Thread by @263entrepreneur

10 TIPS FOR BECOMING A SUCCESSFUL ENTREPRENEUR

A THREAD

1. Have a solid business plan

Planning plays a crucial role in any business's success. A business plan is a good place to start – defining your skills and weaknesses, what you offer, how it’s unique, and how you ...

plan on growing your offering. What’s more, try to prepare yourself mentally& practically for anything that could go wrong and how you would deal with it. For example, what happens if you get injured? What if clients pay you a month late? What if a weather disaster affects you?

2. Prepare for financial challenges

Most small businesses say that cash flow is by far their biggest challenge. Deal with cash flow blows by saving for a month’s worth of expenses or by getting creative with how you lower your overheads.

You could offer clients a discount if they pay a deposit or the full amount upfront, or even an incentive. Whatever you do, be extremely careful of debt – this is one of the biggest killers of small business success.

3. Be frugal

Resist the temptation to splash out on fancy offices, expensive equipment& over-the-top marketing. Your company’s livelihood depends on what’s in your wallet so every cent must be triple-checked. Maintain a low overhead and manage your cash flow effectively.

4. Don’t be afraid to ask for help

There are loads of resources out there for networking, knowledge sharing& advice. Networking is not just for new business opportunities; it can be a wonderful source of support and fresh ideas.

5. Put your faith in a trusted mentor

It can be a family member, former boss or colleague, or even a trusted online source or blog. A mentor is an invaluable sounding board – someone who’s been where you are; someone with whom you can have regular, non-judgmental check-ins.

6. Marketing on a shoestring budget

Marketing is extremely important but doesn’t have to cost the earth. Social media is your friend. Creating your business pages is free& will help your online ranking. Submitting your website URL to search engines like Google is completely free

Also, keep an eye out for community Facebook groups – some will require a small advertising fee while others allow you to advertise your business on certain days of the week. The bottom line with marketing is to try anything and everything. You won’t know what will work for you.

7. Look after number one

Entrepreneurship is a lifestyle – the days of 9-to-5 are over. That’s not to say that you must work yourself into the ground. Exercise regularly, eat healthily& find the time to relax or you’ll end up being less productive.

8. Build a team that shares your vision

It’s simple: great people make a great company. As your business grows, you might need to hire staff. Firstly, take the time to interview people thoroughly to ensure that they fit your culture and share your values.

Secondly, it can be hard to let go but it’s important to learn how to delegate tasks. Finally, don’t expect people to be your clones. Be open to new opinions and suggestions. It’s always good to get fresh perspectives on old ways of working.

9. Never stop learning

Starting your own business is a constant process of growth and learning. It’s important to enrich yourself with both practical and emotional skills. Take a look at free or low-cost e-learning resources such as the Hubspot Academy, Udemy, and more.

Sharpen your project/ time management skills, learn a new software program/learn how to run your own social media campaigns. If you travel a lot, podcasts and things like TED talks are great ways to inspire and educate yourself.

10. Safeguard your venture

The best entrepreneurs don’t seek risk, they seek to mitigate risk. Small business insurance is one of the best ways to look after your livelihood, and it’s more affordable than you think. Make sure that your precious stock and premises are covered.