Brand new entrepreneur looking for some great business tips? I’ve got seven that you NEED to read.
I’ve been running my business solo and remotely for the last four years, which means I’ve been through some ups and downs. That means I’ve got a few business tips for new entrepreneurs that I think you’ll find useful.
I’m a marketer by trade. This means, naturally, I’ve got my mind in the marketing game almost all the time. But it’s not all about marketing a great business, it’s also about building one. So, here are my top seven business tips for new entrepreneurs:
Business tips for new entrepreneurs
#1. Start your email list now
If there is one thing I regret from the original start of my business it’s the fact that I didn’t start my email list right away. I decided I would wait until I was ready and it turns out that I was never really ready.
I’m not the only one that made this same mistake—SO MANY business owners do the same wait until they’re ready dance. They want to have a product or service ready before they start collecting emails.
But waiting means that you’ll end up with a product but no one to share it with. You’ll be ready to start selling but the buyers won’t be there. Which is why I recommend adding an email sign-up to your website or blog right now. I don’t care if there’s nothing on it or you have nothing to email them about just yet.
Personally, I like using Flodesk (you can read my review of it here). And if you haven’t yet built your website you should put it at the top of your list.
But, at the end of the day, my best piece of advice is if people want to hear from you, let them. Otherwise, you might just be leaving future money on the table.
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#2. Create a welcome email series
Since we’re on the topic of email lists, let’s talk about the importance of setting up a welcome email series.
For those new to the game, this is a series of emails that you send out when someone first signs up for your list. It helps to introduce you, your brand and promote some of your best content and products. And one of my best business tips for new entrepreneurs is to get started on this early.
Research has shown that the time when people are most interested in you and your content is right at the beginning when they first share their email with you. It’s in your best interest to solidify that relationship right away and use that to your advantage.
So, set up a solid three to five email sequence to tell your new subscribers what your brand is all about. This will give them an opportunity to get to know you and your brand, and gives you an opportunity to sell some of your best products and share your content.
Your email sequence does not have to be complex or crazy. Just keep it simple and make sure to showcase your best stuff.
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#3. Choose one marketing channel
It’s a lovely idea to think that you can be everywhere telling everyone how awesome you and your business are, but that’s simply unrealistic. Especially if you’re a party of one.
Social media is a lot of work and industry standard says that it takes one hour per day to run a single platform effectively. Now, there are ways to cut corners and make that more efficient.
If you’re starting a brand new business I highly recommend setting your sights on ONE main marketing channel—preferably where your audience already is. Then focus on just that.
A single well-managed marketing channel or tactic is better than ten different ignored platforms. It really pays to put some serious effort into one platform and make a really good impact.
#4. Create a plan
Business plans are incredibly important, don’t start a business without one.
I realize it’s easy to simply start a business without it but as someone who went plan-less for years, I can tell you it’s not a great experience. I spent a long time fumbling around aimlessly, trying to find my way and getting no where.
It wasn’t until I got everything in order that I really started to find my footing as an entrepreneur. So, do yourself a favourite right now and spend a little bit of time planning.
This plan doesn’t have to be complex. It doesn’t have to look or be a certain way. It simply needs to work how you want it to. So, do a little research, set some goals and you’ll get yourself off on the right foot.
#5. Start reaching out to clients now
It doesn’t matter what kind of business you’re planning on starting, don’t wait for new clients to come to you. If you don’t have a reputation and contacts already set up, chances are you’ll be waiting for a long time.
For example, if you’re running a freelance writing or marketing consulting business (the two businesses I can legitimately speak to on this matter), DO NOT reply on job boards. It’s not that you’ll never find a well-paying job there but most will be in the lower pay bracket. Job boards are a great way to start out but a bad way to grow.
So don’t wait for people to come to you, start reaching out on your own. Eventually, if you can grow your reputation then prospects will start coming to you but take your path into your own hands.
#6. Build a pricing sheet
Another big mistake that many new entrepreneurs make is that they wait for their clients to determine their wealth. Don’t take someone else’s word for what you’re worth, decide for yourself.
Pricing is where many new business owners struggle. It can be hard to decide what your time and skills are worth.
But it’s important to remember that while YOU need to be the one that decides your worth, you can change your mind. Your pricing rules aren’t set in stone, they’re more general guidelines.
You want your pricing to reflect both what you need and want to make in your business. As your skills improve, your rates will rise. So one of my best business tips for new entrepreneurs is that when you’re making your initial rate card or pricing sheet, remember that they’re just a starting point.
#7. Create a great project management system
I have struggled for years to find a system that actually works for me. I’ve tried pretty much every project management system out there to find something that fits just right.
But it’s crucial that you find something that works for you, even if project management isn’t your forte (it’s clearly not mine). You need a way to organize and track everything that’s going on, that way you’re not missing anything or dropping the ball.
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