Developing and running your own business is extremely rewarding, while often frustrating and challenging. In my 25 years of running businesses, I know that success is gained from hard work, learning, and growing as an individual.
In this special blog post, I'll be giving 17 business lessons that every entrepreneur needs to know. And the common mistakes people make that can be easily avoided.
1. Learn From People Who Are Where You Want To Be
If you want to be successful, then take advice from successful people – and nobody else.
It makes no sense at all taking business advice from employed advisors, banks, government agencies or any of the above. Simply put, if your goal is to earn $100,000 in your business within 12 months, an employee of an agency or company earning $50,000 is not qualified to give you business advice.
What you will find with government-funded agencies is that their business plan often involves selling finance and/or renting business premises.
The only place to get structured and trusted business advice is a self-employed business coach. A business coach will guide you through the process step by step helping and guide you along the way.
2. Invest In Your Personal Development
One of the biggest challenges in becoming a business owner is the transition from being an employee to becoming an entrepreneur.Investing in online courses and training specific to your business is essential Click To Tweet
While investing in a business coach is the first essential step to take, investing in yourself is the other. It is a fact that business owners who invest in themselves make the most money. This applies to everyone.
Investing in online courses and training specific to your business is essential. Investing in business education will give you the skills and knowledge to learn your trade and reach your goals.
3. Don't Blaze Your Own Trail
Every new business owner bursting with enthusiasm wants to blaze their own trail. What I mean is running with a new business idea without an existing market, or the infrastructure to service that market. (commercial space travel for example).
Let me tell you that it's far easier, safer, and profitable to blaze the well-trodden path. Having an existing market, that you can serve existing tried and tested products and services to will give your business traction, and you won't lose your house if it goes wrong.
4. Set Business Goals That Take You Out of Your Comfort Zone
People always set their goals on what they think is possible, rather than what is actually possible…
We've all heard the phrase that success is available outside your comfort zone, and for many people that's true.
People making the transition from Employee to entrepreneur reflect on what they have already achieved financially and set an initial goal of replacing their employee income in their business.
My advice to anyone starting a business is to set a goal that excites you and scares you at the same time. My advice is set a goal and develop your business plan to double your current income in your business in the first 12 months. If you set your goals to replace your income (say $50k) you may achieve it, but if you plan to earn $100k and work your plan I would almost guarantee you'll earn more than $50k.
If you set your goals to replace your income (say $50k) you may achieve it, but if you plan to earn $100k and work your plan I would almost guarantee you'll earn more than $50k.
5. Be Weary of People Who Give Their Opinion For Free
As you embark on your entrepreneurial journey, you'll encounter people who give their opinion for free.
You'll find that family and friends will offer their advice, often with the best of intentions and sometimes not. Either way, you take advice from people who are where you want to be. People like your business coach and business partners who have a vested interest in your success.
6. Don't Give Up The Day Job
One of the best positions to be in is building a business without the need to draw profits for living expenses. Keeping your day job until you reach financial stability is a sensible consideration. I have seen people give up their professional career too early and their business has suffered as a result as your marketing can become noticeably desperate.
Remember that a fledgling company needs time to mature and re-investment, even if you have reached your goals. There are often changes and unforeseen circumstances in business that can negatively affect you.
Of course, working a job and a business together can leave you little downtime, but if it was easy, everyone would be doing it…
8. Loose Lips Sink Ships
If you have a marketable business idea, then keep quiet about it until you get it to market. I've heard lots of excellent business ideas casually discussed over a few beers.
There is an insatiable temptation with some people to announce their new business idea, only to watch it become successful at the hands of someone else. So keep your ideas quiet until your own ship has sailed.
Read part two of this article when I'll be revealing more business lessons for building a successful online business.
“Life Beyond Financial Barriers”
P.S. Starting any business can be daunting on your own. Watch this video to see what you can achieve with the right coaching even as a complete beginner.