Audrey Hoffman discusses how first time entrepreneurs can
succeed in business especiallly when they have goods
and services to launch in the market. Learn five tips every
new business owner needs to know before getting started with a
new business venture.
Five Tips for First Time Entrepreneurs
It seems so long ago that I started my first business. Since
that time, I've created several successful businesses and learned
a lot of lessons along the way. There are several things I wish
I would have known in the early days of my entrepreneurial efforts
that I hope will help some other first time entrepreneurs on their
path to success.
You'll Work Harder for Yourself than You
Ever Have for a Boss
If you think owning your own business is simple or means you get
to lounge around all day long, think again. While this may be an
end result after a lot of hard work, it will certainly not be the
beginning of your business. You will work long hours, long nights
and at times you'll feel overwhelmed at the amount of effort owning
your own business can take. But, also know that owning your own
business and working hard for yourself can be one of the most satisfying
feelings of your life.
Don't Confuse Setbacks with Failures
They say there is no successful business owner who hasn't
failed with at least one business before they started the
one that "struck gold". It is important that you
take each failure you encounter on your path to success
as an opportunity to learn something. This helps you to
not repeat your mistakes and makes you more prepared for
your next business venture. In addition, things that seem
like failures can turn out to only be minor or temporary
roadblocks that can be overcome with time and hard work.
Entrepreneurs learn from everything they do, though they
may not always "succeed".
You Still Need a Life
Many new business owners work all hours of the day and
night. While hard work and a lot of hours are certainly
required for an entrepreneurial lifestyle, you also need
to make time for your personal life – whether it be for
family, friends or personal hobbies. You need to take time
for your own personal well being. In addition, if you sit
behind your computer, in your office or on a "jobsite"
all day, every day, you will miss great networking opportunities
out in the "social great beyond" of your world.
All work and no play makes Jim, or Jane, a very dull person.
Good Bookkeeping is Essential
This isn't an understatement. My first time in business,
I paid for something here, something there and never kept
receipts or records of any expenses. I told myself I would
"one day when the business got off the ground".
Eight months later, my business was booming and it was tax
time. Not only did I lose out on a lot of business expenses
I couldn't claim due to no proof, I ended up paying an accountant
triple what I would have had I not been a nightmare client
with no records or receipts. Don't wait for your business
to "take off" – keep records from the very beginning
– it will make it a habit, make your taxes owed less painful
should the business start booming and will make your accountant
more pleasant than mine was.
The Internet Isn't The Magic Pill
If you are a new business owner starting your own business
based on the Internet, then this part is for you. The Internet
is not a "magical flow of endless customers".
The adage "build it and they will come" couldn't
be further from the truth online. You need to work an Internet
business as hard as you would a "brick and mortar"
establishment. While starting a business online requires
less start up and overhead in many cases, it is NOT free.
You will need to put out money, or spend a lot of time learning
new skills (sometimes both), to make a successful site on
the net. It takes marketing, hard work and a willingness
to learn. If you think you can slap up a website and people
will pile into your shopping cart, then you may want to
take some time to actually plan your business model.
Good luck with your business. Being an entrepreneur has
ups and downs, but it can be the most satisfying and rewarding
(both personally, professionally and financially) of your
life if you put your heart and soul into doing what it takes
About The Author
Audrey Hoffman owns http://www.speedy-incorporation.com
– a site that offers online incorporation services and information
about forming an LLC or corporation across the United States,
including Maryland Corporations.
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