5 Things Every New Business Should Know

Starting a new business? There are probably some things that you find uncertain, and others you just don’t have the hang of yet. While there’s no cookie-cutter approach we can offer budding entrepreneurs, there are some general tips to keep in mind. Here are five:

Failure/Rejection (on small scales) are probably in your near future, and that’s a good thing. There are more lessons to be learned in rough waters than when it’s smooth sailing. Remember Newton’s First Law: An object at rest stays at rest unless acted upon by an outside force. A little adversity here and there will not break your business — depending on how it’s handled, it can actually help your business grow. There’s something to be said for a healthy amount of risk-taking, too.

The first 2 years are usually the hardest. This is a good stat to keep in mind as you develop your business plan, especially budget-wise. Remember — if things don’t go the way you planned, don’t worry. It’s fairly common for businesses to struggle in their early, formative years.

Don’t be afraid to ask for help. As a small business owner, you’re probably used to doing things on your own. However, that doesn’t mean you need to isolate yourself. There are lots of resources for small business owners. Remember to ask people in your network for advice.

Take a look at our post on Automating, Delegating, and Outsourcing to develop ways to include others in your day-to-day work life.

Show, Don’t Tell. To build both your business’ trust and reputation, showing is better than telling. Marketing and advertising are important to spread the word about your business, but performance and delivering quality products and services are more important. No amount of advertising makes up for a poor product, and there’s no substitute for trust.

Learn to be efficient with your time. It can be easy to become a martyr for your business. But isn’t it better to work smarter, not harder? Part of this involves delegating and outsourcing as mentioned earlier. Take charge of your schedule in a way that’s productive but keeps your sanity intact. Develop systems, stay organized, and jettison anything that doesn’t serve a purpose.

Here are some posts we’ve written regarding efficiency, including systems and getting organized.

Kassie is a distance runner and a distance reader really. She lives in Ellsworth Maine and, while she might be quiet when you meet her, will throw out something witty when you least expect it.