips should help. That being said, it’s still important that you seek out support if you feel as though you need it because this will help you to take your success to new heights.
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