Five things new business owners need to know

If you’re a new business owner, we’ll assume that the fundamentals like your location and materials are already in place. In this post, we’re going to focus more on the thought processes and actions you need to adopt…

1. Clear and reasonable objectives and expectations. People start a business with great enthusiasm, of course. However, there is a danger that this overtakes realism, leading to unreachable (at least in the short term) goals or aspirations. It’s important to base your initial expectations in the real world, appreciating that not everyone you come into contact with will share your passion for your products and enthusiasm for your services. Your goal is to make your business relatable to your target audience.

2. The ability to step back – or aside. One entrepreneurship guru once suggested that you should never start a business simply doing what you’re good at! His point was that, especially in the early days, new owners can be so into what they are doing or producing that they don’t allow themselves to step back and see how the business needs to work, how it should be allowed to grow. A great potter might make great pots, but if that’s all he ever does…

3. Time – more of it! Appreciate that you can’t save time, where would you bank it? You can only spend time, and the key is to do so wisely. The previous point offers one vital example. Of course, time will be spent establishing your business, but it also needs to be invested in helping it to effectively function, grow and develop.

4. People – the right ones! It can be a temptation to work with those who you know, taking people with you on your journey. However, while these individuals might have been great where you were before, they might not be best fitted to where you want to go. Using proven sources, such as job marketplaces like Gumtree, can help a new owner to hire exactly the people he or she needs.

5. The ability to switch off You’ll know of ‘great’ business owners who spend every waking hour tied to their workplace. The reason you hear about them is that they’re not normal! Such intensity works for very few; look to establish your own personal pressure release valves – those places and occasions where you can recharge your batteries and refresh your soul for the next set of challenges. These are just five – we could add so many more – but, as you build your business, can we offer another one that everybody needs? A touch of good fortune!

By Cassie Phillips 

Cassie Phillips is a freelance writer who enjoys writing about all manner of different things. She enjoys learning, so even if she doesn’t know something she loves looking it up. In her spare time, Cassie enjoys reading and going for walks.

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