Dorotea Tuzon

As a new entrepreneur, opening your startup can be a rewarding experience. Yet, it can also be a great source of stress when you run into some mistakes that will make you fail at your business. 

Like in my previous posts, I had to close my first shop just nine months after I opened it. So here are some life lessons that I would like to share with you to avoid these pitfalls:

First Tip: Create a plan 

Before opening up your business, it is good that you have researched your business. Be sure to identify your customers, their needs, and how you will meet them. Also, make a long and short-term plan on how you will go about the business. Always seek feedback so you can make changes when necessary.

Second Tip: Make a budget

As a new entrepreneur, you should be able to make a budget and identify how much capital you would spend on your business. Monitor your finances every time to avoid overspending your time and money. Online software tools such as QuickBooks will help you to manage your finances. 

You can also create financial projects to identify whether you’re hitting your target or not. 

Third Tip: Develop a marketing strategy

No matter how good your product or service is, if you didn’t plan for a good marketing strategy, you won’t be able to reach out to your audience. One way is to use social media platforms where you can target a specific audience. 

Consider using WordPress to build your own website.

Fourth tip: Ask for help

Since you’re a newbie, it is good to seek out mentors who can guide you in the first few years of the business. They can provide you with important tips on how to go about the business. They can also be a good source of information and connect you with the right individuals that will help you to further succeed. I also had a mentor that I shadowed for years after my first business venture, and I learned a lot from him. 

Also, avoid burnout by seeking out expertise from freelancers or independent contractors. With their help, you can focus on other things that help you to grow your company. I have used an online platform to help me manage payroll and hiring.

You can also go to my Youtube Channel to get inspired and learn more tips on how to grow your business.

Fifth Tip: Setting a good price

Do not undervalue your service or product by providing making your price low. Know your value and worth because having a low price can put your business at risk for financial loss. 

Sixth Tip: Seek financing

One of the common mistakes that business owners experience is having a cash shortage. Try to seek out financing options to manage your cash flow. Avoid using your operational cash to pay for your long-term assets.

Seventh tip: Investing in the right tools 

Consider investing in technologies to help you become more productive and efficient so you can deliver your products and services right away. This will also help you increase your profitability as a business. If you are an e-commerce business, Shopify is an easy online tool to help you manage your inventory and shipment.

Eighth tip: Be Patient

Every business takes time to grow and expand. You need to be patient, especially in times of non-growth. Also, mistakes are unavoidable but they can be an avenue for you to learn and grow. 

Final Thoughts

Knowing the right tips will help you to succeed in your business. While mistakes are unavoidable, these eight tips will surely help you grow your business. Our website have some informational tools to help you become a successful entrepreneur.