As a business coach, professor, and leadership expert, I have the opportunity to witness up close, new entrepreneurs launch their business ideas. These entrepreneurs have fresh and exciting ideas, big dreams and a boatload of optimism. This excitement is contagious and their energy is overwhelming.
However, I have also seen individuals stumble, fall, and ultimately fail in their business pursuits. Sometimes, this happens, because success is a tricky thing, and not easily achieved. Therefore, if you are ready to launch into a new business, let me share five tips that will increase your odds for success.
#1 Keep your vision in sight. When things go wrong, you can use your vision to maintain your focus.
#2. Understand your competition. As a professor of economics, I share with my students all the time, that every business must understand the market in which it operates. Therefore, you must identify the competition, and determine how your business will compete.
#3. Provide a good service. It is important to know your capacity to deliver what you’ve promised. Therefore, do not overpromise and under deliver.
#4. Keep track of your expenses. As a new business owner, it is important to create a system for managing your expenses. Managing your expenses, allows you to track your progress and keep a handle on your debt.
#5 Hire a business coach. If you are starting a new business and are unsure of what you should do, hire a professional to assist you. There is no substitute for experience, and a business coach will provide the expertise you need.
If you are launching a new business, I recommend that you attend my workshop this weekend, (Saturday April 27th at the VisTa Tech Center in Livonia), entitled: “Handle Your Business.” See the video below for details.
Dr. Regina Banks-Hall