Owning a start-up is becoming more and more prevalent in our current economic climate with more small businesses being opened than ever before, but the sad truth is that many of these start-ups will fail during the first year. Advice from those who have been there and done is an invaluable gift during this time, so we’ve gathered some of our best advice for start-ups here on the Small Business Bonfire blog to share with you this week.
Prepare Before You Begin
Many small business owners start their business without a lot of outside capital and therefore must bootstrap their business. Learn more about bootstrapping and how you can use it to your advantage to see growth within your small business. You don’t have to worry about starting off on the wrong foot in your small business with our Small Business Kickstart Kit, which gives you the tools you need to be successful at your fingertips. Ramon Ray has also shared some great tried & true rules for small business owners to follow for success.
Many business owners choose to form their business as a LLC (a limited liability company), but before they do so there are several factors that need to be considered. For example, costs incurred during filing and how you plan to pay yourself for the work completed.
When building your start-up, it is important to be clear in your branding from the very beginning. Clear branding when building your business is key to creating a memorable and consistent image that customers will keep in the front of their minds.
Get a Mentor
A small business mentor can be one of the best assets a small business owner can have in their arsenal. They can provide valuable business advice, insight, and be a sounding board for your best (or worst) business ideas.
Customers are the backbone of every successful small business and happy customers will help your business growing for years to come. An unhappy customer spreads their unhappiness 12 times faster than a happy customer, so learn how to keep your customers happy with these customer service tips before they become an issue.
Outsource Your Help
Eventually, if you’re lucky, there comes a time when as a business owner, you’ll need to hire employees to help you, including the possibility of outsourcing some of your data entry. Matt Barrie gives small business owners a few tips for outsourcing in their start-ups.
Stay in the Present
Sometimes as a business owner, we can be our biggest enemies and one of the ways we sabotage ourselves by looking to the future constantly rather than dealing with and expanding on the present.
What advice do you have for start-ups?
Nice, I think expanding on the mentor tip joining an online community can be great for this too. Whether it’s full of people who are starting out or more experienced entrepreneurs I think it’s worth it. But it’s particularly powerful if it’s full of established entrepreneurs. I think it’s kind of like having a bunch of mentors and I get a lot out of the private communities I’m in.