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10 Tips for New Business Owners

by Taylor Stewart on Wednesday, November 20th, 2013

In a perfect entrepreneurial world, established and successful business owners would all share their advice and guidance with people just starting out. I encourage building these types of relationships as they do a lot of good in the business community. Here are the top 10 tips I would give to any new business owner.

1. Focus on One Business

There are thousands of business opportunities flying around, and a new business owner might get the urge to jump from one to another until they find something that works. The secret here is that most things work if you work at them. Choose one business model and establish it before you even think about moving to another.

2. Do What You Know and Like

If you have no interest in the business you start, you will not dedicate yourself to it and it will suffer. Do not chase business ideas just because they seem hot right now or make promised about big profits. A company you enjoy working for will be the one that you should own.

3. Master the 30 Second Pitch

You never know whom you will run into. Learn to pitch your business to chance encounters in 30 seconds or less. If they are interested after that, you can spend more time with them. If not, you will not make a bad impression or bore them.

4. Recognize the Need for Mentors

Confidence is good, but a dogged belief that you know best in all circumstances is not. Learn from mentors and established, successful business owners online and in your community. Build relationships with those who offer a real benefit to your company and professional mindset.

5. Keep It Start Up Simple

The best way to succeed financially in business is to operate within your means. Forget offices and company cars. With low overhead and supply costs, you have a higher chance to get into profit more quickly and a lower chance of having financial troubles. Save the $1,000 leather office chair for when you make it big.

6. Learn As You Go

No matter how detailed your business plan is, something will always throw it off course. There is not perfect plan of action you can envision that will keep everything running smoothly forever. When things go wrong or you make mistakes, learn from it. Spend enough time planning to know where you are going, and then maintain a flexible and open attitude to tweaking the plan as you gain more knowledge about what works and what does not.

7. Never Expect Handouts

Do not expect a small business loan without proving that your business idea works first. Don’t expect investors to call you up with offers, or even your mom to fork over some of her savings to help you out. The beginning of any successful business requires frugal choices and small budgets. After your business shows some promise, the chance of getting a loan or an investor increases.

8. Stay Healthy

New businesses take a lot of time and can cause a lot of stress, but if you wear yourself down to the sticky ends, you will not be of any use. Eat nutritious food, do some exercise and give yourself time to relax without thinking about the business. Be sure to spend enough time with your family as well, or relationships may suffer.

9. Keep Your Feet on the Ground

Let the results speak for themselves. Do not exaggerate about your success or share extreme future plans with everyone you meet. Be optimistic but realistic, and always let the outcome of your efforts be the real declaration of your success.

10. Recognize When You Need to Throw in the Towel

Not every business will succeed. Some new businesses can be chalked up to learning experiences before you move on to better things. Recognize objectively when things are beyond hope and make a financially responsible and professional exit. Learn from it. When your entrepreneurial spirit calls you to start up another business, remember the mistakes you made and do not make them again.