3 Tips For New Business Owners

3 Tips For New Business Owners

If you're starting a brand new business, it can be overwhelming. You're probably wondering what you should be doing first or maybe what you shouldn't do, where you should spend your money. There are a lot of questions going through your mind. I'm going to give you three tips that'll just help you really drive towards a successful point with your new business.

 

*** This is a transcription from a video  ***

 

My first tip is to act like a new business. I see people start new business and they set up flash offices, buy new cars, new computers; they really go overboard on expenditures. Really, the more money you have in reserve, the better. Because you just don't know what's going to happen. You don't know what's going to work yet. Your marketing's not proven, your sales techniques aren't proven. You haven't proven the concept yet. So until you're at a point where you're predictably bringing in cash flow from your sales, act like a start-up, act like a small business. Don't act like the big boys. Don't worry about what your competitors are doing. Don't worry what the guys down the road are driving. Just act like a new business, and you'll be better off.

 

My second tip is stay focused. Really stay focused on what is going to bring in the cash. Don't do the things that aren't going to bring in sales. Don't worry right now if your office is a bit shabby. If painting it's not going to bring in more sales, don't paint it. Focus on marketing. Focus on sales techniques. Delivery is important of course, you have got to keep your customers happy. But I see far too much emphasis put on delivery. There's a famous saying that I love: 'The best mouse trap does not always sell the most.' You can probably think of a hamburger shop that sells a lot of hamburgers, but they don't make the best one. I won't say which one, but I'm sure you've been there. So it's not about having the best product, it's about having the best sales and marketing. Of course customer service is important, but right now, focus on what's going to bring in the sales.

 

Now my third tip is to delegate or outsource tasks. Now a saying that I love, it's one of my mantras now: 'Do what you do best, and outsource the rest.' Don't feel like you've got to do everything. Don't be the Photoshop guru. Don't be the cleaner. Don't be the mail house person. Don't run to the bank. Hire casual staff whether it's online and you can outsource overseas or it's local, it doesn't matter. But get yourself some support. Now whilst that may be a small investment, it frees you up to do the things that are going to make your money, that's a much better use of your time. So you don't get to the end of your week and go, 'Where did all the time go?' when you could just focus on activities that bring sales in the door. And hire people on a casual basis to do the things that aren't as important but still need to be done.

 

So there you go. Those are my top three tips if you're just starting out in a new business. If you've got any tips or any questions that I haven't answered in this video, I'd love to hear from you. Post them in the comments. Hit 'Subscribe' as well so you don't miss out on any future videos. Until next time, have a profitable day.

     

About the Author

 

Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.

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