3 Tips for First-Time Business Owners
Approximately 627,000 new businesses open in the US every year, while just under 600,000 close. If you’re looking to start your first new business, it’s extremely important that you start strong, so that you can have the best chance of survival possible. For many first-time business owners, the question is, “How?”
If you’re a first-time business owner who is looking to succeed, you’ve likely read all there is to read about business ownership. You’ve got your business plan and have selected your accounting software. You’ve done your market research. You’ve set up the perfect office. You may think you know everything, but we’ve got some tips you may not have thought of. We’re here to tell you our top five tips lesser-known tips for new business owners, so that you can survive your first few years of business and set out on the best foot possible.
Tip #1 for First-time Business Owners: Learn to Manage Your Stress
If you’ve spent any time in the workforce, we’re willing to bet you’ve experienced some stress. Employees face impending deadlines, high-pressure meetings with higher ups, and nerve-wracking yearly reviews. You are expected to manage relationships with coworkers, management, clients, and more. You may think you’ve experienced real stress, but we’ve got news for you: you haven’t.
The stressors for a first-time business owner are immense. Not only are there the stressors of deadlines and interpersonal relationships, but there’s the added stress of the survival of your business. If you want your business to survive, it’s imperative that you learn to manage that stress.
The good news is, there are plenty of options when it comes to stress management. Some find that meditation is helpful, while others find daily exercise an effective method. We love using supplements to manage stress. Some of our favorites are ashwagandha, an ancient ayurvedic herb, or a CBD supplement, like CBD gummies. Many report that both lower levels of stress and anxiety, so that you can start each day with a clear mind and ready to take on the world.
Tip #2 for First-time Business Owners: Build Relationships with Your Competitors
Every guide for first-time business owners will teach you to do your market research. If you’re opening a business, it’s imperative that you become intimately familiar with your competition. You need to know exactly what’s out there, what’s already being offered, and how you will position yourself as a step above the rest. We’re here to take it a step further. As a first-time business owner, you shouldn’t only know about your competition; you should also build relationships with them.
This may seem like making friends with the enemy, but we don’t see it that way. If you’ve devised a business that’s going to survive, then your business must be unique. You should offer something tangibly different than all of your competitors. And if you have a unique product, then your competitors aren’t really your enemy. Instead, they’re a potential source of business for you. Perhaps they’ll have a customer that they find is really a better fit for your unique offering. If you have a meaningful relationship with them, they’ll send that customer your way. It’s a win-win!
Tip #3 for First-time Business Owners: Never Stop Learning
As a first-time business owner, you have a lot to learn… a whole, whole lot. Your first year of business is going to be chock-full of new experiences. You’re going to learn things you’ve never read in any business owner’s manual or self-help book. And over time, you’ll build a wealth of knowledge. Things will stop being new and start becoming routine. You’ll get better at business ownership, and if you’re lucky, you’ll find a lot of success.
But if you want to run a successful business, it’s imperative that you never stop learning. The world is always evolving. There’s constantly new technology, new trends, and new businesses in your landscape. The truth is that you’ll never know all there is you need to know. Accepting that fact is paramount to your success.
Make continuing education central to your business. Explore educational resources for small businesses, like best courses for business Continue to refine your skills in your area of business. Take classes from masters and learn from others’ experiences. Most importantly, treat every interaction as a learning opportunity. Each person that you meet offers you an opportunity to learn something new. Your task is to find out what they can teach you.