How To Be Successful In Your New Business Venture | 8 Tips

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Being successful in business is just as much about mindset as it is about technical proficiency. Knowing what to prioritize and what kind of resources to secure in business is extremely important. So without further ado, here are eight of the best tips for success in business sourced from experts.

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Write Down Your Business Plan

Tip from Donald Todrin, writer and president of a Massachusetts financial consulting firm.

You need to actually put pen to paper (or fingers to keyboard) and write a step-by-step plan of how you’re going to start. Your game plan, ‘so to speak’.

Bonus points if you write an actual business plan, which you can read more about online.

Always Ask "What's the Downside?"

Tips from Chris Seabury, who has done financial writing and operated an advisory firm for over two decades.

You’ve probably heard the expression “no risk, no reward.” Since all your decisions in business should be leading to a reward, that also means they should all be risks. And risks always have a possible downside.

So that you’re prepared for every eventuality, always ask yourself before making a decision about how it could go wrong and what you would do if that were to happen.

If that something does indeed go wrong, your preparation will allow you to take the mistake in stride and treat it as a learning opportunity.

Have Customers Before You Start

Tip from James Altucher, a hedge fund manager, venture capitalist, entrepreneur, writer, and podcaster who has co-founded more than 20 companies and written more than 20 books on financials.

The most important part of a business is getting customers. Any time spent building the company without any money rolling in is wasted time.

That is not to say that business development is unimportant, but your business should be making money during that period too.

A new business should be built around a customer base who is already willing to buy, not around a great idea that you think will surely attract customers once it is implemented.

Aquire Partners and Delegate

Tip from John Rampton, an entrepreneur and online influencer who is on Fobes’ list of expert financial bloggers.

Business owners are generally a proud bunch.

They often demonstrate the mindset of “the only way to make sure something’s done right is to do it yourself” when it comes to their own business. This is understandable; they don’t want others to get their hands all over the business owner’s baby!

But they have to accept that building a successful business is just too much work to be done alone. However difficult it may be, they need to find people they trust and delegate some essential business operations to them. Learn to say “no” and allow others to carry some of the load.

Sometimes this means acquiring partners, and other times it means hiring good help.

Analyze Your Competition

Another tip from Mr. Seabury.

Every business has competitors. And every business can gain invaluable insight by looking at what those competitors are doing correctly and incorrectly.

Even if you feel your venture is perfectly executed, I can guarantee you it’s flawed. Every business is. And you can pick up some pointers from watching others in the same industry, like a football coach watching gameplay footage of their team’s opposition.

Over-Deliver to New Clients

James Altucher adds that once you have established customers, you need to “hook” them by overdelivering for the first 100 days or so. Even if that causes you to operate at a loss (which it probably will), securing some loyal clientele, especially in the early days of your business, is extremely valuable.

After that, 100 days, ramp back on the new deliverables slowly rather than all at once to avoid making it clear what you were doing.

Make Time for Fun

Todrin emphasizes the importance of having fun in your personal life when running a business.

Staying happy is key to good performance, and it is undoubtedly an advantage you want on your side.

You should not just be having fun before and after work, either. Make your workplace an environment that raises your spirits, along with those of any employees you have.

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Make the Leap

According to Rampton, the biggest reason people don’t succeed in their own business ventures is because they are too afraid to start them in the first place.

“Most people dream all day about launching a successful business while watching the clock tick at their mundane day jobs,” Rampton muses.

“The reason they never quit the security of a paycheck is because they are too scared by the unknown that comes with starting a business.”

So if you want your own business, go for it. The worst-case scenario is not nearly as bad as your darkest thoughts might be telling you.

Embarking on a business venture is a huge feat, almost comparable to raising a child. Hopefully, these tips give you some of the guidance you need to level up your business acumen.

IF YOU HAVE ANY TIPS FOR STARTING YOUR OWN BUSINESS NOT COVERED BY OUR FOUR EXPERTS, DROP THEM IN THE COMMENTS SECTION BELOW!

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