4 tips to assist all new business owners

By Cutter Slagle

If you’re a new business owner, you may discover that you’re first year in this role could be the hardest. In fact, many believe that 90% of new businesses are destined to fail. And while starting a company can be stressful and there is no a guarantee that it will become successful, there are methods to help ensure you take the right path.

Originally reported by our sister brand Business Review Canada, the following four tips can assist any business owner who is just starting out. But it’s also imperative to remember this: building a successful company can take time and energy. Don’t give up!

RECENT TOPIC: Why Airbnb wants to target more executives with its new business model

4. Have a good business plan

You may be tempted to skip a business plan, but writing out your vision can be a great way to determine what you specifically want to get out of your business and the different steps it will take to accomplish your goals. Of course, you don’t have to overwhelm yourself and write a long plan, but your business plan should be detailed enough that it completely states your ideas and whether or not you’ve got a good plan for the current market.

RECENT TOPIC: [INFOGRAPHIC] How to utilize Facebook for your business

3. Avoid high expenses

At the end of the day, your goal is to make a profit. Therefore, it will be important to make sure that you keep your expenses as low as possible. After all, new businesses often fail because they run out of money. Ways to save money include only hiring people you absolutely need and avoiding extra space of an office for as long as possible. And lastly, try to only spend money on items that you think you need.

RECENT TOPIC: Discover business success tips from Plentyoffish founder

2. Reinvest money back into the company

As the CEO or owner of a company, it may be difficult at first to think about giving up a paycheck. However, the first money you make should always be put back into the company. Of course, you can choose to this money in a specific product of the marketing of the product, but the money should always go back into the business in some aspect. This may be a hard concept to accept, but during the first year of business, owners are often times the last to get paid for their work.

RECENT TOPIC: The most popular funding options for your business

1. It’s important to build a network

As a business owner, you should already know how important it is to network. After all, you never know when you’ll meet someone that can help you or your company. It’s important to go to different networking events, as anyone could be a potential customer, employee, or source of inspiration. Therefore, reach out to other professionals in your field and stay alert for any and all opportunities.

Who doesn’t want to be their own boss? There are many incentives that go along with running your own company. And while the path to success can often be stressful, exhausting and just plain difficult, reaching your full potential and fulfilling all of your achievements can be so worth the struggle.   

RECENT TOPIC: What can businesses in the United States learn from Sears Canada losing its CEO?

[SOURCE: Forbes]

Let's connect! Like us on Facebook and follow us on Twitter!

Click here to read the latest edition of Business Review USA!


Featured Articles

Top 10 must-read sustainable leadership books for CEOs

As former Unilever boss Paul Polman debuts his new net zero book, we ask – can profit and purpose truly exist? Here are 10 business books to prove they can

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

Leadership & Strategy

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI