Top Five Tips for New Business Owners

Eugenie Jones Business Strategy & Planning, Odds & Ends

Running your own business sounds like a dream – you’re the boss and surely you will come into riches fairly quickly right? Unfortunately, more often than not you will quickly discover that this road is not an easy one.
Having a business plan and always being clear about which steps to take next are your starting point but here are our top five tips for getting on top of your business:

Often business owners find delegating difficult because it means losing some control, or maybe because it involves depending on someone else – whatever your reason, it’s important to get over this fear.
Think about the opportunity cost of doing the task yourself – what else could you be doing with that time which could benefit your business?

If a machine can do the job, let it. Don’t get us wrong, we don’t want you to automate your employees out of jobs, we simply want you to weigh up the cost effect of their time. Paying $20 a month for a product that will automate your invoices vs adding it to the list of tasks one of your employees does for $20 an hour.

Support System:
Running your own business is a stressful job that can create emotional turbulence for a lot of business owners. At the risk of sounding cheesy … we suggest creating a strong support system. Find people who you can share both your struggles and your goals with. Often the best mentors offer both – emotional and strategic support.

The big picture:
Details are important, but it’s easy to get caught up in them and this will limit your growth. Taking a step back. Looking at your business plan or goals will help you to make appropriate changes to stay on track.

Be Kind not nice:
A nice business owner is externally motivated, being driven by the need for others approval or validation. A kind business owner is internally motivated, being driven by what is right rather than what others might think.
Being nice can often lead to doing work outside of your scope. A fear of confrontation gets in the way of providing an alternate solution. Instead, focus on being kind, set limits with others and don’t allow them to walk over you.