Not everyone has the same tactics when it comes to starting a business venture, but it can help to hear from experienced entrepreneurs some words of advice to help you get going!
We used HARO to reach out to experienced entrepreneurs and mixed their advice with my own below. Check it out:
Do not be afraid to ask for help.
It can be tough to admit when you might need help because you took on too much, especially when you are a very independent person. However, it is better to swallow your pride and ask for assistance, than it is to watch everything fall apart, says learning expert Anna Latorre, the founder of Anna Spanish.
“Even though we might feel we should be able to do it all when it comes to running a business, there are some things we are just not equipped to do, or simply do not have time for. A successful business is one that finds helpful resources and uses them to their advantage. You should be prepared at all times to recognize when enough is enough, and be able to seek the help you need.”
Make time for yourself
Even though there can be some flexibility in terms of hours worked when being an entrepreneur, being in charge of a company is no easy feat. You can still become exhausted, and mentally burnt out which will affect your overall well-being.
Fixing burnout can take about 3 years to fully recover from, and is preventable. Always look out for signs that you might be losing motivation and are constantly tired. If you begin to notice you are slowing down and are less productive, you need to take time away from work immediately and give yourself some much needed rest.
To prevent burnout, find things that help you to relax at the end of each workday. Whether it be going for a walk, reading a book, or listening to music alone. You need to take care of your mind and body both at the beginning of your entrepreneurial journey, and throughout it.
Have realistic expectations
When starting your own business, you need to be realistic about how it is to play out, says the CEO of Alchemy Leads, Sean Chaudhary.
“Not everything will be easy, and you are not likely to see a profit until about 3 years in. However, you need to be able to persevere in order to find success for your business, and to make your dreams become reality. There will also be times when you make mistakes that you feel you will never recover from. You however, have the power to turn things around for yourself, but it might just take longer than you had thought. To set realistic expectations for yourself, you need to be able to change your mentality, know your limits, and not get distracted by things around you that might cause you to lose sight of your goals.”
Grow your savings account
Before you even begin making moves to start a business venture, you need to have a substantial amount of money saved up, says experienced investor, business owner, and the founder of Learn Financial Strategy, Shaun Connell.
“Although this is not always necessary depending on the business, it helps greatly in times of uncertainty. It takes a while for your business to become profitable, which can be worsened if you do not have the money to keep it afloat. It is important to always ensure you pay yourself, and that you also create separate accounts for you and your business. This can help you to not eat up all of your own money, and will then help you to be able to save easier. It is also important to look at ways in which you can save on expenses such as office supplies or software. In the beginning you might have to use your own money for these things, which is why it is best to have money saved up.”
Never lose sight of your original goals
When you first begin your own business, you always have goals set in order for you to figure out how to accomplish them, says David Murphy, the Founder of DropGuys.
“There are times though in which you might lose sight of them because of factors you may or may not be able to control. However, you should always go back to these goals in your mind as they are often the best way to success. Although goals can be tweaked and added to as you start to see things differently, they are usually the same base goals.
“To help yourself not lose sight of them, it is best to always have them somewhere in front of you when you work. Whether it is a sticky note on your computer, or they are painted on your office walls, this will remind you of the things you need to accomplish. It can also help to create a map of how you plan on doing this, and to get your team involved with this as well.”
I hope these insights are helpful for your entrepreneurial journey and, if you can, be sure to share your own experiences with others so you can help the next generation along.