Starting a business can seem like a daunting project, especially if you haven’t started one before or you’re entering a new industry. If you find yourself in this position, follow these 3 best practices to ensure business success:
1. Get yourself a Mentor- Starting a business can be hard enough, but starting one in a new industry or one you’re unfamiliar with heavily stacks the odds against you. The best way to help bridge the knowledge gap is to find a mentor that has spent time in your shoes and come out the other side with a profitable business. Work for your mentor for free if you have to, because the money you miss out on while working for free will pale in comparison to what you stand to make with the knowledge you acquire.
2. Save your money- As the old saying goes, “it takes money to make money”. This still holds true today, which is why entrepreneurs need to make sure they have an ample war chest. Businesses often fail due to lack of capital or insufficient cash flow, despite the owner’s realization that the business is not far from massive success. So, give your startup every chance to succeed by financially preparing long before you open your doors. Don’t know how much money you’ll need to save? Ask your mentor, or do some research online to see what similar businesses have needed when it comes to startup capital.
3. Find where you fit- Our society puts money and prestige above all else, which sets a lucrative trap for those starting their own business. Entrepreneurs feel they have to start the business that makes them the most money or grants them the most power, but falling into this trap often leads to business failure. It’s important to start a business that you’re passionate about, as this passion will help pull you through the hard times, instead of you constantly having to push yourself to grow a business that just pays the bills. Along with starting a business that you’re passionate about, it’s also important to start a business that solves a problem for others, which consequently will give the business a sense of purpose and greater meaning.