th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

5 tips for starting a successful business

Do not make the mistake of overthinking and overanalyzing it all.
By Stephanie Abrams Cartin |

Tired businesswoman

When you start your own business, you are certain to hear a lot of different advice. Most of it will come from people who do not know the first thing about running a successful company. Turn to the internet, and you will be overwhelmed by a multitude of articles and lengthy lists on the subject.

 

Do not make the mistake of overthinking and overanalyzing it all. A few simple steps now can start your business down the path toward success. Here, we outline the five basic tips we have followed to help us run our company.

 

 

1. Begin with a detailed plan

This one is a must: Develop an in-depth plan that fully details how you will attack the challenge ahead. Your plan should define any opportunities you have identified, clearly state your mission, describe your target, establish measurable goals, and set deadlines for each milestone along the way. Remember that while it is important to have a plan, it is equally vital to be flexible enough to pivot when needed.

 

Related: How to Write Your Own Business Plan

 

 

2. Get out there and network

Our business would not be where it is today without all the professional networking we did when we first started. We continue to emphasize networking today. Until you have established your business, you will need to create your own word-of-mouth. Be your own brand ambassador, touting the benefits of working with your business and showing why people should give you a chance.

 

Start your own momentum. A wealth of events, trade shows, and networking groups exist to connect you with other professionals. These initial connections can lead to future business prospects, mentors, and strategic partners with the capacity to help grow your business.

 

Related: Are You 'Networking' for All the Wrong Reasons? 

 

 

3. Surround yourself with the right people

ADVERTISEMENT - CONTINUE READING BELOW

The right mentors and strategic partners are not the only people with whom you will need to align. Surrounding yourself with a great team is equally important. Build your staff with smart, talented, and driven employees who share your vision. They can not only transform your business but also accelerate its growth. Hiring positive, can-do employees helps create a culture that encourages teamwork. Foster an environment in which everyone participates, so you can collectively celebrate your company's successes.

 

 

4. Stay ahead of the curve

You cannot afford to be rooted in the present and solely focused on the day-to-day. It is crucial to keep one eye focused on the future, including upcoming movement in your industry. If you are not anticipating the next big thing, you are destined to fall behind. Successful business owners study trends and anticipate what is coming around the bend. This allows them to nimbly adapt and evolve.

 

Stay current on emerging issues in your field by faithfully reading trade magazines and websites. Keeping pace as your industry changes assures you will have your finger on the pulse to predict what customers will want—and which direction your competition might move.

 

Related: How to Be Successful by Embracing Change

 

 

5. Find a healthy work-life balance

Running a successful business requires an inordinate amount of time and energy. It is paramount to find a healthy work-life balance, even though it can be a challenge to do so. It is easy to let work dominate your life. Do not. It could result in your losing touch with those whom you consider most important. It is also crucial to take care of your own health and well-being. Your business ca not run without you. You might believe you need that perpetual hustle to stay sharp and succeed. But that pace can and will burn you out, ultimately limiting how much you can achieve if you do not take time for yourself.

ADVERTISEMENT - CONTINUE READING BELOW

 

Find ways to maintain perspective and preserve healthy relationships outside of work. Set aside time to get your body active in ways that energize and invigorate you, and schedule catch-up time with friends and family. They will help recharge your batteries and inspire you to persevere as you dream even bigger.

 

 

*****

Copyright © 2016 Entrepreneur Media, Inc. All rights reserved.

This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editors.

 

Photo from Thinkstock

Latest Articles

Close