This month marks a milestone for our company Benefit Business Solutions Ltd as we celebrate its 5th anniversary. Leaving the comfort of our well-paid employment, jumping straight into the deep water, into the unknown, was an exciting yet challenging move. But the freedom, independence and fulfilment we get in return, day after day, are an immense reward, beyond the monetary return of-course. So, if you are dreaming of becoming your own boss and thinking of starting a new venture, here are our 5 big tips for our 5th anniversary:
Countless people dream of becoming entrepreneurs, but they never do. They’re burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business. Let’s face it, being your own boss is scary. In most cases, new business owners have a lot to lose with little insight into their chances of success. Worrying about the risks of business ownership is normal. But, excuses only slow you down from reaching your goals. If you really want to start a business, you need to address the reasons you think you can’t start a business and get rid of them. Find a solution to the issue rather than let it hold you back.
Let’s face it, being your own boss is scary.
BALANCE PASSION WITH WISDOM
One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows. That said, don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction. Conduct market research on your industry and talk to target customers to find out your business’s potential. Reach out to professionals who can help you with certain areas of business, such as financial advisors and lawyers. But when choosing advisors, make sure to select the ones that practice what they preach; advisors who have experienced things first hand. You will never take swimming lessons from someone who doesn’t know how to swim, so why would you take advice on starting a new business from an advisor who never owned a business before?
As your business starts to come together, think of it like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.
A mentor is a person who has had the experience you have yet to acquire. They will have the hindsight you’re missing. They’ll have an abundance of past mistakes and successes you can learn from. A mentor has seen it all; they’ve been through a lot personally and professionally.
They’ll tell you the hard truths that your peers can’t, because they’ll already know the consequences of your decisions before you make them. But most importantly, they want to help you succeed. They’ve reached a level of personal success and fulfilment that they’ve decided to pass it on. They genuinely care about you and your future. That’s what makes the relationship authentic. You should never force a mentorship. This is why just finding the right mentor is half the battle.
INVEST A LITTLE TODAY TO MAKE IT BIG TOMORROW
Many people are often afraid of making the first step in business because it requires a little investment. And when we say little in many cases it is a small amount, like paying £100 to buy a domain name for your website, or even have some business cards printed. You should always think about the potential income you can generate by making that small investment. A website will give your business exposure to hundreds of millions of potential customers around the world; paying to go to a conference you’re interested in or a trade exhibition can develop your network of contacts to many new potential clients and business partners; paying for an online course can help you develop a new skill which you can then utilise to create a new revenue channel.
Passion will move you forward, but knowledge will point you in the right direction.
FOCUS ON WHAT YOU ARE GOOD AT AND OUTSOURCE THE REST
It is tempting to do everything in your business by yourself in order to save costs or maximise profit, but in the long run it will inhibit your growth potential. You should focus your time and effort on tasks that you excel in and on those that help you generate income, whilst outsourcing the non-core tasks to someone you trust. So, if online marketing, general admin or bookkeeping, for example, are not your forte – give this task to someone else who can do the job faster and better than you, leaving you with more time to focus on income generating tasks.
As part of our 5th anniversary, we have various events, surprises and prizes planned throughout November, so check out our newly designed website benefitgibraltar.com and visit our Facebook page Benefit Business Solutions Ltd to keep updated.