If your dream job is working for yourself, you’re not alone. The idea of starting a business appeals to a growing number of people, especially in the aftermath of the recent global health crisis.
Due to businesses downsizing, restructuring, and many closing altogether, people who would have hesitated before jumping into the world of entrepreneurship now own startup businesses.
What’s their secret recipe for startup business success? While each entrepreneur has a unique angle, successful business owners rely on wisdom. Here are five tips you can use now to help ensure your business thrives, one, two, five, and even 10 years after your startup.
Keep Your Day Job
When you have a business idea that you can’t stop dreaming about, one thing on your mind is timing. When should you quit your day job and dedicate your working hours to your business startup?
The answer might shock you. Keep your day job and work your startup as a side hustle. Does that sound a little backward?
It’s what some of the world’s most successful entrepreneurs have done, including Phil Knight, Sara Blakely, and Marcus Persson. These three turned their entrepreneurial dreams into Nike, Spanx, and Minecraft, all while working a 9-5 job.
If You Fail to Plan
Okay, we know it’s a cliché, but when you fail to plan, it really is like you’re planning to fail. That’s why anyone considering a business start-up needs to create a business plan.
A comprehensive business plan answers every question a business startup should answer before serving their first client, including those addressing:
- Target market
- Startup costs
A business plan isn’t something you should only put together for the sake of your financial institution, investors, or potential partners. Instead, a solid business plan is your roadmap to creating a successful small business startup.
Form Reliable Partnerships
Several years ago, a former First Lady wrote a book based on an African proverb. The gist of the book is that it takes an entire community to raise children.
You can view startup businesses in the same way. However, instead of taking on the entire startup process alone, create partnerships.
Partnering is a vital tool. Whether they’re full-time, part-time, or jump in to help with specific business projects, reliable partners help fill in the gaps and can offer startup tips that will help you execute your business plan successfully.
Don’t Rely on Word of Mouth
If you haven’t given much thought to marketing your startup, why not? Many startup business owners make the mistake of thinking one happy customer will tell someone else, who’ll tell someone else, and the chain will continue.
Don’t rely on word of mouth. A good marketing plan is essential to your success.
Depending on the type of business you’re starting, marketing could include the most basic components such as business cards, flyers, and short ads on social media. In addition, make sure your marketing plan includes creating experiences that foster customer loyalty.
Leading-edge technology, like augmented reality for business, offers people the opportunity to interact on a personal level with your brand.
Stay the Course
Creating a startup business that survives the inevitable bumps in the road requires commitment. You’re not going to flip on the open sign, go live with your website, or print the clever coffee mugs and suddenly have profits in your pocket.
If you don’t experience massive success your first month in business, you can’t quit! You can’t quit if things move slowly the second month or even the first year.
Successful business startups all have someone at the helm who commits to staying the course even when the naysayers chime in with their terrible advice.
Feeling Excited about Your Startup Business Idea?
We hope today’s post sparked your excitement to get moving forward on your startup business dreams. Keep the startup tips we’ve shared here in mind as you go through the steps.
For more articles on all things business, we invite you to check out the archives on our blog! Good luck with your startup!
Passionate Writer, Blogger and Amazon Affiliate Expert since 2014.