The IRS received over 600,000 more new business applications in 2020 than in 2019. More and more Americans are shunning the nine to five and leaping into entrepreneurship.
Being your own boss has so many advantages. You get to set your own hours, choose what you work on, and have unlimited earning potential.
But you are also venturing into the unknown and taking a lot of risks, so you could use all the beginner entrepreneur tips you can get. Here are three of the most important tips all business owners need to know.
1. Plan Ahead and Stay on Schedule
Any small business startup relies on investments (either your own or external) and/or staff. It would be unprofessional and risky to not at least have a six-month plan of how you will grow your business. Keep making plans even after those first six months and sticking to them.
And your schedules need to be realistic. One of the best beginner entrepreneur tips is to prepare for the worse, and hope for the best.
You need to predict different potential outcomes and be on top of everything. For example, re-read your contracts with suppliers and allow extra time for delayed deliveries. You will be in a better position to handle the hiccups and your new business is more likely to survive them.
2. Focus on Marketing Strategies
Digital marketing strategies should be in any new entrepreneur’s business plan. You need to be active on the social media accounts where your target market is.
For example, are you a hot new sneaker brand? You need to be on TikTok.
Selling quirky cross stitching kits? Get on Facebook and Instagram.
Every business needs an email list so choose the best form builder and encourage people to sign up on your website. Use all the helpful technology available on Google, like Google My Business, to get your brand name out there.
3. Keep Reinvesting and Growing
Good entrepreneurs never stop learning. They are always trying to be smarter, improve their business, and make new connections.
Attend regular networking events in your field to meet new suppliers, investors, or mentors. Keep researching new pieces of software or tools available in your industry.
In your spare time, listen to entrepreneur podcasts and read self-improvement books. Here are some suggestions:
- Dare to Lead by Brené Brown
- The Lean Startup by Eric Ries
- Wolfpack by Abby Wambach
- The Tim Ferriss Show
- How I Built This with Guy Raz
Also, take online leadership and finance courses to expand your knowledge and skill set. It is a small business investment that could have a big pay-off.
Use These Beginner Entrepreneur Tips To Start Strong
Every small business owner, in the beginning, is “faking it until they make it” to some extent. Some lessons you can only learn by doing. But by putting these beginner entrepreneur tips into practice, you have a good chance of thriving.
Want to learn more about digital marketing and tech so you can keep growing your business? Browse our website for tons of helpful guides and advice!