Looking to start your own venture? You better pull your socks up; you’re in for a real grind. Even if you have a brilliant business idea, a fantastic execution plan, required capital, running a business won’t be a walk in the park. Easier said than done, folks!
This is the reason only a handful of people succeed and make it to the top while others bite the dust. There will be many obstacles in your way, and several unknown aspects will creep up to which you may not be aware.
However, the things mentioned above − like a solid business idea and capital, make your job easy when combined with hard work, dedication, and perseverance. It puts you on the right business track. You’ll have to play out of your skin to succeed and be prominent. Don’t be afraid. It isn’t that hard if you are circumspect and approach everything sensibly.
To make the business journey a roller coaster ride for future CEOs, we’ve compiled ten great business tips that nobody would tell you. And trust me, you need to be knowledgeable about them to turn the tides in your favour.
1. Being your own boss is not easy as it seems
This seems really exciting. You are your own boss. You aren’t answerable to anyone, no need to report about your tasks, people work for you, no obligations on when to arrive and when to leave or finish the work. Yes, that’s right.
However, you’ll have to spend sleepless nights and work endless hours to put things straight in the initial stages. As a budding CEO, you’ll have to play out of your skin to plan and arrange for your business and make it successful.
2. Networking is productive
Hey young entrepreneurs, networking is a strong tool that plays a vital part in making your business successful. Make connections and lots of it. Start interacting with like-minded people, make yourself available to others, be at every business media event, create good relations with everyone involved in the supply chain.
Networking can do a world of good to your business in many ways. So, don’t stop making connections and strengthen these bonds over time.
3. Invest in Tax Savings and Emergency Funds
Try to imitate mature businessmen and what they do. Investing in emergency funds and tax savings is one thing they practice. And you should too. This investment of your’s is surely going to help you on a rainy day. Moreover, if you are a small business and starting afresh, going for tax savings will also benefit you in the long run.
4. Exchange knowledge with your peers
You aren’t the only youngster stepping foot in the business. Other people are also doing it. So, it becomes important to interact with like-minded entrepreneurs and discuss different business phases with them. Sharing knowledge amongst each other will only enhance your capabilities and will surely make it easy for you and others to proceed.
You can talk about experiences, hurdles in your way, accomplishments, failures, achievements, milestones and anything else that you want to share. You’ll learn from each other, and having a detailed meeting and sharing experiences will take you a long way in your journey.
5. Don’t ever lose focus
Setting up a new business is not easy, and you need to put in the hard yards and may have to go the extra mile, like working continuously for 16-18 hours and spending sleepless nights. Whatever it is, your focus needs to be laser sharp and set on the goal; come what may.
You may have to sacrifice your peace of mind, social gatherings with friends and quality time with your family. Moreover, in the initial phases, people will come and go, your favourite employees might leave you stranded in no man’s land. But you need to work with unwavering focus and a firm belief that you’ll succeed one day, and that day isn’t far.
6. There’s no ideal path to success
If you are a start-up, work by setting small goals as you progress. During the course, you’ll come across successes and hiccups. Moreover, don’t think that following someone else’s path or strategy will make you win. Everybody has their own story and unique product or service.
Moreover, there’s no set pattern or ideal path towards success, and every business success story is different, just like every entrepreneur’s journey. Have your eyes on the end goal, keep crossing the hurdles, keep achieving milestones, and success will be yours.
7. Failure is a part of the game
Those who are afraid of failures never succeed. Take risks because playing it safe won’t take you any far. Some plans will work, some will fail. It’s just a part of the game. Learn from every mistake and turn these failures into stepping stones. Make a list of all the misfires as they will help you build a rock-solid foundation. This is how it worked for seasoned entrepreneurs and how it’s gonna work for you.
8. Never test the depth of the water with both feet
I suspect you must have heard about this tip from many. However, I couldn’t resist including it because it is one of the most underrated business tricks people take lightly. But you don’t, and don’t invest everything you have.
Why? What if you require capital in the middle of your journey? What if your business hasn’t become lucrative for a year or so? What if you require funds urgently? What if unforeseen expenditures start rising from nowhere? You need to have a strong backup of funds as it will help you in the long term, even if the start isn’t promising.
9. Say goodbye to 9-5 life
Fixed hours are only for employees and not for bosses. You are not an employee now but a boss. In the initial stages, you’ll have to work beyond this time slot and can’t fix the working hours for yourself. And neither you should. Entrepreneurship requires you to work long hours, and this is the key to success.
Leave back the days when you didn’t respond to emails and official texts after working hours. The world doesn’t start at 9 and stop at 5. So, you’ll have to go beyond it to book your place in those who’ve made a name for themselves. Now that you are in charge, many people may be counting on you. So, getting out of your comfort zone is the only option you got.
10. Register with Plexaar
Now, this is a fantastic tip for entrepreneurs in the UK. If you want to run your own business without doing all basic hardships like investing, marketing and admin, etc., Plexaar can be your best friend. It is a platform that connects businesses with clients in multifarious domains, and you run the business while they’ll do everything else, like providing you booked clients.
All you have to do is serve your clients with the highest level of customer service, and there you go. Download Plexaar and register on it. That’s it. Your business is up and running. Not only this, you are running a lucrative business as they have thousands of clients all over the country.
Happy business, future millionaires!