When you’re diving into small business ownership for the first time, you might look at established businesses in town and wonder how did they do it? After all, they were all once in your shoes. And after all the growing pains, hectic days, and sleepless nights, they built a business that survived. Here are some of the lessons we can learn from those small business ownership success stories.
Start Out Working Hard–Then Work Smart
Those sleepless nights we mentioned before–they’re real. New businesses have a million things to do, and limited employees to get them done. Business owners, in particular, are famous for becoming “married” to the business, and this is especially true in the early years as you eat, sleep, and breathe making your dreams come true. But once a business is established, they can afford to let off the gas and focus on fine-tuning their operations to be smart and efficient. The sooner you can do this, the more time you’ll have to reap the rewards of this efficiency.
Networking Is Everything; Be Confident
New business owners might feel a touch of “imposter syndrome.” They might not feel like they deserve that big client or are worthy of rubbing shoulders with industry bigshots. This is a case where “fake it til you make it” really applies. Be confident and upfront about your business. Always let people know you’re looking for referrals because your connections can bring you a lot of business when you’re just finding your footing. Once your business is established, that imposter feeling will probably be gone!
Know When to Finance
When you’re a new business, it feels extra scary to think about taking on loans. What if your business falters and you can’t pay it back? But established businesses know when to take calculated risks to help their businesses grow. They have a financial plan that factors in a payoff schedule. They compare interest rates against all the profits they stand to gain from financing new equipment or a business expansion.
Ready to expand your own business? Get in touch with Purevue Capital to explore financing options today.