Tips for Small Businesses

Leaving your current job to become an entrepreneur and small business owner sounds fantastic, especially if you’ve always wanted to be your own boss, but there are many risks involved in this career path. Indeed, it is estimated that 60% of new businesses fail in the first three years. If you don’t want to be part of this statistic, then you will need to follow key advice on how to ensure that your small business thrives. Read on to find out more:

Make use of technology:

You may not have a team of IT specialists or software experts, but this doesn’t mean you should be left behind when it comes to technology. Most importantly, you can easily manage your finances using technology such as budgeting apps and payment terminals. Using an ingenico point of sale API will make it much easier to accept payments, giving you more time to focus on other aspects of your business like customer service and marketing.

Listen to advice:

Since you’re reading this article, you’re already open to the concept of listening to advice, which is great because running a small business, particularly on your own, can be extremely challenging. Although it may be your goal to be self-sufficient and independent, there’s no need to make things hard for yourself by trying to avoid all forms of help. 

You can find plenty of helpful tips online by reading business blogs and don’t forget to listen to advice from your friends and family, especially if you know someone who runs a successful business. In addition, your customers can be a great source of advice and helpful feedback. Hearing negative feedback can be difficult, but make sure that you listen to both positive and negative customer reviews and implement necessary changes so that your business can grow and develop.

Find a niche:

With so many people hoping to leave their jobs and start a successful business, competition can be extremely fierce. Additionally, as a small business owner, you may not want to directly compete with much larger companies that are very well established. So, to avoid becoming obsolete in an oversaturated market, you will need to find a specific niche for your small business so that you provide a product or service that is unique and cannot be bought elsewhere. It’s important to commit to this niche and remember that you can offer customers something that no one else can.

Remember your work/life balance:

Owning a small business can mean working a lot more than the standard forty hours a week, and this is especially true if you run this business on your own or with a very limited number of employees. However, just because working many hours may be necessary when you’re setting up your business, this doesn’t mean that you should work all of the time, even if it’s tempting to keep working harder and harder to ensure your business’s success. Having a good work/life balance is essential for your mental and physical health, and there’s no point in working until you make yourself dangerously ill. Remember to give yourself enough time to sleep and relax, and don’t completely neglect your hobbies and relationships all for the sake of your business.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.