4 Valuable Tips For New Entrepreneurs
Something that sets successful entrepreneurs apart from those whose dreams do not materialize is gaining insight and advice from those who have gone before. While by nature, an entrepreneur is a self-starter with a great deal of personal motivation, the ability to continually evaluate and improve is vital to the success of his or her business venture. Pulling from our experience working with talented individuals, Ray Johnson, Managing Director of Barrington Commercial Capital, created a list of valuable tips for new entrepreneurs seeking advice.
Find Your Niche
One of the most important determiners of a successful business venture is choosing something that the world needs. This doesn’t mean that you should pick something you’re not passionate about because passion is just as important. However, success comes by recognizing the natural laws of supply and demand. Examine current trends to find areas of need. Are you a restaurateur looking to provide French cuisine? Make your business stand out by choosing a location that lacks this service. In other words, find the demand and then supply it.
Creating that perfect product or idea is just the first step. To gather a client base, you’ll need to make your product known. “Hilton,” “Oprah,” and “Jobs” are names we all know because these entrepreneurs branded themselves from the beginning. This doesn’t mean that you need to use your name in your official business title, but it does mean that you should utilize networking and social media to make your potential clientele aware that you have something to offer.
Work Smarter, Not Harder
The truth behind this age-old adage hasn’t changed. Success isn’t just about an entrepreneur putting in exorbitant hours or juggling many hats. It’s also about knowing how to delegate and make the most impact for the least amount of effort. This doesn’t mean cutting corners but rather knowing when small steps will have big payoffs or how to streamline activities to reduce unnecessary busywork.
Don’t Be Afraid to Change Your Mind
This tip doesn’t apply only to your business venture itself but also to little decisions along the way. It’s important to continually analyze your current methods to see what works and what doesn’t. Success is never a straight path. When you can learn from failed ventures or unexpected complications, you permit yourself to change what you need to continue moving forward. These changes can involve strategies, employees, or anything else that enhances your business in the best way possible.
It’s is an exciting time to be an entrepreneur. With the advent of global markets and global communication, it seems that success is more attainable than ever. When starting your new business, be sure to build a network of professionals and colleagues who can offer advice, support, and encouragement to increase your chances of success.
More Tips for New Entrepreneurs
If you would like to discuss the financing side of starting a new venture, please contact us by filling out the form below or give us a call at 404-602-9100. To stay up to speed on all things Barrington Commercial Capital, follow us on Facebook and LinkedIn. And lastly, sign-up for our monthly email below to stay informed of the latest commercial capital options available to you and your business.