21 Must Read Small Business Tips for New Entrepreneurs
In this article, we will discuss 21 must read small business tips for new owners. Running a business in today’s world is tough. With the rise of large corporations, it can be easy to feel like you’re fighting a losing battle.
However, there are many things that you can do to help your small business thrive in this competitive environment.
If you have been struggling with how to grow your small business or get customers, then these tips and advice may provide some helpful guidance!
Why Follow These Tips for Small Businesses?
The more you know about how to run your business successfully, the better you will be able to compete with larger companies.
Even if you are not interested in growing or expanding your business, these tips can help keep it afloat during tough economic times.
By following the advice below, you should be much more likely to stay above water throughout any financial storms that may come your way.
1. Be very specific with your Business Goals
While many entrepreneurs have a general idea of what their goals are, it is important to be as specific as possible.
Small businesses should break their goals down to weekly, monthly, quarterly, and yearly goals.
Businesses are as different as people and you will see that quickly.
2. Keep your Overhead Low
The lower overhead your business has, the more likely it will be able to compete in a tough economy. Too many business expenses can put you out of business quickly.
Save money anywhere you can and pay attention to the details to achieve success!
If you ever need a loan, most banks won’t give you money if you’re in the red with too many fixed expenses. On that same note, I would rent versus purchasing real estate.
It’s not about how much money you gross, it’s about how much you keep!
Be willing to adapt as your market changes, small businesses can do this much faster than large corporations.
As you grow older, there is no doubt that things are going to change in your life. This is especially true in the world of business where it can be easy to get stuck doing things a certain way, even if that particular method isn’t working anymore.
If you want a successful venture you need to know when you should adapt and change your methods of operation so you are able to continue thriving amidst a changing economy.
3. Invest in your education
There are always opportunities to learn more about your industry, which can give you a leg up on the competition.
As an entrepreneur, it’s important that you never stop learning and investing in yourself so that you know as much as possible about what you’re doing.
If you’re interested in starting a blog, check out this article. If you want to learn how to blog like a business, this is the best training that I have found.
Look on Google and find a free virtual mentorship program, there are plenty of them out there. Find an invite only organization in your niche and try to be a part of it.
If you’re one of the promising young entrepreneurs you should check out the young entrepreneur council. It’s a great way to meet other like minded small business owners.
The Young Entrepreneur Council is an invite only organization for young entrepreneurs that are serious about building their business. The YEC recently launched the founders new book, Superconnector.
Be willing to take risks!
As an entrepreneur, you need to know how to be comfortable taking risks and knowing when it’s the right time to do so.
Knowing your market well is essential in helping you find out what kind of risk may or may not
Social Media
One of the most helpful tips for small businesses is to take the time to learn social media marketing. It’s your own business and this is one area you need to understand.
Social media isn’t going away, in fact it’s estimated to grow exponentially in 2022 and beyond.
Stay patient with yourself, your employees, and even the people you’re working with. This will help to create a positive work environment in which everyone can be successful!
Be willing to adapt as technology changes is something all small business owners must do.
4. Small Business Owners MUST Invest in Marketing
Marketing is a great way to spread awareness of your company and its services. Online and offline marketing is a great way to find your best customers.
It’s important that small business owners know how much they should invest in marketing so that their efforts are not wasted, which can be difficult for entrepreneurs who have limited resources or experience with the subject.
Be willing to ask for help when you need it!
Even the best entrepreneurs have moments when they aren’t sure what to do next. In these situations, it’s important that you are willing to ask for help from others as needed so as not to fall behind on your goals and objectives!
Stay positive no matter how bad things get!
Social Media Marketing
TikTok is a great platform to try when it comes to marketing your small business. If you’re a new business, start here!
TikTok is the fastest growing social media platform in the world, which makes it easy to get your small business noticed by millions of potential customers!
This platform isn’t just for dancing like it started out. There are a lot of successful entrepreneurs and many business owners on TikTok.
TikTok can also be used for other purposes such as getting feedback on new products or services.
Facebook Ads
The most important things small business owners need to know about Facebook Ads is that they are very effective. Your potential customers are there, you just need to figure out how to reach them.
If you want new customers this needs to be in your social media marketing strategy!
It’s easy to get started with ads on this social media platform which makes it a great place for entrepreneurs who are just getting started! Build up your fan base so you can turn them into a loyal customer base over time!
Pro Advice: Don’t use media with a registered trademark or something without permission.
This can all be done for as little as $5 a day. Save more money by starting with a low budget as you test your offers. Make sure and pick a target audience don’t just advertise to everyone.
If this is all new to you, your next purchase should be a Facebook Ads course. This course is full of people who understand how to grow businesses with ads.
5. Delegate Whenever Possible
Delegate as much as possible to your employees so that you can focus on the big picture! Make this part of your business model from the very beginning.
Even if an employee isn’t familiar with a task, it helps when they are willing to learn and understand how important their role is in making your business successful. Be ready for change because it’s inevitable to business success! You never know what tomorrow will bring, so it’s important to always be ready for change.
This is particularly true in the world of business where things can move very quickly, which means that entrepreneurs have to adapt or risk being left behind!
Be willing to take a step back and see how you’re doing from time-to-time. This will help prevent stress related problems.
6. Ignore Your Inbox
Ignore your inbox for the first four hours of every day. Don’t start your day scrolling through Facebook or any other social media.
It’s important that you focus on getting work done with as little distraction as possible so that nothing is holding you back from finding small business success!
Use this time to get ahead and accomplish more, which will leave you feeling recharged and ready for anything. Start getting items checked off of your to-do list.
7. Focus on Revenue-Generating Tasks
Focus on revenue generating tasks first, because this is what will help your business grow and thrive. This way you are focused on growth at the beginning of the day when you’re fresh.
You don’t want to start your day putting out fires or getting bogged down by requests that are not helping you get more customers.
If you want to see your business grow this is one of the important tasks for a successful small business owner.
It’s important that entrepreneurs know how much they should focus on these tasks so as not to become too overwhelmed with the administrative side of running a company!
8. Always Ask Questions
As an entrepreneur, you always want to ask questions to better understand the business and what needs to be done.
It’s important that you take the time to ask questions every day so as not to miss anything because it could make a big difference in your ability to stay ahead of competitors!
Asking questions in business is a great way to gain knowledge and insight from others at the same time build stronger relationships. Try to also ask other business owners for advice and what industry trends they are seeing
You might find some amazing tips that can make all the difference in your business.
Great advice is hard to find, if you don’t ask the questions it’s going to be harder to find success. It’s also important to remember that some rules are mean’t to be broken.
There are times in every business where you need to step back before moving forward.
This is true even in the case of growing businesses where it’s possible that there may be areas that need improvement or could benefit from further attention and resources!
You can’t focus on everything at once, so as an entrepreneur you want to ask yourself what needs your immediate attention first.
9. Get in shape – The Small Business Owner Routine
Getting in shape will give you more energy, which will help you to accomplish more. This should be a part of your daily routine.
As an entrepreneur, there are times when it can be hard to find time for yourself especially when business is busy and growing!
Don’t neglect your personal life for your small business, you’ll regret it.
I have found that starting my day with 20 minutes of walking while listening to an audiobook helps me to get in the right mindset while also starting my day off on a positive note.
I also like to go to the gym at some point during the day. If I do this, I get my cardio workout in as well as some strength training.
This way you can come back to work refreshed and ready to take on the day ahead!
10. Strive for Balance
As entrepreneurs it’s important that they don’t forget about what matters most, which is their family and loved ones!
It can be easy as a business owner to lose track of time because there is always more work to do, but it’s important that you take the time every day to re-energize and focus on what matters most!
This means being able to spend quality time with family members or doing something nice for yourself.
It’s a way of reminding ourselves not only why we are working so hard in business, but also about the importance of balance in life! Here is a short article that will show you how to get what you want in life.
There are many tips you can follow as an entrepreneur that will help to keep your work-life, personal and business balanced.
Find what works for you so that nothing gets neglected or put on hold during busy times.
Balancing all aspects of your life is one of the most challenging parts about being a small business owner.
11. Cheaper Isn’t Always Better
Cheaper isn’t always better when it comes to business.
It’s important that entrepreneurs are smart when choosing partners or vendors for their products and services because one wrong choice can have a big impact on the success of your company!
You don’t want to choose something cheap just because you think it will save you money in the long run, but rather find someone who is the right fit for your business.
The success of a company is always connected to the people you work with, which means it’s important that you choose wisely when choosing vendors or partners!
This way they will support and help you grow in an impactful way!
12. Don’t Partner with a Friend
Partnering with a friend is rarely a good idea in business.
It can lead to disagreements, trust issues and a lot of drama which isn’t good for anyone involved!
Friends are friends so it’s best that you leave the business aspect out of things when possible because even if your friend is great at what they do in terms of providing services or products, there still may be emotional reasons why you shouldn’t work together!
Don’t let a friendship ruin your business.
Focus on the company’s vision and goals when deciding what vendors to partner with in order to avoid potential risks later down the line that will only lead to more drama! Getting into business is never simple, but these small steps can make all of the difference between success and failure.
13. Automate Business Processes
As small business owners it’s important that we are focusing our energies on what matters most, which is finding new clients growing the company!
You don’t want to spend all day doing things like invoicing or bookkeeping because this will take time away from being able to focus on other parts of running the business.
Hire a good small business accountant that can help answer questions and keep you out of legal trouble.
It’s best for small businesses to outsource any activities that take up a lot of time in order to free up their schedule. I recommend Fiverr over hiring staff members. Here is a great article with helpful information on how to do that.
Going with free isn’t always smart Free may sound great when you’re getting started but they rarely work out in the long run.
14. Get Organized
You have to stay organized if you want to be successful. Create a to do list and stick to it. As your business grows keep this habit in place.
It’s important for small business owners to have systems in place that help them stay on top of things so that they can spend their time doing more profitable activities like finding new customers!
15. Don’t Be Afraid to Experiment
If something isn’t working, try something else. It’s your own business so get creative.
If you’re having trouble getting clients, try to see what your competitors are doing. One of your most important tasks should be finding a way to bring in customers day after day.
Learn how to automate your marketing with tools like Aweber for your email autoresponders. Another great marketing tool I recommend is Clickfunnels.
This outside the box and get advice from other successful small businesses in your industry.
Pro Tip: Check out this free training that will turn you into a pro online.
Here is a Free TikTok training that will take your social media marketing to the next level.
16. Remember it’s Your Dream and Your Own Business
I don’t know if you still have a day job or you’re a full time small business owner?
Regardless of where you are, never forget that this is your dream! There will be tough times and good times so don’t give up.
Having a passion project helps you feel alive and energetic. Customers, employees, friends, and family can feel your energy when you’re doing what you love.
17. Provide Excellent Service
One of the best ways that smaller businesses can compete is by providing excellent service. Adding a personal touch will turn clients into raving fans.
Some of the best advice I have ever been giving is “Treat customers as you want to be treated.” I know this sounds like common sense, but how many businesses do you see that treat there customers like gold? Not many!
Create a process that is simple yet effective. Map out the customer experience in detail so everyone can follow it.
This will turn your prospects into loyal customers.
18. Stay Focused
This is easier said than done! Entrepreneurs start the day with great intentions and then life and business happen.
As small business owners we have to wear many hats in order to be successful. If you want to be someone who helps millions you have to stay focused.
It’s important to have a separate environment that is dedicated to your work. This could be an office or just a small desk in the corner of your bedroom.
Avoid Distractions
Don’t get caught up in distractions like social media. It can feel nice when other people are writing about their lives and sharing their thoughts, but it can also be a huge drain on your productivity.
Stop worrying about what others are doing! You could spend hours reading articles that compare you to other businesses in your industry or personal life? Why do this? Just because someone did something better than you doesn’t mean they have the right answer.
19. Be Consistent
Consistency is one essential component of any type of business, but this is especially true for small businesses.
Showing up every day and doing the same thing over and over again will make you successful in most cases if your offering is good.
Customers want to know that you’re going to be there long term. This is one of the best ways to show the marketplace you’re here to stay.
Pro Advice: When it comes to posting on Facebook, TikTok, Youtube or any other social media, make sure and choose the same day and time each week.
20. Great Business Advice – Keep it Simple
Try to keep it simple. Don’t get caught up in details, you’ll never finish if you do!
Simply pick one task and complete it before moving on to the next thing. This is called “eating an elephant” one bite at a time.
If you set up complicated processes that you have to follow every day it will become a huge nightmare. So pick one thing and complete 20% of it today, then move on the next task tomorrow.
This is where I used to struggle when I first started my company!
21. Schedule Meetings with Yourself
Business owners usually forget that they are their own biggest asset. This is because we spend so much time with our co-workers, employees and customers that it’s easy to lose track of the most important person in your company!
You must take care of yourself first or you won’t be able to help anyone else? So schedule meetings with yourself on a regular basis. This could be once a week or even once a day if you have to!
These meetings should last 15-20 minutes and can take place anywhere. You don’t need an office around other people in order to do this, it’s better if you create your own space where no one will interrupt you for at least 20 minutes.
Summary
I must say, I love being an entrepreneur! I have been self employed for over 30 years and I wouldn’t change it. If you’re on the fence, here are some of the best reasons to be an entrepreneur.
I hope you find these small business tips helpful! For more information on being an entrepreneur and running a small business, join me here on Youtube.