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7 Success Hacks for Budding Entrepreneurs

7 Success Hacks for Budding Entrepreneurs

Being your own boss can be both fun and rewarding but don’t let anyone tell you it isn’t hard work. Several years back I started my very first business, and the memories are still as vivid today as when it happened.

Indeed, I can recall the feeling that I had after filing my articles of incorporation with the Secretary of State. It was like, ‘So now that it’s official, what do I do now?’ Fortunately, I was very lucky to have made mistakes early enough to catch them and make my corrections. But it wasn’t easy. However, the good news is that today I’m going to let you know everything I wish I’d known then about what to do after starting a business. Let’s get started!

After you officially launch your business, it won’t be long before you find yourself wondering what to do next. If your launch is anything like mine, the weird thing about trying to map out a game plan isn’t necessarily that you don’t have anything to do. You might even find that there’s so much that just trying to decide what to do first triggers analysis paralysis.

If I could do it all over again here’s how I’d tackle my new business checklist.

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1. Ready Yourself for Growth and Success

While on the face of it managing growth might either

a) seem like a great problem to have or

b) like the type of problem that you only worry about when you’re actually facing it.

Nothing could be further from the truth! In fact, the irony of it is that quick, unexpected sales growth could be just as detrimental to your business as no revenues at all! If it all sounds a bit far-fetched, consider this news from one of the most widely recognized business publications in the world – the Harvard Business Review – which cited the inability to handle growth as one of the biggest problems faced by new businesses. To support this observation, they referenced several examples of startups who hurt themselves by not responding adequately to the unexpected growth.

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Here’s what you need to know about growth hacking for the unexpected.

If you haven’t already done so, you’ll want to be 100% certain that your method of production can be scaled; this applies both to companies who supply products or services. One way you can tell if you’re sufficiently capable of handling rapid growth is to ask yourself if your current production process could withstand 100 more orders – should they come in right now. If the answer is no, then you know that you need to scale your production procedure.

2. Have a Sales Team in Place

If you run a sales driven company, it’s critical that you find ways to generate sales – day in and day out. Without a doubt having a knowledgeable sales force in place to close deals is one of the best ways to achieve regular sales.

3. Become an Expert in Your Market

If you have a sound understanding of the fundamentals that drive sales for your industry, you’ll be in a position to stay a step ahead of the competition. One way to do this is to stay plugged into what’s going on in the industry. Of course, if you have an internet connection, it is remarkably easy to follow the trends that matter.

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While not everyone wants to prepare themselves to be ready for the worst, so many new companies go out of business because they weren’t ready to experience success.

4. Don’t Over-Rely on Your Company Launch for Sales

It’s so easy to adopt the mindset that your launch buzz will follow you into the post-launch phase. However, remember that this does not have to be the case and it usually isn’t. In fact, after that first round of PR wears off, you should prepare yourself to fight for every second or word of publicity that you receive.

Sadly, that initial buzz will wear off quicker than you think, so be ready. Another thing is that the sooner you internalize your new business’s Unique Selling Proposition (USP), the faster you can position yourself for long-term growth. Here are some things you can do to keep the sales rolling in longer after your initial launch.

Hire a professional sales person. Thanks to sites like Upwork and Freelancer, finding top sales talent is closer within reach than you probably thought. Nonetheless, it’s critical that you remember ever to be on the lookout for good talent in this area, as you never know when you may need to hire another sales person. Upon finding your sales pro, be prepared to train and equip them with a realistic quota.

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5. Maintain a Positive Outlook

Once you fully transition from being a startup to being a full-fledged business with a track record under your belt, it’s important that you maintain your enthusiasm. Why? There will be days where things simply don’t go your way and when they come it’s essential that you meet them head on.

6. Consistently Seek New Networking Opportunities

While you may have a core of customers that keeps the gears churning for your business, you never want to rely on them as you never know when they might disappear. The key to not being too dependent on long-standing customers is to acquire new customers on a regular basis.

So let this be a reminder always to be selling. But it won’t happen unless you make sales the focus of your business. And remember, it doesn’t matter how much success you’ve already achieved, so long as you intend to stay in business, you should always be bringing new customers onboard.

7. Additional Considerations for Your Startup

  • Connect with Like-minded People Online: Building a business can get lonely sometimes. Things can get so quiet that if you’re not careful, you could find yourself drifting into depression. One way to offset this is to find a community of others in your field that you can reach out to when you want to talk. An added benefit of employing this strategy is that it can sometimes help you find new customers as every now and then you may stumble across someone who refers you business because they’re too busy to take on new work.
  • Banking: Banking is something that you want to establish even before you start your business. If you haven’t already had an opportunity to build a banking relationship, now is the time to do so.
  • Decide Whether an Office is Necessary: Unlike years past where not having an office meant that you might not be taken seriously, in the present day and age, many businesses opt for a virtual presence. So depending on your market, a physical presence may not be necessary. However, if you work in an industry where your audience expects you to have a storefront or physical location, just know that there are options. For example, if you’re on a shoe-string budget, you can rent a shared space or something similar.
  • Establish a Web Presence. If you’re still using a free email provider for your email address, please stop as this is one of the best ways to brand yourself as a newcomer. Instead, get a branded email. They are now easier than ever to get and are often very affordable. The same can be said of your website. If you don’t already have a site, go ahead and build or order one now. In fact, even if you’re low on funds and don’t possess web design experience, starting a website has never been easier as most website builder platforms allow you to drag and drop.

There you have it. While this list certainly wasn’t meant to be comprehensive, it at least covers the key areas. Armed with this list of ‘to dos’ you should now have a clear idea of what to do next.

Featured photo credit: readbrightly.com via readbrightly.com

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Last Updated on March 23, 2021

Manage Your Energy so You Can Manage Your Time

Manage Your Energy so You Can Manage Your Time

One of the greatest ironies of this age is that while various gadgets like smartphones and netbooks allow you to multitask, it seems that you never manage to get things done. You are caught in the busyness trap. There’s just too much work to do in one day that sometimes you end up exhausted with half-finished tasks.

The problem lies in how to keep our energy level high to ensure that you finish at least one of your most important tasks for the day. There’s just not enough hours in a day and it’s not possible to be productive the whole time.

You need more than time management. You need energy management

1. Dispel the idea that you need to be a “morning person” to be productive

How many times have you heard (or read) this advice – wake up early so that you can do all the tasks at hand. There’s nothing wrong with that advice. It’s actually reeks of good common sense – start early, finish early. The thing is that technique alone won’t work with everyone. Especially not with people who are not morning larks.

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I should know because I was once deluded with the idea that I will be more productive if I get out of bed by 6 a.m. Like most of you Lifehackers, I’m always on the lookout for productivity hacks because I have a lot of things in my plate. I’m working full time as an editor for a news agency, while at the same time tending to my side business as a content marketing strategist. I’m also a travel blogger and oh yeah, I forgot, I also have a life.

I read a lot of productivity books and blogs looking for ways to make the most of my 24 hours. Most stories on productivity stress waking up early. So I did – and I was a major failure in that department – both in waking up early and finishing early.

2. Determine your “peak hours”

Energy management begins with looking for your most productive hours in a day. Getting attuned to your body clock won’t happen instantly but there’s a way around it.

Monitor your working habits for one week and list down the time when you managed to do the most work. Take note also of what you feel during those hours – do you feel energized or lethargic? Monitor this and you will find a pattern later on.

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My experiment with being a morning lark proved that ignoring my body clock and just doing it by disciplining myself to wake up before 8 a.m. will push me to be more productive. I thought that by writing blog posts and other reports in the morning that I would be finished by noon and use my lunch break for a quick gym session. That never happened. I was sleepy, distracted and couldn’t write jack before 10 a.m.

In fact that was one experiment that I shouldn’t have tried because I should know better. After all, I’ve been writing for a living for the last 15 years, and I have observed time and again that I write more –and better – in the afternoon and in evenings after supper. I’m a night owl. I might as well, accept it and work around it.

Just recently, I was so fired up by a certain idea that – even if I’m back home tired from work – I took out my netbook, wrote and published a 600-word blog post by 11 p.m. This is a bit extreme and one of my rare outbursts of energy, but it works for me.

3. Block those high-energy hours

Once you have a sense of that high-energy time, you can then mold your schedule so that your other less important tasks will be scheduled either before or after this designated productive time.

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Block them out in your calendar and use the high-energy hours for your high priority tasks – especially those that require more of your mental energy and focus. You also need to use these hours to any task that will bring you closer to you life’s goal.

If you are a morning person, you might want to schedule most business meetings before lunch time as it’s important to keep your mind sharp and focused. But nothing is set in stone. Sometimes you have to sacrifice those productive hours to attend to other personal stuff – like if you or your family members are sick or if you have to attend your son’s graduation.

That said, just remember to keep those productive times on your calendar. You may allow for some exemptions but stick to that schedule as much as possible.

There’s no right or wrong way of using this energy management technique because everything depends on your own personal circumstances. What you need to remember is that you have to accept what works for you – and not what other productivity gurus say you should do.

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Understanding your own body clock is the key to time management. Without it, you end up exhausted chasing a never-ending cycle of tasks and frustrations.

Featured photo credit: Collin Hardy via unsplash.com

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