Tips For Aspiring Entrepreneurs

So, you want to be an entrepreneur? You want to start your own business and enjoy building your own income without having to rely on an employer. Our advice – go for it! Note this, however, becoming an entrepreneur is both exciting and stressful, and surviving in the business world can be extremely challenging.

Over the years we’ve worked with many entrepreneurs, and we’ve picked up some valuable survival tips we’d like to share with you.

Plan your day

When you work alone, it’s tempting to take time off to go out to lunch or take an extended rest break. Sometimes you need to do that, but you can’t do it every day. When there’s no one to justify yourself to, it’s easy to let your performance slide. Bad habits like procrastination slip in and unless you deal with them early, they become embedded and hard to eliminate. By planning your day and working to a timetable, you’re more likely to stay on track, and it’s easier to monitor your productivity.

Watch the figures

Most entrepreneurs are ideas people. They are most comfortable working with the big picture, and the prospect of managing budgets and statistics puts them to sleep. Unfortunately, managing your figures is a vital part of the business and should guide your business decisions. Without paying attention to them, you won’t know where your money is going, what’s costing you yet bringing little return, and which product or service makes you the most money. If you can’t do it, find someone to do it with you.

Find a mentor

If you work solo, you need someone to bounce your ideas off. You need someone whose brain you can pick and who’ll give you advice/guidance when you need it. Find a mentor who is in the same industry and build that relationship. Working solo doesn’t have to mean working alone.

Avoid unpaid opportunities

Expect to be approached by people who want you to work for the exposure. In other words, for no money and only a slim chance you’ll see any benefit. Unless the opportunity is being offered by an industry influencer or someone with a considerable following in your target market, just say no. It will be a waste of your time.

Give yourself time off for good behaviour

It’s too easy to live and breathe nothing but work, and eventually, it saps your energy and creativity. It’s a business killer. There’s a reason why workplaces insist on employees taking their annual leave. It keeps them fit and healthy and boosts productivity, which means they see a better profit. Make sure you schedule breaks in your day and your week and block out a solid week or two for holidays. By the time you get back to work, you’ll be rested and energised, full of ideas and the willingness to go for them!

If you can follow these tips, you’ll be in a great position to establish a sustainable and profitable business. If you’d like some advice or some help with your business strategy, give us a call on 02 9699 2880 and get the ball rolling.