When starting a new business, the challenges are real. But the struggle is worth it! Of course, you won't struggle when looking for a logo design tool. We've polled business owners who have tips to share for someone who is about to start their own business. If that is you, then this is a multi-part business roundup that you will want to read from start to end. Hear from people just like you and learn from what they've already been through.
I'm the owner of Best Online Traffic School, a California based online traffic school. I wish I had truly understood the highs and lows of entrepreneurship. I had read about the feeling of being on top of the world and then in the next moment, feeling like the world as a whole is crashing. The challenges and failures were harder to accept than the wins. That emotional rollercoaster has been draining.
Fortunately, I've learned to ride the waves out (whether high or low) by recognizing the pattern as "just another one of those" situations. In the end, everything will be fine. I keep myself motivated in these times by looking back at notes I wrote to myself when I started working on my idea - what I was thinking, the assumptions I made and the confidence I had. I draw inspiration from the passion that got me excited in the first place, and this usually re-energizes me to overcome the obstacles and march on.
When I started Poolonomics, I was merely working my way through what career would work best for me. I just got off sports around this time, so everything else that I was experimenting on was something I was unfamiliar with.
Along with many challenges I faced in building my business, my financial struggle when I started was the most prominent. As I was still establishing a name for myself, money was tight. The worst part about it was the difficulty of tracking all the expenses for the business.
That being said, since I didn't have much background in handling finances for a business, I decided to hire an accountant to handle the finances of the company. That way, I won't make similar mistakes in the future due to my lack of expertise. Most importantly, I am assured that expenses are tracked and managed.
One tip I could give is always to assess what your knowledge and skills you have not yet gained. You'll never know how crucial not knowing about something can hurt you in the long run.
I believe the top tip for starting your own business is to focus on being internally driven.
If you want to succeed in life, you need to push yourself. You need to stay dedicated to your plan and keep moving forward, even if it negatively affects your income. Being internally driven can also keep you going when you have already achieved a specific goal and maintain that success.
You should avoid being externally driven. This means you are not interested in yielding high-quality work, but instead conforming to the norms other people have imposed so that they have a better chance of immediate success. Being externally driven also makes your progress easier to measure; this is why most people usually lean towards it. This is a short-term game.
People who are internally driven are usually playing a long-term game. I believe that many successful people have attained their level of success of not being afraid to look wrong in the short-term but know that they may be able to look right in the long term.
Being internally driven means that you are inspired by your passion for meeting specific goals. You should focus on pursuing a social change or aim to change someone else's way of thinking rather than immediate wealth. Don't look in the short-term to improve your salary. Look into the long-term to change this norm.
It is essential to be more attached to your core principles, and that means holding onto your values that is a critical component of your success.
Remember that if you are internally driven, you will always make room for personal growth even after you have reached a goal.
Try and understand a person's motivation before you work with them. I always figure out what motivates people to do their work. Is it just for that promotion, or do they have an ambitious goal? This gives me a greater insight into their vision of the world.
Don't focus on the outcome of our work, but rather the journey you are taking.
Before starting a business, it is vital to come up with a problem to solve. It is critical to solving a painful problem. To validate that the problem is a pain point, interview at least 25 prototype customers that might experience this problem and ask how painful the problem is out of 10. If your average answer is between 8 - 10, then you have an opportunity. From there, you need to create a business plan detailing how you will solve their problem and your strategies and tactics to reach this audience.
To succeed in the first year of a B2B business, I recommend perfecting a method that creates measurable positive results for other companies within one niche. You will succeed if you can: "Make a rich man richer and take your cut."
The little things are the big things, and they pile up. Find individuals with different skills and leverage their knowledge and experience as much as possible. For example: If you are a sales/marketing guru but lack the technical expertise or legal expertise then go out and find 2-3 advisors that you can leverage to grow your brand faster and more efficiently. Like everything else, it seems, it's always a lot more challenging than you think.
My name is Kean Graham and I’m the CEO of MonetizeMore, an 8-figure ad tech company that is a Google Certified Partner with a 100+ full-time staff based all around the planet.