Sam Kessler
By Sam Kessler
Starting a business from scratch can be both a liberating and exhilarating experience for the aspiring entrepreneur. However, it is not a decision to take lightly as it requires the person to willingly make significant changes to their lifestyle, mindset, and level of commitment that is required for building a business. After all, it is significantly different being a small business owner rather than being an employee that works for someone else. For instance, a person that is someone else’s employee enjoys the reliability of receiving wages and benefits for their daily efforts in helping the business stay functional. It also means the employee has vast amounts of company resources at their disposal, whereas the small business owner has to develop it themselves.
Building up resources that help aid in making a small business operational, functional, and income generating takes time, money, and patience. It also requires one to determine their level of willingness to take risks while knowing their limits, as well as understanding the potential for failure and intense scrutiny by others. This is why an organization like the National Association for the Self-Employed (NASE)
Starting and Growing Your Small Business
Know Your Customers and Niche Markets:
You’ve decided to start and grow your own small business. In other words, you’ve decided to become your own entity. This creates an invigorating sense of independence. However, it’s always important to stay focused on the rationale that you are still a business that must continue to operate like a business. When meeting with potential clients or dealing with existing ones, it’s important to remember the fact that it’s your job to produce results as well as solving an important problem for them. In this case, it is not about you, as it is more about the client and their needs.
This is why it is extremely crucial to figure out which niche markets and industries your business is going to cater, as well as understanding the specific customer needs. clients that immediately require someone to begin solving their problems
Be Willing to Take Risks and Finding Out What Works:
Being an entrepreneur, small business owner, or even a micro business owner means that one cannot afford to always be risk aversive. In fact, taking risks is part of the everyday mindset of any business owner since they decided to become an independent entity. With that said, knowing the ability to calculate and manage risk
In addition to risk management, it is always important to experiment and find out what works and what does not work for your business model.
Concentrate on Establishing Loyalty and Dependability with Clients:
Whether you are handling new, existing, or potential clients, it is always important to continue reinforcing your business persona as the primary go-to entity for their needs. This should be a top priority for every business owner for several reasons. The two most important reasons are to establish brand loyalty in regards to your services, products, and expertise as well as dependability. wise to keep your client relations in pristine condition
Bang for the Buck Money Saving Tips When Starting a Business
Focusing on Hiring Older Professionals:
For ten plus years there has become a growing trend for businesses to hire only young professionals for their positions. Between the retiring baby boomers and Gen Xers, the numbers are becoming more staggering each year. A comprehensive study by the San Francisco Federal Reserve
Work from Home and Purchasing Used Equipment:
One thing new entrepreneurs should realize is they don’t really need to start out with all the fancy new gadgets and have a perfect ideal location for their new business. In fact, it will end up eating their limited budgets that they need to extend and conserve for an unknown period of time until their business is fully profitable. Working from home wise for them to purchase used and reliable equipment that is significantly cheaper
Don’t Hire Full-Time Employees in the Beginning:
It can be extremely difficult to hire full-time staff for your business startup venture. After all, the business is being built from scratch with limited resources while Hiring freelancers is a great way
CONCLUSION
In conclusion, these are some great tips for new, existing, and aspiring entrepreneurs to start and grow their business start-ups while saving expenses at the same time. It takes a great deal of time, patience, and willingness to test what works for your business model. Also, markets and trends fluctuate all the time and that is why the small business owner must always be prepared to adapt and take advantage whenever times are volatile and advantageous for growth expansion.
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Sam Kessler is a writer, analyst, and consultant with a global security, geopolitics, and business/finance background. He is also a Geopolitical Advisor for North Star Support Group. Sam has an M.A. in National Security and Intelligence Analysis from American Military University (AMU), which is part of the American Public University System (APUS). He can be contacted via his website/blog at www.samkessler.com
* Note: This article was originally written and published in January 2019 to benefit the NASE (National Association for the Self-Employed)
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