Running a business comes with challenges. From overcoming the unplanned problems that will come your way, to always striving to hit your sales targets, being successful involves a lot of blood, sweat and tears. But don’t let that put you off because, as difficult as things may get, the feeling of satisfaction you’ll feel when you reap the rewards of your hard work will be more than worth it. To fast-track your journey to this point in your business journey, there are some things you can learn from those who have been in your shoes. Let’s run through some of the things that new graduates can learn from older entrepreneurs.
Make Sure You Have Enough Money to Capitalize Your Business
When you are starting your new venture, you’ll need to make sure that you have all of the money you need to capitalize your company. In most cases you’ll have to self-fund, since banks typically only lend to firms with an established presence and track record. As it comes time to start your company, it’s a good idea to lower your personal monthly expenses so you’ll be able to free up extra cash. One of the best ways to reduce your monthly cash outflow is to refinance your existing student loans. Many graduates have student loans that take a substantial portion of their income each month. With refinancing, you can combine all of your loans into one new loan and save on expenses each month and the interest that accumulates over time.
Do What You Are Great At and Outsource the Rest
As a new entrepreneur, you’ll quickly discover that you are supposed to do everything. One minute you are brainstorming strategy, the next you are knee deep in Human Resources and you might be managing inventory that afternoon too. Initially, it might seem satisfying to know you can wear all of those hats and take care of those diverse tasks. Soon, though, you’ll come to understand that time is very limited and you need to focus on the magic that you bring to the business. If you are a brilliant business strategist and salesperson, spend your hours doing that. If operations are your top skill, then run the business and hire employees for the other positions. You can easily outsource to some great people who can take care of all of the other things and let you focus on what you do best.
Create the Perfect Elevator Speech
Sometimes it’s the little things that can make all the difference to entrepreneurial success. How you react when people ask you about your business is just one these little things that can make a big difference. Let’s talk about the elevator speech. This is the pitch you would give to someone who asks about your business. It’s called an elevator pitch because you need to tell that person all about your business by the time the lift arrives to the top floor and the person gets off. Think of it as an in-person, 90 second or so, live infomercial. It should tell them exactly what you and your company are about, your value proposition, and why they should be excited about your product/service. In addition to leaving a great impression, it’s inherently valuable because it creates incredible focus for your business and marketing model.
Live a Balanced Life
It’s easy to get swept away by the excitement of creating and running your own business. The hours you spend trying to reach your goals can seem, and in reality, can be endless at times. Your relationships might suffer and you will have to make some huge compromises on your path to the top. You might stop looking after your physical and mental health. Vacations might become a distant memory as you become more and more entwined with your computer and sales targets. To enjoy your life and the fruits of your labor, you need to have a balance between your business and all of the other things that are very special and important in your personal life. You want time for great vacation experiences, treasured moments with your loved ones, and time to share with your friends too. Be sure that you always balance the priorities in your life and you will be successful in your personal and business life too.