WHAT EVERY FIRST-TIMER NEEDS TO KNOW ABOUT RUNNING A BUSINESS

So, you want to start a business? Awesome! There's nothing like building something of your own - something you're passionate about - and watching it blossom. It could be anything from food to consulting services; 2018 should be the year you go for it and finally see your dreams come to life.

Whether you've just recently kicked off or you're still at the 'thinking on it' stage, this is what every first-time business owner should consider:


What is your motive?
Are you starting a business because everyone else around you has one and you think it's the way to go, or do you genuinely have a product and/or service you want to offer the world? When you're sure it's not the former, you know you're on the right track.

Your time and skills are worth money
It can be tempting when you first start a business to set prices really low so as to attract customers, but that can be a disadvantage to both you and your business. While affordable prices are always a plus, remember:
  • Typically, to keep your business running, you need to make some profit at least
  • You need to place a value on the time you spend making your product or offering your service. Don't shortchange yourself
  • It's easier to drop prices than increase them, so don't be afraid to put a worthy price tag on your product/service initially

You don't need to quit your job
Unless you decide to leave paid employment for other reasons, you don't necessarily need to hand in a quit notice to be a successful entrepreneur. Oftentimes, earning a salary can even be a plus, as an extra source of funding for your business. So, think carefully about what would be best for you.

Start from home
And stay there as long as you need to. Being successful at running a business doesn't necessarily require you to own a physical shop/office and incur large operational costs (e.g. rent, electricity/generators, security, etc.). If your business can function from home with relative ease, you're all set. When the time to expand comes, you'll know.

Don't employ staff until you see a need
Another thing you'll know is when it's time for you to bring in extra hands to help out with the business. Don't go employing a bunch people from day one, no matter how able-handed they are! To the best of your ability, manage things on your own until you recognise a legitimate need for staff and can afford them. Also, consider flexible working/payment options, if you can't afford to have them on a monthly payroll.

There will be dry seasons
Sometimes, you can't believe how many orders, emails and phone calls are coming through. Other times, you don't here a beep. It's the nature of business. Don't take it personally and don't be discouraged.

Use social media - but use it well
It's likely that no one needs to explain to you how much your business can profit from social media presence, these days. It exposes your product/service to a much wider audience, and that's awesome, but how your business appears online is also very, very important:
  • Avoid using your business page like you would a personal one (no trolling, unnecessary commentary and posting personal photos)
  • Make your photos, videos, etc. as visually attractive and as appealing as can be
  • Ensure you research and make use of promotional tools on Instagram, Facebook, etc.
  • Try and avoid using 'I' in your captions; 'we' sounds better and gives your audience the sense that the business is bigger than one person


All the best!


2 comments

  1. I am a huge fan of yours and you inspire me with your contents. I loved your contents and I am looking forward in starting my business. Thanks for this boaster

    ReplyDelete

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