September 21, 2018
Let’s face it, being an entrepreneur is tough. It’s a risky endeavour, but comes with the dream of big rewards. Below are four tips to be a successful entrepreneur. We can’t guarantee your success, but I can help steer you in the right direction. The rest is up to you!
- Cash Flow
Without cash flow, your business will not be successful. Entrepreneurs are known to be big dreamers and fall deeply in love with their product or service. However, if there is no market for what you are selling you will not be able to generate enough cash flow for your business to survive. The crucial step in generating income is to sell a product or service that people actually want.
- Business Model
Can your business make a profit? Will the income you generate from selling your product or service be more than the costs of running a business? When running these projections always overestimate your costs and underestimate your income.
Marketing is more important than mastering
Often we spend too much time planning and not enough time going out there and marketing our new product or service. You learn more while you are out there trialling your idea and interacting with your clients then spending lots of time trying to become more qualified.
- Look for ways to keep costs low
Now that you have cash coming in don’t forget to keep track of where your money is going. Keep track of what you spend, where you spend it and see if there are ways you can cut back on these costs. The more money that goes out the door means the less in your pocket so keep a close eye on your spending.
- Measure your results
You must measure and track your results in order to see what is and isn’t working. As your business grows you might adapt and change your product line, try a new advertising campaign or add a new department. It is important to note which of these increased profit margins and brought in new customers. Without tracking and measuring the results of these changes you have no idea if these strategies have worked.