Thinking about dipping your toes into entrepreneurship next year? It’s an exciting new experience, one that’s incredibly rewarding, and sure to bring you immense personal fulfillment down the road. We’re not going to lie, though: the journey itself can be marred by uncertainty and frustration.
But once you attain success, you’ll realize all the hard work was well worth it and then some. When you’re finally ready to hit the ground running and own a business, keep your eyes open for these four issues. They might seem simple at first glance, but if ignored or approached with lethargy, they might very well tank your efforts.
1. Don’t Surround Yourself with Yes-People
“Yes, boss.” “Sure, boss.” “Can do, boss.” “Of course, boss.” These yes-people are your business’s greatest nemesis—and for obvious reasons. They’ll tell you what they think you want to hear, setting you up for wrong or poorly thought-out decisions that ultimately affect your bottom line. When starting out, hire people who can save you from yourself.
In other words, you need the “no” guys and gals. While you might have countless brilliant ideas, there will always be a few that are rather unexceptional and uninspired. And when you inevitably come up with something that could harm your start-up, you don’t want someone giving you an easy pass. Rather, you need employees who can say, “No, that’s not a good idea,” or, “Nope, here’s how we can do it better.” That’s how you grow.
2. Establish Efficient Workflows and Processes from the Outset
Don’t wait until you’re bogged down in day-to-day activities to start thinking about efficient workflows. The earlier you can pinpoint ways to do more with less, the lower your chances of encountering significant roadblocks in the long run. When it comes to improving business efficiency, there’s no better place to start than automated systems. The good news is that the market is awash with robust software and platform options for every workflow and use case.
And when it’s time to implement new solutions and processes, be sure to loop in your staff on all the do’s and don’ts. Explain how each tool fits in the overall business vision and how it will impact them. That way, you’ll get the maximum results out of every tech solution in your stack. We see you asking, “Do document signing solutions improve efficiency, too?” The answer is a resounding yes. In fact, best-in-class e-signature solutions like jSign enable users to sign documents quickly and on the go from anywhere in the world.
3. Solve a Real, Urgent Problem
Creating “cool” business solutions will never, ever get you anywhere. The world is filled with real problems that require real solutions. Unless you’re willing to discover and act on one of those pain points, your dream of becoming a successful entrepreneur will remain just that—a dream. The problem you solve doesn’t have to be sophisticated like curing a terminal illness; it could be something as simple as creating a new product that helps people sleep faster and with less fuss.
But ultimately, you need to know what you’re trying to achieve. After figuring it out, devise apt marketing strategies that align with your overarching vision and goals so that your target customers can understand how you can best help them. For instance, if you’re selling anti-itch creams, you’ll want your marketing to depict the pain and discomfort eczema or skin rashes can inflict. Then, showcase your product as the perfect remedy that will alleviate the irritations in no time.
4. Don’t Ignore the Fundamentals of Financial Planning
Do you truly understand the nuts and bolts of your finances? Do you know how to maintain a healthy cash flow, and have you thought about creating a buffer to meet short-term financial obligations? Do you intend on managing taxes on your own, or would outsource this task makes more sense in the formative years?
Have a well-thought-out financial plan from the onset. Many business owners fail or stumble along the way because they spend rather recklessly, fail to distinguish between personal and business objectives, or use savings or credit cards for capital. When you’re ready to tend to the financial health of your business, don’t assume you know it all. In fact, a certified financial advisor can help put everything in order on your behalf.
Have Your Ducks in a Row For 2023
Becoming a new business owner can be both thrilling and challenging. While you’ll certainly encounter many challenges on your path to success, being knowledgeable on the above issues right from the start will help you put your best foot forward. Remember that a strong business legacy isn’t built in a day, and as long as you’re willing to put in the work, success will be a matter of when and not if. Break a leg!