Learn from My Experience: Advice for Small Business Entrepreneurs in Their First Year

Learn from My Experience: Advice for Small Business Entrepreneurs in Their First Year

The most important first-year advice is to find and keep customers happy, regardless of whether you are in the feasibility, seed, or launch stages. You may have a new hobby, which is nice, but not a business, if someone is showing interest but not asking about prices. Why? There are numerous plans and ideas. The key is cash flow. When a potential customer starts talking about price, you know you may have found a genuine demand or gap in the market. Without a strategy for customers, a vision is nothing.

“A customer base equals capital” If investors can see that your business is already making money, they will be more likely to invest in it. Additionally, customers will draw individuals who are interested in working with you, and eventually, you will require a team to accomplish significant goals. A client indicates that you are not delusional! You could be forgiven for thinking that in the 2010s, you need a string of qualifications or an MBA before making a move. Don’t wait for qualifications.

It is not true. There are many examples, and you can hire someone to fill in where needed. Instead, try to put the product, ideas, and team first. Which book learning are we ignoring at this point? What kinds of nice things might you put off getting? Be content with recognizing the initial gap and creating a product that fills it during the early stages of a business. Then there are financial skills—avoiding high finance and focusing on the fundamental organization of personal and business finances to protect against risks—and time management skills, where the fundamentals can be quickly mastered.

Leadership, management, IT, property, culture/psychology, teamwork, loyalty, communications, and regulations are just a few of the operations that come later in the development phase. While this may appear to be heresy to some, the reality is that many successful businesspeople began their careers without any management training. Beware of franchising Starting your business with a franchise can be tempting. Beware! While it might be a less risky way to start a business, pay special attention to: The sale of a franchise Franchise owners are excellent marketers of their franchises. Be careful not to be too taken in by the images and promises. Seriously, it is their job to sell you something; all you have to do is ensure that they have a workable strategy and that you can sell their product. Your independence In the end, you have made the decision to become an entrepreneur for reasons that most likely include working for yourself.

However, by signing up for a franchise, you immediately give up your independence. Will you be content working for a major corporation? How much of an impact do you actually have on the company? Have you just purchased a job for yourself? Examine your marketing strategy very carefully. How will you find and reach customers? Your first task is to rush to locate them: First, are you in a thriving industry and have you prepared a route to market? Where are you currently getting your leads?