Six Top Tips for Running a Small Business
Each and everyone of you reading this right now is either:
- Running a business
- Thinking of starting a business
- About to launch their business
Before we continue, we want to acknowledge just how AMAZING you are!! Running a small business takes a special kind of human, and it is extremely rewarding. You are in charge of your schedule. You call the shots. You can do what you love! You can be financially independent. You can make a difference to the world. It is exciting, it is challenging, it truly helps you grow and evolve as a person.
Yet we also know that it takes focus and certain information to embark on the small business journey. Having attained some success ourselves, we want to share as many of our small business tips and learnings with you as we can!
Here are our 6 Top Tips for Running a Small Business:
You need to know WHY you are making and selling your products, and what makes them so amazing! Maybe it is your passion for crystal candles, your expert knowledge on skincare, or your quest to make aromatherapy for new Mums.. whatever your idea is, you must be able to state it in a clear, concise way.
Remember to keep it simple - you don’t need to reinvent the wheel! Yet what you do need to be is razor sharp on why you love your products, and the value it is adding to your customers’ lives.
This may seem like rudimentary advice, yet it is a crucial step especially when starting out. A budget is a must-have, not only to keep your bank accounts on track, but for your peace of mind too. Knowing how much money you have available to you at any one time helps you make better informed decisions. Whether your funding is coming from savings, loans or investments, make sure that you keep records of what you are spending and on what expenses. And remember to have a decent contingency reserve in place for those unexpected costs
We know, we are absolutely certain that you have your vision all mapped out in your mind! Yet did you know that you are more likely to achieve your goals if you write them down? This is because by physically seeing your objectives written, it plants the goal in your brain. This in turn helps with creativity and productivity
A business plan helps keep you accountable and on track with your goals. It is a document you can refer back to anytime you need to touch base with your original thought. Yet it doesn’t need to be 25 pages long. In fact, one page will suffice! What it should include is a simple summary of your business concept with your vision, mission, objectives and actions.
As you delve further into your small business idea, you will need to make some decisions, in the financial and legal sense. We always recommend doing your own due diligence. Yet there may be some topics that are beyond your comprehension (there certainly was for us!), no matter how smart you are. There is no need to feel daunted by this! Yet we suggest finding a professional to assist you with the more complex issues around accounting, finances and legalities of running a small business.
This is super dooper important. It is your dedication, your resolve and your unwavering commitment to what you do that will keep you going through the tougher times. You need to be your own cheerleader, your biggest fan and you need to KNOW just how valuable your product is to your customers. Remember: you cannot be everything to everyone. Stay true to your brand, have faith in your products. Yes, you may need to make a few changes here and there as you continue on this journey. Yet the small business gig is a marathon, not a sprint - and it is one that comes with ups and downs. Keep your confidence high and believe in yourself!
Remember to schedule in ‘You-Time’! Keeping your batteries charged and taking time out to do the things you love to do is vital to your business success. A healthy mind and body helps you make clearer decisions and stay on track with your goals. It also helps to avoid burn-out. Whether that is going to the gym, taking a bath, catching up with friends or playing with your children, make sure it is something that is fun!