Wow, switching from working for someone else to launching your own business is a bold move and words aren’t enough to describe how proud we are of you! Well done! By now, you’ve probably spent some time thinking big and setting your long-term goals. But once you really start moving towards making your dreams come true, it’s so easy to get sucked up in the daily routine and lose the overall vision of where this all should be going. Here are a few important lessons successful entrepreneurs have taught us. Re-read them every now and then and nothing will stop you from reaching for the stars!
Stick to business plan
Many successful small – and not so small – businesses evolved from a personal passion. Once you turn something you really enjoy doing into a business, you start getting a lot of compliments from your family and friends, from your followers on social media and your first customers. Look, even we’ve started this article by complimenting you – because you’re brave and talented and deserve that. But once passion becomes a business, you can no longer just ‘follow your gut’ and ‘go with the flow’. It’s important to set up an actual business plan with all the goals, expenses and deadlines. If you want your baby to grow, you need to take it seriously and be prepared to do things that have nothing to do with your passion, things you might even hate (taxes, anyone?) but that need to be done for you to succeed.
Define your competitive advantage
We know, we know – you’re brilliant and your business idea is exceptional. No one can argue with that. But you’ll be surprised how many people aren’t able to quickly and clearly explain what sets them apart from their competitors. Try it right now – say out loud with 1-2 sentences, what makes you unique? The explanation should be crisp and convincing, so if you start going into too many details and suddenly find yourself talking about your business for a good five minutes instead of just 1-2 sentences, you might want to sit and brainstorm this aspect. Defining (and memorising!) your competitive advantage is what gives you a few extra points at business meetings and while you’re talking to clients. It’s your fast track to convincing everyone around you that they should stop looking at other companies and make a deal with you right now.
Delegate
If you want your business to continue to grow, one of the most important skills to learn is… delegation! Yes, you’ve heard it right – to do more, you actually should start doing less. It’s perfectly normal for a business owner to find every single aspect of business crucial so, not surprisingly, sooner or later you might find yourself answering every single email, personally wrapping and delivering every single order – because no one can do it better than you, right? But what’s really happening right now is you’re working IN your business, not ON your business; you ARE business, not a business owner. Bringing other people in for support with the daily logistics or support with tax and accounting means you can remain focused on making strategic decisions and overseeing the general direction of your brand, rather than being stuck in a daily routine.
Listen to feedback
Listening to someone who says nasty things about your business is like listening to your kid’s school teacher saying your baby is behind in maths (we mean, how dare she?!) The truth is, as a business owner, you can easily get stuck in your own vision and see things through the ‘auto-correct’ lens rather than the way they really are. A fresh pair of eyes can sometimes see details that might have slipped your attention. Missing something important doesn’t make you a bad boss it just means you’re very involved in your business and see it every day. Trust us, we could all use an extra pair of fresh eyes every now and then!
Don’t get too fixated on profits
While you won’t go too far without making money in your business, if you’re focused only on profits, it’s unlikely you’ll succeed as well. Most businesses evolved into something outstanding because they had a better idea. Instead of just opening a cafe because you like to cook, open a cafe because you want to make a switch towards sustainable food production in the industry. Instead of becoming a personal coach because you already have a diploma in psychology anyway, become one because you want to help people who have gone through abusive relationships. Instead of opening yet another clothing store, make it a ‘kind’ clothing store and donate unsold stock to those who can’t afford to buy new clothes. The bigger idea behind the brand is what drives it and makes it more appealing to customers.
If you’re looking for inspiration, here are some of the amazing and successful Tauranga business women we’ve featured in focus. In fact, there are so many ideas we admire, there’s even Part II of ‘Tauranga business women‘.