Tips for Starting a Business From People Who’ve Been There

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Tips for Starting a Business From People Who’ve Been There If you dream of being your own boss, you’re not alone

10 Don’t Be Afraid to Ask for ReferralsA great tip for starting a small business is to not be afraid to ask for referral...
16/10/2023

10 Don’t Be Afraid to Ask for Referrals
A great tip for starting a small business is to not be afraid to ask for referrals, Koraca said. “Let people know that you are taking on new clients or looking for new business opportunities,” she said. “If you don’t speak up, people will assume you don’t need any new introductions.”

9 Set a Reasonable Timeline for Your Business to Exit the Startup PhaseFor your business to be successful, you can’t jus...
16/10/2023

9 Set a Reasonable Timeline for Your Business to Exit the Startup Phase
For your business to be successful, you can’t just focus on what you need to do to get it up and running. You need to figure out what steps will get you past the startup phase, Stengell said. Identify specific milestones that your business needs to achieve to move forward. “Set reasonable goals and move aggressively toward achieving them,” he said.

8 Keep Your Job Until Your Business Is Up and RunningOnce you have an idea for a business, you might be tempted to quit ...
16/10/2023

8 Keep Your Job Until Your Business Is Up and Running
Once you have an idea for a business, you might be tempted to quit your full-time job to focus entirely on getting your venture up and running. But that’s a mistake, said Grant Sabatier, who started his digital marketing business while working full time.

7 Connect With Others in Your Industry Through Social MediaWhen starting his financial wellness business, Workplace Mone...
16/10/2023

7 Connect With Others in Your Industry Through Social Media
When starting his financial wellness business, Workplace Money Coach, Shane Robson-Smith took advantage of social media to connect with others in his industry.

“I used LinkedIn, Google and Facebook to meet other financial coaches, and I picked their brains to learn all I could about the challenges and best practices for starting a financial coaching business,” he said. “I learned so much about pricing my services, how to find new clients and, best of all, business practices that were a complete waste of time and money that I should avoid.”

6 Get SupportJust because you’re starting your own business doesn’t mean you have to go it alone. In fact, to succeed, y...
16/10/2023

6 Get Support
Just because you’re starting your own business doesn’t mean you have to go it alone. In fact, to succeed, you need to surround yourself with individuals who can offer you guidance, experience and, most importantly, perspective when you’re too close to the situation to see clearly, Hamilton said.

This support system can be made up of friends, former bosses and others in the industry that you’re entering. Get comfortable reaching out to people who might be willing and able to offer guidance, Hamilton said.

5 Network, Network, NetworkShannon McLay, founder of The Financial Gym, said her best tip for starting a business is net...
09/10/2023

5 Network, Network, Network
Shannon McLay, founder of The Financial Gym, said her best tip for starting a business is networking. “Your network is like a garden,” she said. “If you plant seeds and nurture them over time, then they will produce food when you need it.”

4 Have a Vision for What Success Looks Like for YouGetting clear on what you want and developing a plan for your busines...
09/10/2023

4 Have a Vision for What Success Looks Like for You
Getting clear on what you want and developing a plan for your business are important steps to take as an entrepreneur. However, you also need to have a vision for what success looks like before you start a business, said Patrick Brewer, founder of Brewer Consulting, a marketing advisory firm for fiduciary advisors. “Otherwise, you will just drift around and you won’t accomplish anything,” he said.

3 Be Passionate About What You’re DoingTo start a business, you have to know your market and be sure that you have a goo...
09/10/2023

3 Be Passionate About What You’re Doing
To start a business, you have to know your market and be sure that you have a good product or service, said Molly Hamilton, founder of Molly’s Bakeovers. But to succeed, you have to be passionate about your business. “That passion can sustain you when you face challenges — as you certainly will,” she said.

Hamilton was passionate about launching a line of all-natural, allergen-free cookies because she has four children with food allergies. She was willing to work long hours and make sacrifices to turn her dream into a reality.

2 Have a Bulletproof Business PlanOne of the best tips for starting your own business is to create a strong business pla...
09/10/2023

2 Have a Bulletproof Business Plan
One of the best tips for starting your own business is to create a strong business plan, one that will take you from the startup phase to a successful venture that will survive through good times and bad, said Steve Stengell, founder of oil and gas exploration and production company Encore Energy.

To do that, start by figuring out what your main objective is. For his business, Stengell said that was developing key strategic business relationships and slowly becoming a fully integrated oil and gas operator that could be profitable even in tough times.

1 Do Your ResearchNot only did Koraca get clear on what she wanted before starting a business, but she also spent time f...
09/10/2023

1 Do Your Research
Not only did Koraca get clear on what she wanted before starting a business, but she also spent time figuring out whether she could sustain herself financially while doing what she loved. “Before I started my coaching practice, I did my research,” Koraca said. “I spoke to people in the business, and I found out how much revenue I could bring in.”

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