Starting a new business is a very exciting venture, full of all sorts of possibilities. But, at the same time, journeying into the unknown can be a little disconcerting, as there is always a tremendous amount of risk and unknown variables involved. After all, the greater the risk, the greater the reward, as the saying goes. While it’s impossible to fully steer clear of all risk involved with running your own business, you can learn from other people’s mistakes to help mitigate them and ensure your company is a success.
Establish SMART goals.
SMART goals are ones that are: specific, measurable, attainable, relevant, and time-based. While these can include both short- and long-term goals, creating them will help you and your team stay on track when it comes to mapping out your daily tasks. Doing this helps to ensure you don’t fall behind or lose sight of your plan.
Don’t undervalue your product.
Whether you have a physical product or you offer a service, one of the first mistakes new businesses make is shortchanging themselves (quite literally) by not offering it for the right price. You may think you have to enter the market at a lower cost since you’re the new kid on the block, but when you do that, you undermine the actual value of your product. Plus, it’s very difficult to recover and begin to raise prices accordingly after the fact.
Mind your budget.
When you’re entering the market, you want to make sure not to overspend right out the gate. Sure, it may seem like a good idea to immediately invest in the most well-known products and equipment out there, but that isn’t always a good idea … not right away, anyway. Do your due diligence and research substitutions that are just as sufficient, but cost a fraction of the price. You’ll find this can almost always be done; this way, you won’t blow through your entire budget just to get started.
Don’t skimp on marketing efforts.
Sure, some businesses can stay afloat and even thrive on word-of-mouth referrals alone. But let’s be real: That isn’t typical, it doesn’t work for every company, and that usually is a benefit that can only be taken advantage of after years of experience. In other words: Be ready to market yourself. Know what type of marketing is best suited to your business — traditional print, internet, radio, email, etc. — and develop a solid plan to help bring the customers to you.
Embrace new technologies.
As we mentioned, starting a new business venture is a risk. But why attempt it if you aren’t willing to go all-in? Don’t avoid introducing new technologies into your business plan if there’s a solid chance they’ll help you. There may be an investment needed, as well as a learning curve to overcome, but if you avoid it altogether, it won’t be long before you find yourself left in the dust by competitors who aren’t afraid to keep up with the times.
Be prepared to manage your team.
There’s a lot of responsibility that comes with being a business owner. Part of that involves being able to delegate day-to-day oversight to trustworthy leaders. That includes giving them the tools to effectively manage their teams, especially as your company and responsibilities grow. Encore provides a suite of tools that does just that. Your team leaders can constantly stay in the loop, while all workers are kept accountable for their actions while on the clock. No matter the type of business you run, Encore is versatile enough that it can be adapted to accommodate your specific needs. Plus, as the owner, it’s easy for you to remain in the loop simply by pulling reports for quick, at-a-glance updates.
Follow all of these tips and watch as your budding new business begins to blossom into an industry-leading success.
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